Shell Asset Management Co. Cuts Position in FLEX LNG Ltd. (NYSE:FLNG)

Shell Asset Management Co. lessened its holdings in FLEX LNG Ltd. (NYSE:FLNG – Get Rating) by 16.2% during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 7,582 shares of the company’s stock after selling 1,471 shares during the period. Shell Asset Management Co.’s holdings in FLEX LNG were worth $247,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Envestnet Asset Management Inc. boosted its stake in shares of FLEX LNG by 100.5% in the 4th quarter. Envestnet Asset Management Inc. now owns 49,834 shares of the company’s stock worth $1,629,000 after buying an additional 24,979 shares during the last quarter. AE Wealth Management LLC raised its holdings in shares of FLEX LNG by 61.1% in the 4th quarter. AE Wealth Management LLC now owns 27,252 shares of the company’s stock worth $891,000 after purchasing an additional 10,333 shares during the period. Fifth Third Bancorp bought a new stake in shares of FLEX LNG in the 4th quarter worth approximately $25,000. National Bank of Canada FI raised its holdings in shares of FLEX LNG by 97.3% in the 4th quarter. National Bank of Canada FI now owns 2,975 shares of the company’s stock worth $97,000 after purchasing an additional 1,467 shares during the period. Finally, DAVENPORT & Co LLC bought a new stake in shares of FLEX LNG in the 4th quarter worth approximately $227,000. Hedge funds and other institutional investors own 20.60% of the company’s stock.

Wall Street Analyst Weigh In

FLNG has been the topic of a number of research reports. Danske cut shares of FLEX LNG from a “buy” rating to a “hold” rating in a report on Thursday, February 16th. Jefferies Financial Group reaffirmed a “hold” rating and issued a $36.00 price target on shares of FLEX LNG in a report on Tuesday, February 14th. Five research analysts have rated the stock with a hold rating, Based on data from MarketBeat, FLEX LNG currently has an average rating of “Hold” and a consensus target price of $158.00.

FLEX LNG Stock Performance

Shares of FLNG stock opened at $32.21 on Wednesday. The company’s fifty day simple moving average is $33.54 and its two-hundred day simple moving average is $33.44. The company has a debt-to-equity ratio of 1.79, a current ratio of 2.31 and a quick ratio of 2.28. FLEX LNG Ltd. has a 1 year low of $23.25 and a 1 year high of $38.24.

FLEX LNG (NYSE:FLNG – Get Rating) last issued its earnings results on Tuesday, February 14th. The company reported $1.02 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.64 by $0.38. FLEX LNG had a net margin of 54.05% and a return on equity of 16.95%. The business had revenue of $97.93 million for the quarter, compared to analysts’ expectations of $91.70 million. As a group, equities research analysts anticipate that FLEX LNG Ltd. will post 3.06 earnings per share for the current year.

FLEX LNG Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, March 7th. Stockholders of record on Thursday, February 23rd were issued a $0.75 dividend. The ex-dividend date was Wednesday, February 22nd. This represents a $3.00 annualized dividend and a dividend yield of 9.31%. FLEX LNG’s payout ratio is currently 85.23%.

FLEX LNG Company Profile

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FLEX LNG Ltd. engages in the operation of carrier vessels. It focuses on the engineering and construction of liquefied natural gas producer units. The company was founded by Philip Eystein Fjeld, Trym Tveitnes and Jostein Ueland in August 2006 and is headquartered in Hamilton, Bermuda.