Jennison Associates LLC Acquires Shares of 21,029 FLEX LNG Ltd. (NYSE:FLNG)

Jennison Associates LLC acquired a new stake in shares of FLEX LNG Ltd. (NYSE:FLNG) during the 4th quarter, HoldingsChannel.com reports. The fund acquired 21,029 shares of the company’s stock, valued at approximately $611,000.

Several other institutional investors have also added to or reduced their stakes in FLNG. Annis Gardner Whiting Capital Advisors LLC purchased a new stake in FLEX LNG during the third quarter valued at about $64,000. Prosperity Wealth Management Inc. purchased a new stake in shares of FLEX LNG in the fourth quarter worth about $206,000. Colonial River Wealth Management LLC purchased a new stake in shares of FLEX LNG in the fourth quarter worth about $226,000. Great Valley Advisor Group Inc. purchased a new stake in shares of FLEX LNG in the third quarter worth about $229,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of FLEX LNG by 37.2% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,790 shares of the company’s stock worth $234,000 after buying an additional 2,113 shares in the last quarter.

Analyst Ratings Changes

Separately, Jefferies Financial Group downgraded shares of FLEX LNG from a “hold” rating to an “underperform” rating and lowered their price target for the stock from $32.00 to $23.00 in a report on Tuesday, February 27th.

FLEX LNG Stock Up 0.2 %

Shares of FLEX LNG stock opened at $26.15 on Monday. FLEX LNG Ltd. has a 12-month low of $24.16 and a 12-month high of $34.66. The company has a debt-to-equity ratio of 2.02, a current ratio of 2.89 and a quick ratio of 2.86. The company’s 50-day moving average price is $25.51 and its 200-day moving average price is $28.26.

FLEX LNG (NYSE:FLNG) last announced its earnings results on Wednesday, February 7th. The company reported $0.70 earnings per share for the quarter, beating analysts’ consensus estimates of $0.67 by $0.03. The business had revenue of $97.23 million for the quarter, compared to the consensus estimate of $98.38 million. FLEX LNG had a net margin of 32.35% and a return on equity of 15.86%. During the same period last year, the firm posted $1.02 earnings per share. As a group, research analysts expect that FLEX LNG Ltd. will post 2.19 earnings per share for the current year.

FLEX LNG Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 8th. Investors of record on Friday, February 23rd were paid a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a yield of 11.47%. The ex-dividend date of this dividend was Thursday, February 22nd. FLEX LNG’s dividend payout ratio is currently 134.53%.

FLEX LNG Profile

Flex LNG Ltd., together with its subsidiaries, engages in the seaborne transportation of liquefied natural gas (LNG) worldwide. The company owns and operates vessels with M-type electronically controlled gas injection LNG carriers; and vessels with generation X dual fuel propulsion systems. Flex LNG Ltd.