Russell Investments Group Ltd. Increases Position in Flex LNG Ltd. $FLNG

Russell Investments Group Ltd. lifted its holdings in Flex LNG Ltd. (NYSE:FLNG) by 6,863.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 119,143 shares of the company’s stock after purchasing an additional 117,432 shares during the period. Russell Investments Group Ltd. owned about 0.22% of Flex LNG worth $2,739,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. GAMMA Investing LLC increased its stake in shares of Flex LNG by 69.0% in the 1st quarter. GAMMA Investing LLC now owns 1,102 shares of the company’s stock valued at $25,000 after purchasing an additional 450 shares in the last quarter. Annis Gardner Whiting Capital Advisors LLC purchased a new position in shares of Flex LNG in the 1st quarter valued at about $102,000. Exchange Traded Concepts LLC increased its stake in shares of Flex LNG by 258.2% in the 1st quarter. Exchange Traded Concepts LLC now owns 4,596 shares of the company’s stock valued at $106,000 after purchasing an additional 3,313 shares in the last quarter. M&T Bank Corp purchased a new position in shares of Flex LNG in the 1st quarter valued at about $215,000. Finally, Nisa Investment Advisors LLC increased its stake in shares of Flex LNG by 8,796.3% in the 1st quarter. Nisa Investment Advisors LLC now owns 9,608 shares of the company’s stock valued at $221,000 after purchasing an additional 9,500 shares in the last quarter.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on FLNG. Jefferies Financial Group restated a “hold” rating and issued a $23.00 price target on shares of Flex LNG in a research note on Wednesday, August 20th. Wall Street Zen upgraded Flex LNG from a “sell” rating to a “hold” rating in a research note on Friday. Two equities research analysts have rated the stock with a Hold rating, According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $23.00.

Flex LNG Price Performance

NYSE:FLNG opened at $26.8150 on Monday. Flex LNG Ltd. has a 12 month low of $19.46 and a 12 month high of $27.77. The stock has a 50 day moving average of $24.02 and a two-hundred day moving average of $23.46. The company has a current ratio of 2.84, a quick ratio of 2.81 and a debt-to-equity ratio of 2.23. The firm has a market cap of $1.44 billion, a P/E ratio of 14.57 and a beta of 0.41.

Flex LNG (NYSE:FLNG) last posted its quarterly earnings data on Wednesday, August 20th. The company reported $0.46 EPS for the quarter, topping the consensus estimate of $0.45 by $0.01. Flex LNG had a return on equity of 14.41% and a net margin of 27.84%.The company had revenue of $86.00 million during the quarter, compared to analyst estimates of $82.44 million. On average, analysts expect that Flex LNG Ltd. will post 1.9 earnings per share for the current fiscal year.

Flex LNG Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 18th. Stockholders of record on Friday, September 5th will be issued a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a dividend yield of 11.2%. The ex-dividend date is Friday, September 5th. Flex LNG’s payout ratio is currently 163.04%.

Flex LNG Profile

FLEX LNG Ltd. engages in the seaborne transportation of liquefied natural gas (LPG) through the ownership and operation of LNG carriers. The company was founded by Philip Eystein Fjeld, Trym Tveitnes and Jostein Ueland in September 2006 and is headquartered in Hamilton, Bermuda.