Crossingbridge Advisors LLC Sells 35,000 Shares of Flex LNG Ltd. $FLNG

Crossingbridge Advisors LLC cut its position in Flex LNG Ltd. (NYSE:FLNG) by 58.3% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 25,000 shares of the company’s stock after selling 35,000 shares during the period. Crossingbridge Advisors LLC’s holdings in Flex LNG were worth $630,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of the company. State of Alaska Department of Revenue bought a new position in Flex LNG in the 3rd quarter worth $49,000. PNC Financial Services Group Inc. raised its holdings in Flex LNG by 191.2% during the third quarter. PNC Financial Services Group Inc. now owns 2,653 shares of the company’s stock valued at $67,000 after acquiring an additional 1,742 shares during the period. BNP Paribas Financial Markets lifted its position in shares of Flex LNG by 64.6% in the second quarter. BNP Paribas Financial Markets now owns 3,126 shares of the company’s stock valued at $69,000 after acquiring an additional 1,227 shares in the last quarter. CWM LLC lifted its position in shares of Flex LNG by 42.0% in the third quarter. CWM LLC now owns 3,126 shares of the company’s stock valued at $79,000 after acquiring an additional 925 shares in the last quarter. Finally, Tower Research Capital LLC TRC boosted its stake in shares of Flex LNG by 413.9% in the second quarter. Tower Research Capital LLC TRC now owns 3,921 shares of the company’s stock worth $86,000 after acquiring an additional 3,158 shares during the period.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on FLNG shares. Weiss Ratings reiterated a “hold (c)” rating on shares of Flex LNG in a research report on Monday, December 22nd. Wall Street Zen downgraded Flex LNG from a “hold” rating to a “sell” rating in a research note on Saturday, February 7th. Two investment 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 price target of $23.00.

Flex LNG Trading Up 2.2%

Shares of Flex LNG stock opened at $30.26 on Monday. Flex LNG Ltd. has a twelve month low of $19.46 and a twelve month high of $30.27. The company has a quick ratio of 2.98, a current ratio of 3.04 and a debt-to-equity ratio of 2.42. The business has a 50-day moving average price of $26.64 and a 200-day moving average price of $26.00. The firm has a market cap of $1.63 billion, a price-to-earnings ratio of 21.77 and a beta of 0.31.

Flex LNG (NYSE:FLNG) last posted its earnings results on Wednesday, February 11th. The company reported $0.43 EPS for the quarter, missing analysts’ consensus estimates of $0.61 by ($0.18). Flex LNG had a return on equity of 13.46% and a net margin of 21.52%.The firm had revenue of $87.54 million during the quarter, compared to analysts’ expectations of $86.75 million. Equities research analysts anticipate that Flex LNG Ltd. will post 1.9 EPS for the current fiscal year.

Flex LNG Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 12th. Stockholders of record on Friday, February 27th will be issued a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a dividend yield of 9.9%. The ex-dividend date of this dividend is Friday, February 27th. Flex LNG’s dividend payout ratio is 215.83%.

Flex LNG Company Profile

Flex LNG Ltd is a Bermuda-registered owner and operator of liquefied natural gas (LNG) carriers, offering shipping services to major energy producers and utilities worldwide. Since its establishment in 2006, the company has focused on building a versatile fleet of modern, eco-efficient LNG vessels designed to meet the growing global demand for lower-emission fuel transportation.

The company’s core activities encompass time-charter contracts, long-term transportation agreements and spot market voyages.