Renaissance Technologies LLC grew its stake in Flex LNG Ltd. (NYSE:FLNG – Free Report) by 42.5% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,170,795 shares of the company’s stock after purchasing an additional 349,191 shares during the period. Renaissance Technologies LLC’s holdings in Flex LNG were worth $34,784,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds have also modified their holdings of the company. The Manufacturers Life Insurance Company lifted its position in shares of Flex LNG by 4.2% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 10,359 shares of the company’s stock worth $228,000 after buying an additional 416 shares during the period. CWM LLC boosted its stake in Flex LNG by 15.4% in the 4th quarter. CWM LLC now owns 3,607 shares of the company’s stock valued at $90,000 after buying an additional 481 shares in the last quarter. Millennium Management LLC grew its position in Flex LNG by 0.6% in the fourth quarter. Millennium Management LLC now owns 92,459 shares of the company’s stock valued at $2,307,000 after acquiring an additional 549 shares during the period. Amplify Investments LLC grew its position in Flex LNG by 21.4% in the fourth quarter. Amplify Investments LLC now owns 3,417 shares of the company’s stock valued at $85,000 after acquiring an additional 603 shares during the period. Finally, Invesco Ltd. raised its stake in Flex LNG by 3.6% during the second quarter. Invesco Ltd. now owns 22,471 shares of the company’s stock worth $494,000 after acquiring an additional 784 shares in the last quarter.
Wall Street Analysts Forecast Growth
A number of research analysts have issued reports on FLNG shares. Wall Street Zen cut Flex LNG from a “hold” rating to a “sell” rating in a report on Saturday, July 18th. Pareto Securities cut shares of Flex LNG from a “buy” rating to a “sell” rating in a research report on Wednesday, May 13th. Weiss Ratings reiterated a “hold (c)” rating on shares of Flex LNG in a research report on Wednesday, July 8th. Finally, Kepler Capital Markets set a $25.00 price target on shares of Flex LNG and gave the company a “reduce” rating in a report on Thursday, May 14th. Two investment analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Reduce” and an average price target of $24.00.
Flex LNG Stock Up 1.5%
NYSE FLNG opened at $30.94 on Wednesday. The stock’s 50 day simple moving average is $30.39 and its 200 day simple moving average is $29.51. Flex LNG Ltd. has a one year low of $24.00 and a one year high of $33.40. The firm has a market cap of $1.67 billion, a PE ratio of 22.10 and a beta of 0.20. The company has a debt-to-equity ratio of 2.45, a current ratio of 2.72 and a quick ratio of 2.69.
Flex LNG (NYSE:FLNG – Get Free Report) last issued its quarterly earnings data on Wednesday, May 13th. The company reported $0.31 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.36 by ($0.05). The business had revenue of $80.46 million during the quarter, compared to the consensus estimate of $80.35 million. Flex LNG had a net margin of 22.26% and a return on equity of 12.15%.
Flex LNG Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Thursday, June 11th. Stockholders of record on Friday, May 29th were paid a $0.75 dividend. The ex-dividend date was Friday, May 29th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 9.7%. Flex LNG’s dividend payout ratio (DPR) is 214.29%.
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.
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