OP Asset Management Ltd Takes $1.76 Million Position in Flex LNG Ltd. $FLNG

OP Asset Management Ltd bought a new stake in shares of Flex LNG Ltd. (NYSE:FLNG) in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 59,310 shares of the company’s stock, valued at approximately $1,762,000.

A number of other hedge funds have also recently bought and sold shares of the company. First Community Trust NA bought a new stake in Flex LNG in the fourth quarter worth about $31,000. Financial Life Planners acquired a new position in shares of Flex LNG in the 3rd quarter worth approximately $35,000. Kestra Advisory Services LLC acquired a new position in shares of Flex LNG in the 4th quarter worth approximately $43,000. EverSource Wealth Advisors LLC raised its holdings in shares of Flex LNG by 364.8% in the 4th quarter. EverSource Wealth Advisors LLC now owns 1,794 shares of the company’s stock worth $45,000 after purchasing an additional 1,408 shares in the last quarter. Finally, Kemnay Advisory Services Inc. bought a new stake in shares of Flex LNG in the 4th quarter worth approximately $64,000.

Wall Street Analysts Forecast Growth

FLNG has been the subject of a number of recent research reports. Wall Street Zen upgraded Flex LNG from a “sell” rating to a “hold” rating in a research report on Saturday, June 20th. Kepler Capital Markets set a $25.00 price objective on shares of Flex LNG and gave the company a “reduce” rating in a research note on Thursday, May 14th. Weiss Ratings reiterated a “hold (c)” rating on shares of Flex LNG in a report on Friday, April 10th. Finally, Pareto Securities downgraded shares of Flex LNG from a “buy” rating to a “sell” rating in a research report on Wednesday, May 13th. Two research analysts have rated the stock with a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, Flex LNG presently has a consensus rating of “Reduce” and a consensus price target of $24.00.

Flex LNG Price Performance

FLNG opened at $29.42 on Monday. The firm has a market capitalization of $1.59 billion, a P/E ratio of 21.01 and a beta of 0.18. The stock has a fifty day moving average of $31.12 and a 200-day moving average of $28.70. The company has a quick ratio of 2.69, a current ratio of 2.72 and a debt-to-equity ratio of 2.45. Flex LNG Ltd. has a 12-month low of $21.72 and a 12-month high of $33.40.

Flex LNG (NYSE:FLNG) last issued its quarterly earnings results on Wednesday, May 13th. The company reported $0.31 earnings per share for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.05). The business had revenue of $80.46 million for the quarter, compared to analysts’ expectations of $80.35 million. Flex LNG had a net margin of 22.26% and a return on equity of 12.15%.

Flex LNG Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 11th. Shareholders of record on Friday, May 29th were paid a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a yield of 10.2%. The ex-dividend date of this dividend was Friday, May 29th. Flex LNG’s payout ratio 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.