Royal Bank of Canada Has $466,000 Holdings in Flex LNG Ltd. $FLNG

Royal Bank of Canada decreased its holdings in Flex LNG Ltd. (NYSE:FLNG) by 71.6% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 15,683 shares of the company’s stock after selling 39,554 shares during the period. Royal Bank of Canada’s holdings in Flex LNG were worth $466,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in FLNG. Main Street Group LTD bought a new position in shares of Flex LNG during the 1st quarter worth approximately $30,000. Financial Life Planners bought a new stake in Flex LNG in the 1st quarter valued at $43,000. Kestra Advisory Services LLC acquired a new stake in Flex LNG during the 4th quarter valued at $43,000. EverSource Wealth Advisors LLC boosted its position in Flex LNG by 364.8% during the fourth 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 during the period. Finally, Kemnay Advisory Services Inc. bought a new position in Flex LNG during the fourth quarter worth $64,000.

Flex LNG Price Performance

NYSE:FLNG opened at $31.93 on Wednesday. Flex LNG Ltd. has a 52 week low of $24.00 and a 52 week high of $33.40. The company has a debt-to-equity ratio of 2.40, a quick ratio of 2.64 and a current ratio of 2.69. The firm’s 50-day simple moving average is $30.48 and its 200 day simple moving average is $30.14. The firm has a market cap of $1.73 billion, a price-to-earnings ratio of 16.81 and a beta of 0.20.

Flex LNG (NYSE:FLNG) last announced its earnings results on Wednesday, August 19th. The company reported $0.79 EPS for the quarter, topping the consensus estimate of $0.62 by $0.17. Flex LNG had a net margin of 28.50% and a return on equity of 14.88%. The company had revenue of $106.80 million for the quarter, compared to analysts’ expectations of $93.53 million.

Flex LNG Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 17th. Stockholders of record on Thursday, September 3rd will be issued a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a dividend yield of 9.4%. The ex-dividend date of this dividend is Thursday, September 3rd. Flex LNG’s dividend payout ratio is 157.89%.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the stock. Weiss Ratings raised shares of Flex LNG from a “hold (c)” rating to a “buy (b-)” rating in a research report on Friday. Kepler Capital Markets set a $25.00 price target on shares of Flex LNG and gave the company a “reduce” rating in a research note on Thursday, May 14th. Wall Street Zen raised shares of Flex LNG from a “sell” rating to a “hold” rating in a report on Saturday. Finally, Pareto Securities downgraded shares of Flex LNG from a “buy” rating to a “sell” rating in a research report on Wednesday, May 13th. One investment analyst has rated the stock with a Buy rating and two have assigned a Sell rating to the company. According to MarketBeat, Flex LNG presently has an average rating of “Reduce” and an average target price of $25.00.

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.