Odyssean LLC Makes New $465,000 Investment in Flex LNG Ltd. $FLNG

Odyssean LLC bought a new position in Flex LNG Ltd. (NYSE:FLNG) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 16,572 shares of the company’s stock, valued at approximately $465,000.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in shares of Flex LNG during the 3rd quarter valued at approximately $28,392,000. Arrowstreet Capital Limited Partnership bought a new stake in Flex LNG during the 3rd quarter valued at $9,764,000. Dimensional Fund Advisors LP bought a new stake in Flex LNG during the 3rd quarter valued at $9,497,000. Renaissance Technologies LLC lifted its position in shares of Flex LNG by 42.5% during the first quarter. Renaissance Technologies LLC now owns 1,170,795 shares of the company’s stock worth $34,784,000 after acquiring an additional 349,191 shares in the last quarter. Finally, Two Sigma Investments LP lifted its position in shares of Flex LNG by 834.5% during the third quarter. Two Sigma Investments LP now owns 271,681 shares of the company’s stock worth $6,846,000 after acquiring an additional 242,608 shares in the last quarter.

Wall Street Analysts Forecast Growth

Several research analysts have commented on FLNG shares. Kepler Capital Markets set a $25.00 target price on Flex LNG and gave the stock 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, August 22nd. Pareto Securities cut shares of Flex LNG from a “buy” rating to a “sell” rating in a research note on Wednesday, May 13th. Finally, Weiss Ratings upgraded shares of Flex LNG from a “hold (c)” rating to a “buy (b-)” rating in a research note on Friday, August 21st. One equities research analyst has rated the stock with a Buy rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Reduce” and an average target price of $25.00.

Flex LNG Price Performance

NYSE:FLNG opened at $31.39 on Friday. Flex LNG Ltd. has a 52-week low of $24.00 and a 52-week high of $33.40. The stock has a fifty day moving average of $30.53 and a 200 day moving average of $30.20. 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 has a market capitalization of $1.70 billion, a price-to-earnings ratio of 16.52 and a beta of 0.20.

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

Flex LNG Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 17th. Investors of record on Thursday, September 3rd will be given a $0.75 dividend. This represents a $3.00 annualized dividend and a dividend yield of 9.6%. The ex-dividend date is Thursday, September 3rd. Flex LNG’s dividend payout ratio is 157.89%.

About Flex LNG

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.