KLP Kapitalforvaltning AS Invests $2.94 Million in Flex LNG Ltd. $FLNG

KLP Kapitalforvaltning AS 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 133,574 shares of the company’s stock, valued at approximately $2,936,000. KLP Kapitalforvaltning AS owned approximately 0.25% of Flex LNG as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the business. Chelsea Counsel Co. increased its stake in shares of Flex LNG by 98.8% in the second quarter. Chelsea Counsel Co. now owns 95,000 shares of the company’s stock worth $2,088,000 after purchasing an additional 47,225 shares in the last quarter. GAMMA Investing LLC boosted its position in shares of Flex LNG by 53.3% in the second quarter. GAMMA Investing LLC now owns 1,689 shares of the company’s stock valued at $37,000 after acquiring an additional 587 shares during the period. Goldman Sachs Group Inc. boosted its position in shares of Flex LNG by 22.7% in the first quarter. Goldman Sachs Group Inc. now owns 149,097 shares of the company’s stock valued at $3,428,000 after acquiring an additional 27,543 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Flex LNG by 145.3% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,030,250 shares of the company’s stock valued at $23,686,000 after acquiring an additional 610,236 shares during the period. Finally, Cubist Systematic Strategies LLC bought a new position in shares of Flex LNG in the first quarter valued at approximately $2,730,000.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on FLNG shares. Jefferies Financial Group restated a “hold” rating and issued a $23.00 price objective on shares of Flex LNG in a research report on Wednesday, August 20th. Wall Street Zen upgraded shares of Flex LNG from a “sell” rating to a “hold” rating in a research report on Friday, August 22nd. Finally, Weiss Ratings restated a “hold (c-)” rating on shares of Flex LNG in a research report on Wednesday. Three research analysts have rated the stock with a Hold rating, According to data from MarketBeat, Flex LNG presently has an average rating of “Hold” and a consensus price target of $23.00.

Flex LNG Price Performance

FLNG stock opened at $24.39 on Friday. The company has a debt-to-equity ratio of 2.23, a current ratio of 2.84 and a quick ratio of 2.81. Flex LNG Ltd. has a one year low of $19.46 and a one year high of $27.67. The stock has a market cap of $1.31 billion, a PE ratio of 13.26 and a beta of 0.46. The firm has a 50 day simple moving average of $25.65 and a two-hundred day simple moving average of $24.12.

Flex LNG (NYSE:FLNG) last released its quarterly earnings results on Wednesday, August 20th. The company reported $0.46 EPS for the quarter, topping analysts’ consensus estimates of $0.45 by $0.01. Flex LNG had a net margin of 27.84% and a return on equity of 14.41%. The business had revenue of $86.00 million during the quarter, compared to analysts’ expectations of $82.44 million. On average, analysts predict that Flex LNG Ltd. will post 1.9 EPS for the current fiscal year.

Flex LNG Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 18th. Stockholders of record on Friday, September 5th were issued a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a dividend yield of 12.3%. The ex-dividend date was Friday, September 5th. Flex LNG’s payout ratio is presently 163.04%.

About Flex LNG

FLEX LNG Ltd. engages in the seaborne transportation of liquefied natural gas (LPG) through the ownership and operation of LNG carriers. The company was founded by Philip Eystein Fjeld, Trym Tveitnes and Jostein Ueland in September 2006 and is headquartered in Hamilton, Bermuda.