Trek Financial LLC Purchases 171,967 Shares of Flex LNG Ltd. $FLNG

Trek Financial LLC purchased a new position in Flex LNG Ltd. (NYSE:FLNG) during the third quarter, HoldingsChannel.com reports. The fund purchased 171,967 shares of the company’s stock, valued at approximately $5,290,000.

A number of other hedge funds have also recently modified their holdings of FLNG. Renaissance Technologies LLC increased its position in shares of Flex LNG by 42.5% in the first quarter. Renaissance Technologies LLC now owns 1,170,795 shares of the company’s stock valued at $34,784,000 after acquiring an additional 349,191 shares during the period. Bessemer Group Inc. increased its holdings in Flex LNG by 54.6% during the 1st quarter. Bessemer Group Inc. now owns 191,231 shares of the company’s stock valued at $5,681,000 after purchasing an additional 67,500 shares during the period. Bank of America Corp DE increased its holdings in Flex LNG by 88.4% during the 1st quarter. Bank of America Corp DE now owns 152,341 shares of the company’s stock valued at $4,526,000 after purchasing an additional 71,477 shares during the period. Oppenheimer & Co. Inc. raised its position in Flex LNG by 27.7% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 127,348 shares of the company’s stock valued at $3,917,000 after purchasing an additional 27,653 shares during the last quarter. Finally, Mn Services Vermogensbeheer B.V. bought a new position in Flex LNG during the 3rd quarter valued at approximately $3,297,000.

Analysts Set New Price Targets

FLNG has been the subject of several research analyst reports. Wall Street Zen upgraded Flex LNG from a “sell” rating to a “hold” rating in a report on Saturday, August 22nd. Weiss Ratings downgraded Flex LNG from a “buy (b-)” rating to a “hold (c+)” rating in a report on Thursday, October 8th. One research analyst has rated the stock with a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, Flex LNG has a consensus rating of “Sell” and an average target price of $25.00.

Flex LNG Trading Up 0.2%

NYSE:FLNG opened at $28.44 on Monday. The company has a 50-day moving average price of $30.62 and a 200-day moving average price of $29.97. Flex LNG Ltd. has a 12 month low of $24.14 and a 12 month high of $33.40. The company has a current ratio of 2.69, a quick ratio of 2.64 and a debt-to-equity ratio of 2.40. The stock has a market cap of $1.54 billion, a price-to-earnings ratio of 14.97 and a beta of 0.24.

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

Flex LNG Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 17th. Shareholders of record on Thursday, September 3rd were given a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a yield of 10.5%. The ex-dividend date of this dividend was Thursday, September 3rd. Flex LNG’s payout ratio is presently 157.89%.

Flex LNG Profile

Flex LNG Ltd. is a maritime shipping company that owns and operates liquefied natural gas (LNG) carriers. The company focuses on transporting LNG for energy producers, utilities, traders and other customers under medium- and long-term time-charter agreements, as well as shorter-term arrangements when market conditions permit.

Flex LNG’s fleet consists primarily of large, modern LNG carriers equipped with fuel-efficient two-stroke propulsion systems, including MEGI and X-DF technologies.