Raymond James & Associates Raises Stock Holdings in FLEX LNG Ltd. (NYSE:FLNG)

Posted by Defense World Staff on Nov 4th, 2023

Raymond James & Associates grew its stake in FLEX LNG Ltd. (NYSE:FLNG – Free Report) by 2.8% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 35,939 shares of the company’s stock after buying an additional 967 shares during the quarter. Raymond James & Associates’ holdings in FLEX LNG were worth $1,097,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Forza Wealth Management LLC purchased a new stake in shares of FLEX LNG during the first quarter worth about $1,232,000. Optimum Investment Advisors grew its position in shares of FLEX LNG by 23.8% during the first quarter. Optimum Investment Advisors now owns 20,862 shares of the company’s stock worth $701,000 after purchasing an additional 4,012 shares in the last quarter. Denali Advisors LLC grew its position in shares of FLEX LNG by 16.5% during the second quarter. Denali Advisors LLC now owns 51,000 shares of the company’s stock worth $1,557,000 after purchasing an additional 7,211 shares in the last quarter. Resources Investment Advisors LLC. purchased a new position in FLEX LNG during the 1st quarter valued at approximately $367,000. Finally, Avantax Advisory Services Inc. grew its holdings in FLEX LNG by 2.6% during the 1st quarter. Avantax Advisory Services Inc. now owns 34,330 shares of the company’s stock valued at $1,153,000 after buying an additional 881 shares in the last quarter.

Analyst Upgrades and Downgrades

Separately, Jefferies Financial Group cut their price target on FLEX LNG from $35.00 to $32.00 and set a “hold” rating for the company in a report on Wednesday, August 16th.

Check Out Our Latest Stock Report on FLEX LNG

FLEX LNG Stock Performance

NYSE FLNG opened at $31.10 on Friday. The stock has a market capitalization of $1.65 billion, a PE ratio of 11.65 and a beta of 0.91. The business has a 50 day simple moving average of $30.29 and a two-hundred day simple moving average of $31.04. The company has a debt-to-equity ratio of 2.02, a current ratio of 2.91 and a quick ratio of 2.88. FLEX LNG Ltd. has a 1-year low of $27.76 and a 1-year high of $38.24.

FLEX LNG (NYSE:FLNG – Get Free Report) last posted its quarterly earnings data on Wednesday, August 16th. The company reported $0.52 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.64 by ($0.12). The company had revenue of $86.73 million during the quarter, compared to the consensus estimate of $92.30 million. FLEX LNG had a net margin of 38.97% and a return on equity of 18.11%. On average, research analysts predict that FLEX LNG Ltd. will post 2.33 EPS for the current fiscal year.

FLEX LNG Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 5th. Stockholders of record on Thursday, August 31st were paid a $0.75 dividend. This represents a $3.00 annualized dividend and a dividend yield of 9.65%. The ex-dividend date of this dividend was Wednesday, August 30th. FLEX LNG’s payout ratio is 112.36%.

FLEX LNG Profile

(Free Report)

Flex LNG Ltd., together with its subsidiaries, engages in the seaborne transportation of liquefied natural gas (LNG) worldwide. The company owns and operates vessels with M-type electronically controlled gas injection LNG carriers; and vessels with generation X dual fuel propulsion systems. It also provides chartering services.