Flex LNG Ltd. (NYSE:FLNG) Shares Sold by Shell Asset Management Co.

Shell Asset Management Co. lowered its position in shares of Flex LNG Ltd. (NYSE:FLNGGet Rating) by 14.5% during the first quarter, Holdings Channel reports. The fund owned 12,629 shares of the company’s stock after selling 2,141 shares during the quarter. Shell Asset Management Co.’s holdings in Flex LNG were worth $355,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of FLNG. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Flex LNG by 396.3% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,020 shares of the company’s stock worth $44,000 after acquiring an additional 1,613 shares during the last quarter. DekaBank Deutsche Girozentrale boosted its position in Flex LNG by 186.3% during the fourth quarter. DekaBank Deutsche Girozentrale now owns 5,984 shares of the company’s stock worth $134,000 after acquiring an additional 3,894 shares during the last quarter. Advisor Group Holdings Inc. boosted its position in Flex LNG by 49.8% during the fourth quarter. Advisor Group Holdings Inc. now owns 9,400 shares of the company’s stock worth $210,000 after acquiring an additional 3,127 shares during the last quarter. Naples Global Advisors LLC acquired a new stake in Flex LNG during the fourth quarter worth approximately $790,000. Finally, Bank of America Corp DE boosted its holdings in shares of Flex LNG by 15.4% in the 4th quarter. Bank of America Corp DE now owns 215,146 shares of the company’s stock valued at $5,054,000 after purchasing an additional 28,766 shares during the last quarter. Institutional investors and hedge funds own 15.88% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. TheStreet upgraded shares of Flex LNG from a “d” rating to a “b-” rating in a report on Monday, June 13th. SEB Equities lowered shares of Flex LNG from a “buy” rating to a “hold” rating in a report on Wednesday, June 8th. Jefferies Financial Group assumed coverage on shares of Flex LNG in a research note on Wednesday, July 20th. They issued a “hold” rating on the stock. DNB Markets downgraded shares of Flex LNG from a “buy” rating to a “hold” rating in a research note on Monday, May 9th. Finally, SEB Equity Research downgraded shares of Flex LNG from a “buy” rating to a “hold” rating and set a $280.00 target price on the stock. in a research note on Wednesday, June 8th. Four analysts have rated the stock with a hold rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $280.00.

Flex LNG Stock Performance

Flex LNG stock opened at $30.83 on Friday. Flex LNG Ltd. has a 12-month low of $13.20 and a 12-month high of $33.36. The company has a market capitalization of $1.64 billion, a price-to-earnings ratio of 9.60 and a beta of 1.09. The company has a debt-to-equity ratio of 1.68, a current ratio of 1.57 and a quick ratio of 1.52. The firm’s fifty day moving average price is $28.17 and its 200 day moving average price is $26.01.

Flex LNG (NYSE:FLNGGet Rating) last released its quarterly earnings results on Wednesday, May 11th. The company reported $0.45 earnings per share (EPS) for the quarter. Flex LNG had a net margin of 50.70% and a return on equity of 15.32%. The firm had revenue of $74.57 million for the quarter.

Flex LNG Dividend Announcement

The business also recently disclosed a dividend, which was paid on Friday, June 10th. Shareholders of record on Wednesday, May 25th were issued a dividend of $0.75 per share. This represents a yield of 10.76%. The ex-dividend date was Tuesday, May 24th. Flex LNG’s dividend payout ratio is currently 93.46%.

About Flex LNG

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Flex LNG Ltd., through its subsidiaries, engages in the seaborne transportation of liquefied natural gas (LNG) worldwide. As of February 16, 2022, it owned and operated nine M-type electronically controlled gas injection LNG carriers; and four vessels with generation X dual fuel propulsion systems. It also provides chartering and management services.

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Institutional Ownership by Quarter for Flex LNG (NYSE:FLNG)

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