Advocate Investing Services LLC Takes $848,000 Position in Flex LNG Ltd. $FLNG

Advocate Investing Services LLC purchased a new position in Flex LNG Ltd. (NYSE:FLNG) during the 1st quarter, according to its most recent 13F filing with the SEC. The firm purchased 28,534 shares of the company’s stock, valued at approximately $848,000.

Other institutional investors have also made changes to their positions in the company. First Community Trust NA bought a new stake in Flex LNG in the fourth quarter valued at about $31,000. Financial Life Planners acquired a new position in Flex LNG in the third quarter valued at about $35,000. Kestra Advisory Services LLC bought a new position in Flex LNG during the fourth quarter worth about $43,000. EverSource Wealth Advisors LLC boosted its holdings in Flex LNG by 364.8% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,794 shares of the company’s stock worth $45,000 after buying an additional 1,408 shares during the last quarter. Finally, Kemnay Advisory Services Inc. acquired a new position in shares of Flex LNG during the 4th quarter worth about $64,000.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the company. Pareto Securities cut Flex LNG from a “buy” rating to a “sell” rating in a research note on Wednesday, May 13th. Weiss Ratings reissued a “hold (c)” rating on shares of Flex LNG in a research note on Friday, April 10th. Wall Street Zen upgraded shares of Flex LNG from a “sell” rating to a “hold” rating in a report on Saturday, June 20th. Finally, Kepler Capital Markets set a $25.00 target price on shares of Flex LNG and gave the company a “reduce” rating in a research note on Thursday, May 14th. Two analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Reduce” and a consensus target price of $24.00.

Flex LNG Stock Down 1.8%

Flex LNG stock opened at $29.42 on Friday. The stock has a market capitalization of $1.59 billion, a PE ratio of 21.01 and a beta of 0.18. Flex LNG Ltd. has a twelve month low of $21.72 and a twelve month high of $33.40. The company has a quick ratio of 2.69, a current ratio of 2.72 and a debt-to-equity ratio of 2.45. The company has a 50 day moving average of $31.12 and a 200-day moving average of $28.68.

Flex LNG (NYSE:FLNG) last issued its quarterly earnings data on Wednesday, May 13th. The company reported $0.31 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.36 by ($0.05). Flex LNG had a return on equity of 12.15% and a net margin of 22.26%.The company had revenue of $80.46 million for the quarter, compared to the consensus estimate of $80.35 million.

Flex LNG Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, June 11th. Shareholders of record on Friday, May 29th were issued a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a yield of 10.2%. The ex-dividend date was Friday, May 29th. Flex LNG’s dividend payout ratio is 214.29%.

Flex LNG Profile

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.