AdvisorShares Investments LLC Takes $556,000 Position in Flex LNG Ltd. $FLNG

AdvisorShares Investments LLC purchased a new position in Flex LNG Ltd. (NYSE:FLNG) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 18,700 shares of the company’s stock, valued at approximately $556,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of FLNG. The Manufacturers Life Insurance Company grew its stake in Flex LNG by 4.2% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 10,359 shares of the company’s stock valued at $228,000 after acquiring an additional 416 shares in the last quarter. CWM LLC lifted its stake in Flex LNG by 15.4% in the 4th quarter. CWM LLC now owns 3,607 shares of the company’s stock worth $90,000 after purchasing an additional 481 shares in the last quarter. Millennium Management LLC lifted its stake in Flex LNG by 0.6% in the 4th quarter. Millennium Management LLC now owns 92,459 shares of the company’s stock worth $2,307,000 after purchasing an additional 549 shares in the last quarter. Amplify Investments LLC boosted its holdings in shares of Flex LNG by 21.4% during the 4th quarter. Amplify Investments LLC now owns 3,417 shares of the company’s stock worth $85,000 after purchasing an additional 603 shares during the last quarter. Finally, Invesco Ltd. boosted its holdings in shares of Flex LNG by 3.6% during the 2nd quarter. Invesco Ltd. now owns 22,471 shares of the company’s stock worth $494,000 after purchasing an additional 784 shares during the last quarter.

Flex LNG Stock Down 0.0%

FLNG stock opened at $29.28 on Friday. The firm has a market cap of $1.58 billion, a PE ratio of 20.92 and a beta of 0.20. The company has a debt-to-equity ratio of 2.45, a quick ratio of 2.69 and a current ratio of 2.72. The firm’s 50 day moving average price is $30.90 and its 200-day moving average price is $28.80. Flex LNG Ltd. has a one year low of $21.86 and a one year high of $33.40.

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

Flex LNG Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 11th. Stockholders of record on Friday, May 29th were paid a $0.75 dividend. This represents a $3.00 annualized dividend and a dividend yield of 10.2%. The ex-dividend date of this dividend was Friday, May 29th. Flex LNG’s dividend payout ratio is 214.29%.

Analyst Upgrades and Downgrades

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

Flex LNG Company 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.