22,318 Shares in Flex LNG Ltd. $FLNG Purchased by Hsbc Holdings PLC

Hsbc Holdings PLC acquired a new position in shares of Flex LNG Ltd. (NYSE:FLNG) during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 22,318 shares of the company’s stock, valued at approximately $668,000.

Other large investors have also recently bought and sold shares of the company. The Manufacturers Life Insurance Company lifted its position in shares of 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 during the period. CWM LLC grew its holdings in shares of 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 acquiring an additional 481 shares during the period. Millennium Management LLC grew its holdings in shares of 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 acquiring an additional 549 shares during the period. Amplify Investments LLC boosted its position in shares of Flex LNG by 21.4% in the 4th quarter. Amplify Investments LLC now owns 3,417 shares of the company’s stock worth $85,000 after buying an additional 603 shares in the last quarter. Finally, Invesco Ltd. boosted its position in shares of Flex LNG by 3.6% in the 2nd quarter. Invesco Ltd. now owns 22,471 shares of the company’s stock worth $494,000 after buying an additional 784 shares in the last quarter.

Flex LNG Stock Down 0.7%

Shares of Flex LNG stock opened at $31.06 on Friday. Flex LNG Ltd. has a 1-year low of $24.00 and a 1-year high of $33.40. The company has a market capitalization of $1.68 billion, a PE ratio of 22.18 and a beta of 0.20. The company has a debt-to-equity ratio of 2.45, a current ratio of 2.72 and a quick ratio of 2.69. The business has a 50-day moving average of $30.33 and a 200-day moving average of $29.59.

Flex LNG (NYSE:FLNG) last issued its quarterly earnings results on Wednesday, May 13th. The company reported $0.31 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $80.35 million.

Flex LNG Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, June 11th. Shareholders of record on Friday, May 29th were paid a $0.75 dividend. The ex-dividend date was Friday, May 29th. This represents a $3.00 annualized dividend and a dividend yield of 9.7%. Flex LNG’s dividend payout ratio (DPR) is presently 214.29%.

Analysts Set New Price Targets

FLNG has been the subject of several recent research reports. Pareto Securities downgraded shares of Flex LNG from a “buy” rating to a “sell” rating in a report on Wednesday, May 13th. Kepler Capital Markets set a $25.00 price target on Flex LNG and gave the stock a “reduce” rating in a report on Thursday, May 14th. Weiss Ratings reissued a “hold (c)” rating on shares of Flex LNG in a research report on Wednesday, July 8th. Finally, Wall Street Zen downgraded Flex LNG from a “hold” rating to a “sell” rating in a research report on Saturday, July 18th. Two investment analysts have rated the stock with a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Reduce” and an average target price of $24.00.

About Flex LNG

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.