Denali Advisors LLC Raises Stock Position in FLEX LNG Ltd. (NYSE:FLNG)

Denali Advisors LLC increased its stake in FLEX LNG Ltd. (NYSE:FLNG) by 96.5% in the 2nd quarter, Holdings Channel.com reports. The fund owned 158,400 shares of the company’s stock after acquiring an additional 77,800 shares during the quarter. Denali Advisors LLC’s holdings in FLEX LNG were worth $4,283,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Renaissance Technologies LLC increased its holdings in FLEX LNG by 6.8% in the 2nd quarter. Renaissance Technologies LLC now owns 400,200 shares of the company’s stock worth $10,821,000 after acquiring an additional 25,600 shares in the last quarter. Redwood Wealth Management Group LLC purchased a new stake in FLEX LNG in the 2nd quarter worth $98,000. HHM Wealth Advisors LLC acquired a new stake in FLEX LNG during the 2nd quarter worth $47,000. Rhumbline Advisers boosted its stake in FLEX LNG by 5.5% during the 2nd quarter. Rhumbline Advisers now owns 46,198 shares of the company’s stock worth $1,249,000 after purchasing an additional 2,412 shares during the last quarter. Finally, Essex Financial Services Inc. boosted its stake in FLEX LNG by 24.3% during the 2nd quarter. Essex Financial Services Inc. now owns 24,966 shares of the company’s stock worth $675,000 after purchasing an additional 4,882 shares during the last quarter.

FLEX LNG Trading Up 1.2 %

Shares of FLNG opened at $26.54 on Tuesday. FLEX LNG Ltd. has a 52-week low of $24.16 and a 52-week high of $32.23. The company has a quick ratio of 2.54, a current ratio of 2.57 and a debt-to-equity ratio of 2.01. The firm’s fifty day moving average is $26.44 and its two-hundred day moving average is $26.62. The stock has a market cap of $1.41 billion, a PE ratio of 10.45 and a beta of 0.71.

FLEX LNG (NYSE:FLNG) last announced its earnings results on Wednesday, August 14th. The company reported $0.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.47 by $0.09. FLEX LNG had a net margin of 32.60% and a return on equity of 16.79%. The company had revenue of $84.70 million for the quarter. Research analysts forecast that FLEX LNG Ltd. will post 2.37 earnings per share for the current fiscal year.

FLEX LNG Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, September 12th. Stockholders of record on Thursday, August 29th were given a dividend of $0.75 per share. The ex-dividend date was Thursday, August 29th. This represents a $3.00 annualized dividend and a dividend yield of 11.30%. FLEX LNG’s payout ratio is 118.11%.

Wall Street Analyst Weigh In

Separately, Jefferies Financial Group raised shares of FLEX LNG from an “underperform” rating to a “hold” rating and set a $24.00 target price on the stock in a research note on Wednesday, August 14th.

FLEX LNG Company Profile

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. Flex LNG Ltd.