Gilman Hill Asset Management LLC Trims Position in Flex LNG Ltd. $FLNG

Gilman Hill Asset Management LLC cut its stake in shares of Flex LNG Ltd. (NYSE:FLNG) by 6.0% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 358,474 shares of the company’s stock after selling 22,953 shares during the period. Flex LNG accounts for approximately 1.4% of Gilman Hill Asset Management LLC’s portfolio, making the stock its 15th largest holding. Gilman Hill Asset Management LLC owned approximately 0.67% of Flex LNG worth $8,944,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in shares of Flex LNG in the third quarter valued at approximately $28,392,000. Arrowstreet Capital Limited Partnership purchased a new stake in Flex LNG in the 3rd quarter worth approximately $9,764,000. Geode Capital Management LLC lifted its stake in Flex LNG by 5.3% in the 2nd quarter. Geode Capital Management LLC now owns 380,414 shares of the company’s stock worth $8,361,000 after purchasing an additional 19,185 shares in the last quarter. Dimensional Fund Advisors LP bought a new position in Flex LNG in the 3rd quarter valued at $9,497,000. Finally, Trek Financial LLC boosted its holdings in Flex LNG by 5.1% in the 3rd quarter. Trek Financial LLC now owns 353,238 shares of the company’s stock valued at $8,902,000 after purchasing an additional 17,245 shares during the period.

Analyst Upgrades and Downgrades

FLNG has been the subject of a number of recent analyst reports. Wall Street Zen lowered shares of Flex LNG from a “hold” rating to a “sell” rating in a research report on Saturday, February 7th. Weiss Ratings reiterated a “hold (c)” rating on shares of Flex LNG in a research report on Monday, December 22nd. Two research analysts have rated the stock with a Hold rating, According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $23.00.

Flex LNG Stock Up 1.7%

Shares of NYSE FLNG opened at $30.88 on Wednesday. The company has a current ratio of 3.04, a quick ratio of 2.98 and a debt-to-equity ratio of 2.42. The business has a 50-day moving average of $27.69 and a 200-day moving average of $26.24. The firm has a market capitalization of $1.66 billion, a price-to-earnings ratio of 22.22 and a beta of 0.31. Flex LNG Ltd. has a 12 month low of $19.46 and a 12 month high of $31.99.

Flex LNG (NYSE:FLNG) last announced its earnings results on Wednesday, February 11th. The company reported $0.43 earnings per share for the quarter, missing analysts’ consensus estimates of $0.61 by ($0.18). Flex LNG had a net margin of 21.52% and a return on equity of 13.46%. The company had revenue of $87.54 million during the quarter, compared to analysts’ expectations of $86.75 million. Sell-side analysts expect that Flex LNG Ltd. will post 1.9 earnings per share for the current fiscal year.

Flex LNG Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 12th. Stockholders of record on Friday, February 27th were given a dividend of $0.75 per share. The ex-dividend date was Friday, February 27th. This represents a $3.00 annualized dividend and a dividend yield of 9.7%. Flex LNG’s dividend payout ratio (DPR) is 215.83%.

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.