PNC Financial Services Group Inc. Buys 9,967 Shares of FLEX LNG Ltd. (NYSE:FLNG)

PNC Financial Services Group Inc. raised its holdings in FLEX LNG Ltd. (NYSE:FLNG) by 1,894.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 10,493 shares of the company’s stock after acquiring an additional 9,967 shares during the period. PNC Financial Services Group Inc.’s holdings in FLEX LNG were worth $241,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in FLNG. Financial Life Planners acquired a new position in FLEX LNG in the fourth quarter valued at about $29,000. WFA Asset Management Corp grew its stake in FLEX LNG by 106.8% in the fourth quarter. WFA Asset Management Corp now owns 2,068 shares of the company’s stock valued at $47,000 after acquiring an additional 1,068 shares during the period. Steward Partners Investment Advisory LLC grew its stake in FLEX LNG by 27.5% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 2,588 shares of the company’s stock valued at $59,000 after acquiring an additional 558 shares during the period. Whipplewood Advisors LLC acquired a new position in FLEX LNG in the fourth quarter valued at about $75,000. Finally, FMR LLC grew its stake in FLEX LNG by 39.4% in the third quarter. FMR LLC now owns 7,348 shares of the company’s stock valued at $189,000 after acquiring an additional 2,075 shares during the period.

FLEX LNG Stock Performance

Shares of NYSE FLNG opened at $22.37 on Friday. The stock has a 50 day moving average price of $23.99 and a 200 day moving average price of $24.37. FLEX LNG Ltd. has a 52 week low of $20.85 and a 52 week high of $30.48. The company has a debt-to-equity ratio of 2.11, a quick ratio of 2.96 and a current ratio of 2.99. The stock has a market capitalization of $1.20 billion, a PE ratio of 10.26 and a beta of 0.62.

FLEX LNG (NYSE:FLNG) last issued its quarterly earnings results on Tuesday, February 4th. The company reported $0.57 EPS for the quarter, beating the consensus estimate of $0.51 by $0.06. FLEX LNG had a return on equity of 15.61% and a net margin of 33.03%. During the same quarter in the previous year, the firm earned $0.70 earnings per share. Analysts predict that FLEX LNG Ltd. will post 1.9 earnings per share for the current fiscal year.

FLEX LNG Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 5th. Investors of record on Thursday, February 20th were given a dividend of $0.75 per share. The ex-dividend date of this dividend was Thursday, February 20th. This represents a $3.00 annualized dividend and a yield of 13.41%. FLEX LNG’s dividend payout ratio (DPR) is presently 137.61%.

Wall Street Analyst Weigh In

FLNG has been the subject of several recent research reports. Fearnley Fonds raised FLEX LNG to a “hold” rating in a research report on Monday, February 17th. Jefferies Financial Group reaffirmed a “hold” rating and set a $23.00 price objective on shares of FLEX LNG in a research report on Tuesday, February 4th.

FLEX LNG Company Profile

FLEX LNG Ltd. engages in the seaborne transportation of liquefied natural gas (LPG) through the ownership and operation of LNG carriers. The company was founded by Philip Eystein Fjeld, Trym Tveitnes and Jostein Ueland in September 2006 and is headquartered in Hamilton, Bermuda.