Plan Group Financial LLC Takes Position in Flex LNG Ltd. (NYSE:FLNG)

Key Points

• Plan Group Financial LLC has acquired a new position in Flex LNG Ltd. (NYSE:FLNG), purchasing 13,000 shares valued at approximately $299,000 during the first quarter.
• Flex LNG recently declared a quarterly dividend of $0.75 per share, which translates to an annualized dividend of $3.00 and a yield of 11.8%.
• Despite positive quarterly earnings results, Wall Street Zen has downgraded Flex LNG's rating from "hold" to "sell."

Plan Group Financial LLC purchased a new stake in Flex LNG Ltd. (NYSE:FLNG - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 13,000 shares of the company's stock, valued at approximately $299,000.

Several other large investors have also modified their holdings of the business. American Financial Group Inc. boosted its position in Flex LNG by 8.3% during the first quarter. American Financial Group Inc. now owns 13,000 shares of the company's stock worth $299,000 after acquiring an additional 1,000 shares during the last quarter. Arkadios Wealth Advisors boosted its position in Flex LNG by 6.7% during the first quarter. Arkadios Wealth Advisors now owns 15,358 shares of the company's stock worth $353,000 after acquiring an additional 960 shares during the last quarter. Dakota Wealth Management boosted its position in Flex LNG by 27.3% during the first quarter. Dakota Wealth Management now owns 31,125 shares of the company's stock worth $716,000 after acquiring an additional 6,684 shares during the last quarter. Apollon Wealth Management LLC boosted its position in Flex LNG by 7.3% during the first quarter. Apollon Wealth Management LLC now owns 10,782 shares of the company's stock worth $248,000 after acquiring an additional 730 shares during the last quarter. Finally, Nisa Investment Advisors LLC boosted its position in Flex LNG by 8,796.3% during the first quarter. Nisa Investment Advisors LLC now owns 9,608 shares of the company's stock worth $221,000 after acquiring an additional 9,500 shares during the last quarter.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen downgraded shares of Flex LNG from a "hold" rating to a "sell" rating in a research note on Saturday, July 26th.

Flex LNG Stock Up 0.3%

Flex LNG stock traded up $0.07 during midday trading on Friday, hitting $25.45. 347,818 shares of the stock were exchanged, compared to its average volume of 428,186. Flex LNG Ltd. has a 1 year low of $19.46 and a 1 year high of $27.77. The firm has a market cap of $1.37 billion, a P/E ratio of 13.32 and a beta of 0.41. The company has a debt-to-equity ratio of 2.14, a current ratio of 2.77 and a quick ratio of 2.74. The company has a 50 day moving average price of $23.74 and a two-hundred day moving average price of $23.49.

Flex LNG (NYSE:FLNG - Get Free Report) last released its quarterly earnings results on Wednesday, May 21st. The company reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.50 by $0.04. Flex LNG had a net margin of 29.10% and a return on equity of 14.83%. The firm had revenue of $88.40 million for the quarter, compared to the consensus estimate of $87.70 million. On average, sell-side 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 announced a quarterly dividend, which was paid on Friday, June 20th. Stockholders of record on Friday, June 6th were given a $0.75 dividend. The ex-dividend date of this dividend was Friday, June 6th. This represents a $3.00 annualized dividend and a dividend yield of 11.8%. Flex LNG's payout ratio is presently 157.07%.

About Flex LNG

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.