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 bought a new position in shares of Flex LNG Ltd. (NYSE:FLNG - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 13,000 shares of the company's stock, valued at approximately $299,000.

Other institutional investors have also recently made changes to their positions in the company. American Financial Group Inc. grew its position in shares of Flex LNG by 8.3% in the first quarter. American Financial Group Inc. now owns 13,000 shares of the company's stock valued at $299,000 after purchasing an additional 1,000 shares during the period. Arkadios Wealth Advisors grew its position in shares of Flex LNG by 6.7% in the first quarter. Arkadios Wealth Advisors now owns 15,358 shares of the company's stock valued at $353,000 after purchasing an additional 960 shares during the period. Dakota Wealth Management grew its position in shares of Flex LNG by 27.3% in the first quarter. Dakota Wealth Management now owns 31,125 shares of the company's stock valued at $716,000 after purchasing an additional 6,684 shares during the period. Apollon Wealth Management LLC grew its position in shares of Flex LNG by 7.3% in the first quarter. Apollon Wealth Management LLC now owns 10,782 shares of the company's stock valued at $248,000 after purchasing an additional 730 shares during the period. Finally, Nisa Investment Advisors LLC grew its position in shares of Flex LNG by 8,796.3% in the first quarter. Nisa Investment Advisors LLC now owns 9,608 shares of the company's stock valued at $221,000 after purchasing an additional 9,500 shares during the period.

Flex LNG Trading Down 0.0%

NYSE:FLNG traded down $0.00 on Thursday, hitting $25.36. The stock had a trading volume of 912,842 shares, compared to its average volume of 400,895. The company has a quick ratio of 2.74, a current ratio of 2.77 and a debt-to-equity ratio of 2.14. The stock has a market cap of $1.37 billion, a price-to-earnings ratio of 13.28 and a beta of 0.41. The company has a fifty day moving average price of $23.71 and a two-hundred day moving average price of $23.49. Flex LNG Ltd. has a 1-year low of $19.46 and a 1-year high of $27.77.

Flex LNG (NYSE:FLNG - Get Free Report) last posted its earnings results on Wednesday, May 21st. The company reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.50 by $0.04. The company had revenue of $88.40 million for the quarter, compared to analyst estimates of $87.70 million. Flex LNG had a net margin of 29.10% and a return on equity of 14.83%. Equities research analysts expect that Flex LNG Ltd. will post 1.9 earnings per share for the current fiscal year.

Flex LNG Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, June 20th. Shareholders of record on Friday, June 6th were issued a $0.75 dividend. This represents a $3.00 annualized dividend and a yield of 11.8%. The ex-dividend date was Friday, June 6th. Flex LNG's payout ratio is presently 157.07%.

Analysts Set New Price Targets

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

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.