FLEX LNG Ltd. (NYSE:FLNG) Stock Position Lifted by Essex Financial Services Inc.

Essex Financial Services Inc. grew its position in FLEX LNG Ltd. (NYSE:FLNG) by 8.3% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 11,714 shares of the company’s stock after acquiring an additional 894 shares during the quarter. Essex Financial Services Inc.’s holdings in FLEX LNG were worth $340,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also made changes to their positions in FLNG. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of FLEX LNG by 9.9% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 295,268 shares of the company’s stock valued at $8,580,000 after acquiring an additional 26,521 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of FLEX LNG by 2.2% in the 3rd quarter. Vanguard Group Inc. now owns 1,211,713 shares of the company’s stock valued at $36,545,000 after acquiring an additional 26,105 shares during the last quarter. SG Americas Securities LLC bought a new stake in shares of FLEX LNG in the 4th quarter valued at approximately $654,000. Jennison Associates LLC bought a new stake in shares of FLEX LNG in the 4th quarter valued at approximately $611,000. Finally, Atria Wealth Solutions Inc. bought a new stake in shares of FLEX LNG in the 3rd quarter valued at approximately $578,000.

Analyst Upgrades and Downgrades

Separately, Jefferies Financial Group lowered FLEX LNG from a “hold” rating to an “underperform” rating and reduced their price objective for the company from $32.00 to $23.00 in a research report on Tuesday, February 27th.

FLEX LNG Stock Performance

NYSE:FLNG opened at $26.60 on Friday. FLEX LNG Ltd. has a 12-month low of $24.16 and a 12-month high of $33.33. The company has a debt-to-equity ratio of 2.02, a quick ratio of 2.86 and a current ratio of 2.89. The business has a 50 day simple moving average of $25.51 and a 200 day simple moving average of $28.18.

FLEX LNG (NYSE:FLNG) last released its quarterly earnings data on Wednesday, February 7th. The company reported $0.70 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.67 by $0.03. FLEX LNG had a return on equity of 15.86% and a net margin of 32.35%. The business had revenue of $97.23 million during the quarter, compared to analyst estimates of $98.38 million. During the same quarter in the previous year, the firm posted $1.02 EPS. On average, equities analysts anticipate that FLEX LNG Ltd. will post 2.19 earnings per share for the current year.

FLEX LNG Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 8th. Shareholders of record on Friday, February 23rd were given a dividend of $0.75 per share. The ex-dividend date was Thursday, February 22nd. This represents a $3.00 dividend on an annualized basis and a yield of 11.28%. FLEX LNG’s dividend payout ratio (DPR) is presently 134.53%.

About FLEX LNG

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.