FLEX LNG Ltd. (NYSE:FLNG) Shares Sold by MGB Wealth Management LLC

MGB Wealth Management LLC reduced its position in FLEX LNG Ltd. (NYSE:FLNG) by 1.6% during the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 41,145 shares of the company’s stock after selling 685 shares during the quarter. MGB Wealth Management LLC’s holdings in FLEX LNG were worth $1,046,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. raised its position in FLEX LNG by 2.2% in the third quarter. Vanguard Group Inc. now owns 1,211,713 shares of the company’s stock worth $36,545,000 after acquiring an additional 26,105 shares in the last quarter. 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 purchasing an additional 26,521 shares in the last quarter. Gilman Hill Asset Management LLC lifted its stake in shares of FLEX LNG by 74.6% in the first quarter. Gilman Hill Asset Management LLC now owns 286,867 shares of the company’s stock valued at $7,295,000 after purchasing an additional 122,551 shares during the period. Janney Montgomery Scott LLC boosted its holdings in FLEX LNG by 73.8% during the first quarter. Janney Montgomery Scott LLC now owns 99,405 shares of the company’s stock worth $2,528,000 after buying an additional 42,198 shares in the last quarter. Finally, Denali Advisors LLC grew its position in FLEX LNG by 613.3% during the first quarter. Denali Advisors LLC now owns 80,600 shares of the company’s stock worth $2,050,000 after buying an additional 69,300 shares during the period.

Wall Street Analyst Weigh In

Separately, Jefferies Financial Group boosted their price target on FLEX LNG from $23.00 to $25.00 and gave the stock an “underperform” rating in a research note on Thursday, May 23rd.

FLEX LNG Stock Performance

Shares of FLNG stock traded down $0.01 during mid-day trading on Friday, reaching $26.39. The stock had a trading volume of 62,093 shares, compared to its average volume of 320,131. The company has a current ratio of 2.80, a quick ratio of 2.76 and a debt-to-equity ratio of 2.00. FLEX LNG Ltd. has a 12-month low of $24.16 and a 12-month high of $33.33. The business has a 50-day simple moving average of $27.75 and a 200 day simple moving average of $27.33.

FLEX LNG (NYSE:FLNG) last posted its earnings results on Thursday, May 23rd. The company reported $0.70 earnings per share for the quarter, beating the consensus estimate of $0.55 by $0.15. FLEX LNG had a net margin of 37.08% and a return on equity of 16.31%. The firm had revenue of $90.24 million during the quarter. Research analysts expect that FLEX LNG Ltd. will post 2.27 EPS for the current year.

FLEX LNG Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, June 21st. Shareholders of record on Monday, June 10th were paid a dividend of $0.75 per share. The ex-dividend date of this dividend was Monday, June 10th. This represents a $3.00 annualized dividend and a dividend yield of 11.37%. FLEX LNG’s dividend payout ratio is currently 118.11%.

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.