MGB Wealth Management LLC Cuts Stock Holdings in FLEX LNG Ltd. (NYSE:FLNG)

MGB Wealth Management LLC lowered its position in FLEX LNG Ltd. (NYSE:FLNG) by 1.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 41,145 shares of the company’s stock after selling 685 shares during the period. MGB Wealth Management LLC’s holdings in FLEX LNG were worth $1,046,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. Virtu Financial LLC bought a new position in shares of FLEX LNG during the 4th quarter worth approximately $200,000. Prosperity Wealth Management Inc. bought a new stake in FLEX LNG during the fourth quarter worth $206,000. Colonial River Wealth Management LLC purchased a new position in FLEX LNG in the fourth quarter worth $226,000. Dynamic Technology Lab Private Ltd bought a new position in FLEX LNG in the 4th quarter valued at $253,000. Finally, Brave Asset Management Inc. purchased a new stake in shares of FLEX LNG during the 4th quarter valued at $334,000.

FLEX LNG Price Performance

Shares of FLNG stock traded down $0.01 during trading hours on Friday, hitting $26.39. 62,093 shares of the company were exchanged, 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. The firm has a fifty day simple moving average of $27.75 and a 200 day simple moving average of $27.33. FLEX LNG Ltd. has a 52-week low of $24.16 and a 52-week high of $33.33.

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

FLEX LNG Announces Dividend

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

Wall Street Analyst Weigh In

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

FLEX LNG Profile

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.