Prosperity Wealth Management Inc. Makes New Investment in FLEX LNG Ltd. (NYSE:FLNG)

Prosperity Wealth Management Inc. purchased a new stake in shares of FLEX LNG Ltd. (NYSE:FLNG) during the 4th quarter, HoldingsChannel.com reports. The institutional investor purchased 7,072 shares of the company’s stock, valued at approximately $206,000.

Several other institutional investors and hedge funds have also modified their holdings of the stock. Legal & General Group Plc acquired a new stake in FLEX LNG during the second quarter valued at $163,000. Natixis bought a new stake in shares of FLEX LNG in the 4th quarter valued at approximately $26,000. IFP Advisors Inc acquired a new position in FLEX LNG in the second quarter worth approximately $32,000. PNC Financial Services Group Inc. raised its position in FLEX LNG by 210.8% during the second quarter. PNC Financial Services Group Inc. now owns 1,153 shares of the company’s stock valued at $35,000 after acquiring an additional 782 shares in the last quarter. Finally, Annis Gardner Whiting Capital Advisors LLC bought a new position in FLEX LNG during the third quarter valued at approximately $64,000.

Analyst Ratings Changes

Separately, Jefferies Financial Group downgraded shares of FLEX LNG from a “hold” rating to an “underperform” rating and decreased their target price for the stock from $32.00 to $23.00 in a research report on Tuesday, February 27th.

FLEX LNG Price Performance

FLEX LNG stock opened at $25.51 on Thursday. FLEX LNG Ltd. has a one year low of $24.16 and a one year high of $35.85. The company’s fifty day moving average price is $25.59 and its two-hundred day moving average price is $28.44. The company has a debt-to-equity ratio of 2.02, a current ratio of 2.89 and a quick ratio of 2.86.

FLEX LNG (NYSE:FLNG) last released its quarterly earnings results on Wednesday, February 7th. The company reported $0.70 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.67 by $0.03. FLEX LNG had a return on equity of 15.86% and a net margin of 32.35%. The company had revenue of $97.23 million during the quarter, compared to the consensus estimate of $98.38 million. During the same quarter in the prior year, the company posted $1.02 EPS. As a group, analysts anticipate that FLEX LNG Ltd. will post 2.55 earnings per share for the current year.

FLEX LNG Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 8th. Shareholders of record on Friday, February 23rd were issued a dividend of $0.75 per share. The ex-dividend date was Thursday, February 22nd. This represents a $3.00 annualized dividend and a yield of 11.76%. FLEX LNG’s dividend payout ratio (DPR) is presently 134.53%.

FLEX LNG Company 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.