Essex Financial Services Inc. Purchases 894 Shares of FLEX LNG Ltd. (NYSE:FLNG)

Essex Financial Services Inc. raised its holdings in FLEX LNG Ltd. (NYSE:FLNG) by 8.3% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 11,714 shares of the company’s stock after buying 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 SEC filing.

A number of other hedge funds also recently made changes to their positions in the business. Naples Global Advisors LLC increased its stake in FLEX LNG by 0.7% in the fourth quarter. Naples Global Advisors LLC now owns 49,110 shares of the company’s stock valued at $1,427,000 after acquiring an additional 360 shares during the period. Spire Wealth Management raised its holdings in shares of FLEX LNG by 6.2% in the 3rd quarter. Spire Wealth Management now owns 17,385 shares of the company’s stock worth $524,000 after buying an additional 1,008 shares in the last quarter. Annis Gardner Whiting Capital Advisors LLC bought a new position in shares of FLEX LNG during the 3rd quarter worth approximately $64,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in FLEX LNG by 37.2% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,790 shares of the company’s stock valued at $234,000 after buying an additional 2,113 shares in the last quarter. Finally, Raymond James Financial Services Advisors Inc. grew its position in FLEX LNG by 7.3% in the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 31,210 shares of the company’s stock valued at $907,000 after acquiring an additional 2,113 shares during the period.

FLEX LNG Stock Performance

NYSE FLNG opened at $26.60 on Friday. FLEX LNG Ltd. has a 1-year low of $24.16 and a 1-year high of $33.33. The company has a 50 day moving average of $25.51 and a 200-day moving average of $28.18. The company has a quick ratio of 2.86, a current ratio of 2.89 and a debt-to-equity ratio of 2.02.

FLEX LNG (NYSE:FLNG) last released its quarterly earnings results on Wednesday, February 7th. The company reported $0.70 earnings per share for the quarter, beating analysts’ consensus estimates of $0.67 by $0.03. The firm had revenue of $97.23 million during the quarter, compared to analysts’ expectations of $98.38 million. FLEX LNG had a return on equity of 15.86% and a net margin of 32.35%. During the same period last year, the firm posted $1.02 EPS. As a group, analysts expect that FLEX LNG Ltd. will post 2.19 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. Investors of record on Friday, February 23rd were given a dividend of $0.75 per share. The ex-dividend date of this dividend was Thursday, February 22nd. This represents a $3.00 annualized dividend and a yield of 11.28%. FLEX LNG’s dividend payout ratio (DPR) is 134.53%.

Analyst Upgrades and Downgrades

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

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.