FLEX LNG: When A New Fleet And Appealing Yields Are Not Enough, Rating Downgrade
Summary
- FLEX reported $90.5 million revenue in 3Q24, compared to $94.6 million in 3Q23. On the other hand, QoQ revenue increased by 6.4%. It declared $17.4 million net income and $0.32EPS.
- FLEX has a 208% Total Debt to Equity. The company reported $289 million cash and $330 million fully undrawn revolving tranches.
- For 3Q24, FLEX announced a $0.75/share dividend. The LTM yield is 11.85%. The payout ratio is 143%.
- FLEX was part of my book. I see better opportunities in other stocks. In the coming months, if Mr. Market feels depressed and the FLEX stock price falls below 100% PNAV, the company will become appealing again.
Analyst’s Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
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