TrueMark Investments LLC Takes Position in Flex LNG Ltd. $FLNG

Key Points

• TrueMark Investments opened a new stake of 62,186 shares (~$1.55M) in Flex LNG, joining larger institutional buys from firms like MIRAE (~$28.4M), Arrowstreet and Dimensional that have recently increased or initiated positions.
• Flex LNG recently paid a quarterly dividend of $0.75 (annualized $3.00) for a yield of about 9.9%, but the payout ratio is very high at 215.8%, signaling potential sustainability concerns.
• Analysts carry an average rating of "Hold" with an average price target of $23 (Wall Street Zen downgraded to "Sell"), while the stock trades near $30; the latest quarter missed EPS expectations ($0.43 vs. $0.61) with revenue roughly in line.

TrueMark Investments LLC purchased a new position in shares of Flex LNG Ltd. (NYSE:FLNG - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 62,186 shares of the company's stock, valued at approximately $1,552,000. TrueMark Investments LLC owned about 0.12% of Flex LNG as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in FLNG. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in Flex LNG during the 3rd quarter valued at about $28,392,000. Arrowstreet Capital Limited Partnership acquired a new position in Flex LNG during the third quarter worth about $9,764,000. Gilman Hill Asset Management LLC lifted its holdings in shares of Flex LNG by 21.4% in the third quarter. Gilman Hill Asset Management LLC now owns 381,427 shares of the company's stock valued at $9,612,000 after purchasing an additional 67,139 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Flex LNG by 5.3% in the second quarter. Geode Capital Management LLC now owns 380,414 shares of the company's stock valued at $8,361,000 after purchasing an additional 19,185 shares in the last quarter. Finally, Dimensional Fund Advisors LP acquired a new stake in shares of Flex LNG in the third quarter valued at approximately $9,497,000.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the stock. Wall Street Zen cut shares of Flex LNG from a "hold" rating to a "sell" rating in a research note on Saturday, February 7th. Weiss Ratings reiterated a "hold (c)" rating on shares of Flex LNG in a report on Monday, December 22nd. Two research analysts have rated the stock with a Hold rating, According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $23.00.

Flex LNG Trading Up 0.1%

Flex LNG stock opened at $30.22 on Monday. The stock has a 50-day moving average price of $27.89 and a 200 day moving average price of $26.34. Flex LNG Ltd. has a 52 week low of $19.46 and a 52 week high of $31.99. The stock has a market cap of $1.63 billion, a PE ratio of 21.74 and a beta of 0.31. The company has a current ratio of 3.04, a quick ratio of 2.98 and a debt-to-equity ratio of 2.42.

Flex LNG (NYSE:FLNG - Get Free Report) last released its earnings results on Thursday, February 12th. The company reported $0.43 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.61 by ($0.18). The firm had revenue of $87.54 million during the quarter, compared to analysts' expectations of $86.75 million. Flex LNG had a net margin of 21.52% and a return on equity of 13.46%. Equities research analysts predict that Flex LNG Ltd. will post 1.9 earnings per share for the current fiscal year.

Flex LNG Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 12th. Investors of record on Friday, February 27th were paid a dividend of $0.75 per share. The ex-dividend date of this dividend was Friday, February 27th. This represents a $3.00 annualized dividend and a dividend yield of 9.9%. Flex LNG's dividend payout ratio is presently 215.83%.

Flex LNG Profile

Flex LNG Ltd is a Bermuda-registered owner and operator of liquefied natural gas (LNG) carriers, offering shipping services to major energy producers and utilities worldwide. Since its establishment in 2006, the company has focused on building a versatile fleet of modern, eco-efficient LNG vessels designed to meet the growing global demand for lower-emission fuel transportation.

The company's core activities encompass time-charter contracts, long-term transportation agreements and spot market voyages.

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