FLEX LNG Ltd. Announces Quarterly Dividend of $0.75 (NYSE:FLNG)

FLEX LNG Ltd. (NYSE:FLNG) declared a quarterly dividend on Monday, February 3rd,Wall Street Journal reports. Stockholders of record on Thursday, February 20th will be paid a dividend of 0.75 per share on Monday, March 10th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 11.56%. The ex-dividend date of this dividend is Thursday, February 20th.

FLEX LNG has raised its dividend by an average of 17.5% per year over the last three years. FLEX LNG has a dividend payout ratio of 120.5% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Analysts expect FLEX LNG to earn $1.86 per share next year, which means the company may not be able to cover its $3.00 annual dividend with an expected future payout ratio of 161.3%.

FLEX LNG Trading Down 0.3 %

Shares of NYSE:FLNG traded down $0.07 during mid-day trading on Wednesday, reaching $25.96. 478,155 shares of the company’s stock were exchanged, compared to its average volume of 439,255. The firm has a market capitalization of $1.40 billion, a price-to-earnings ratio of 15.27 and a beta of 0.70. The business’s fifty day moving average price is $23.82 and its 200-day moving average price is $25.14. The company has a debt-to-equity ratio of 1.97, a quick ratio of 2.18 and a current ratio of 2.21. FLEX LNG has a twelve month low of $20.85 and a twelve month high of $30.48.

FLEX LNG (NYSE:FLNG) last issued its quarterly earnings results on Tuesday, February 4th. The company reported $0.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.51 by $0.06. FLEX LNG had a return on equity of 16.27% and a net margin of 25.33%. During the same period last year, the firm earned $0.70 EPS. On average, research analysts predict that FLEX LNG will post 2.3 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Separately, Jefferies Financial Group restated a “hold” rating and set a $23.00 price target on shares of FLEX LNG in a research note on Tuesday.

About FLEX LNG

FLEX LNG Ltd. engages in the seaborne transportation of liquefied natural gas (LPG) through the ownership and operation of LNG carriers. The company was founded by Philip Eystein Fjeld, Trym Tveitnes and Jostein Ueland in September 2006 and is headquartered in Hamilton, Bermuda.