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

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

FLEX LNG has increased its dividend by an average of 17.5% per year over the last three years. FLEX LNG has a payout ratio of 120.5% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities research 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 Price Performance

Shares of FLNG stock traded down $0.07 during trading hours on Wednesday, hitting $25.96. The stock had a trading volume of 478,155 shares, compared to its average volume of 439,255. The stock’s 50-day moving average price is $23.82 and its two-hundred day moving average price is $25.14. FLEX LNG has a one year low of $20.85 and a one year high of $30.48. The stock has a market capitalization of $1.40 billion, a price-to-earnings ratio of 15.27 and a beta of 0.70. The company has a debt-to-equity ratio of 1.97, a current ratio of 2.21 and a quick ratio of 2.18.

FLEX LNG (NYSE:FLNG) last issued its quarterly earnings data on Tuesday, February 4th. The company reported $0.57 earnings per share (EPS) for the quarter, topping 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 quarter in the previous year, the business posted $0.70 EPS. Equities analysts forecast that FLEX LNG will post 2.3 EPS for the current year.

Wall Street Analyst Weigh In

Separately, Jefferies Financial Group restated a “hold” rating and issued a $23.00 target price on shares of FLEX LNG in a report 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.