FLEX LNG Ltd. (FLNG) To Go Ex-Dividend on August 29th

FLEX LNG Ltd. (NYSE:FLNG) declared a quarterly dividend on Tuesday, August 13th, Wall Street Journal reports. Investors of record on Thursday, August 29th will be given a dividend of 0.75 per share on Thursday, September 12th. This represents a $3.00 annualized dividend and a yield of 11.19%. The ex-dividend date of this dividend is Thursday, August 29th.

FLEX LNG has raised its dividend payment by an average of 152.6% per year over the last three years. FLEX LNG has a payout ratio of 120.0% meaning 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 $2.38 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 126.1%.

FLEX LNG Stock Up 3.6 %

FLEX LNG stock traded up $0.93 during midday trading on Thursday, reaching $26.80. The stock had a trading volume of 445,191 shares, compared to its average volume of 308,220. The firm’s fifty day simple moving average is $26.72 and its 200-day simple moving average is $26.72. FLEX LNG has a 1-year low of $24.16 and a 1-year high of $32.23. The stock has a market capitalization of $1.43 billion, a P/E ratio of 10.54 and a beta of 0.76. The company has a debt-to-equity ratio of 2.00, a quick ratio of 2.76 and a current ratio of 2.80.

FLEX LNG (NYSE:FLNG) last announced its earnings results on Thursday, May 23rd. The company reported $0.70 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.55 by $0.15. FLEX LNG had a return on equity of 16.31% and a net margin of 37.08%. The business had revenue of $90.24 million for the quarter. As a group, analysts expect that FLEX LNG will post 2.27 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Separately, Jefferies Financial Group upgraded FLEX LNG from an “underperform” rating to a “hold” rating and set a $24.00 target price for the company in a research note on Wednesday.

FLEX LNG Company Profile

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.