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

FLEX LNG Ltd. (NYSE:FLNG) declared a quarterly dividend on Tuesday, November 12th,Zacks Dividends reports. Investors of record on Wednesday, November 27th will be given a dividend of 0.75 per share on Monday, December 16th. This represents a $3.00 annualized dividend and a dividend yield of 11.65%. The ex-dividend date of this dividend is Wednesday, November 27th.

FLEX LNG has increased its dividend payment by an average of 152.6% annually over the last three years. FLEX LNG has a dividend payout ratio of 122.0% 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 $2.10 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 142.9%.

FLEX LNG Price Performance

NYSE:FLNG traded up $0.93 during trading hours on Wednesday, hitting $25.75. 516,409 shares of the stock were exchanged, compared to its average volume of 301,348. The firm’s fifty day moving average price is $25.39 and its 200 day moving average price is $26.57. FLEX LNG has a 52-week low of $22.80 and a 52-week high of $31.83. The company has a debt-to-equity ratio of 2.01, a current ratio of 2.57 and a quick ratio of 2.54.

FLEX LNG (NYSE:FLNG) last announced its quarterly earnings data on Wednesday, August 14th. The company reported $0.56 earnings per share for the quarter, beating analysts’ consensus estimates of $0.47 by $0.09. FLEX LNG had a return on equity of 16.09% and a net margin of 25.33%. The company had revenue of $84.70 million for the quarter. On average, equities analysts expect that FLEX LNG will post 2.37 EPS for the current year.

Analysts Set New Price Targets

Separately, Jefferies Financial Group restated a “hold” rating and set a $24.00 price target on shares of FLEX LNG in a research report on Tuesday.

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.