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

FLEX LNG Ltd. (NYSE:FLNG) declared a quarterly dividend on Tuesday, November 12th,Zacks Dividends reports. Shareholders of record on Wednesday, November 27th will be given a dividend of 0.75 per share on Wednesday, December 11th. This represents a $3.00 dividend on an annualized basis and a yield of 11.70%. The ex-dividend date of this dividend is Wednesday, November 27th.

FLEX LNG has raised its dividend by an average of 152.6% per year 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. 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 Trading Up 3.3 %

NYSE:FLNG traded up $0.83 on Wednesday, hitting $25.65. The stock had a trading volume of 638,058 shares, compared to its average volume of 301,901. FLEX LNG has a 1 year low of $22.80 and a 1 year high of $31.83. The firm’s fifty day simple moving average is $25.39 and its two-hundred day simple moving average is $26.57. The company has a current ratio of 2.57, a quick ratio of 2.54 and a debt-to-equity ratio of 2.01.

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

Wall Street Analyst Weigh In

Separately, Jefferies Financial Group reiterated a “hold” rating and issued a $24.00 target price on shares of FLEX LNG in a research note 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.