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

FLEX LNG Ltd. (NYSE:FLNG) declared a quarterly dividend on Wednesday, February 5th,Wall Street Journal reports. Investors 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 dividend on an annualized basis and a yield of 11.56%. The ex-dividend date is Thursday, February 20th.

FLEX LNG has raised its dividend payment by an average of 17.5% annually 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. 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

FLNG traded down $0.07 during trading on Wednesday, reaching $25.96. The stock had a trading volume of 377,322 shares, compared to its average volume of 434,225. The stock has a market cap of $1.40 billion, a PE ratio of 15.27 and a beta of 0.70. 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 one year low of $20.85 and a one year high of $30.48. The business has a 50-day moving average of $23.82 and a 200-day moving average of $25.14.

FLEX LNG (NYSE:FLNG) last posted 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 net margin of 25.33% and a return on equity of 16.27%. During the same quarter last year, the business earned $0.70 earnings per share. As a group, equities research analysts anticipate 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 issued a $23.00 price objective 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.