Flex LNG Ltd. (FLNG) to Distribute Quarterly Dividend of $0.75 on December 10th

Flex LNG Ltd. (NYSE:FLNG) declared a quarterly dividend on Wednesday, November 11th. Investors of record on Friday, November 27th will be paid a dividend of $0.75 per share on Thursday, December 10th. This represents a $3.00 annualized dividend and a yield of 11.6%. The ex-dividend date is Friday, November 27th.

Flex LNG has raised its dividend by an average of 0.8% per year over the last three years. Flex LNG has a dividend payout ratio of 137.0% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments.

Flex LNG Stock Up 2.0%

FLNG opened at $25.81 on Friday. Flex LNG has a fifty-two week low of $24.14 and a fifty-two week high of $33.40. The company has a debt-to-equity ratio of 2.40, a current ratio of 2.69 and a quick ratio of 2.64. The firm’s fifty day moving average price is $29.66 and its two-hundred day moving average price is $29.94. The company has a market capitalization of $1.40 billion, a P/E ratio of 10.84 and a beta of 0.24.

Flex LNG (NYSE:FLNG) last announced its quarterly earnings results on Wednesday, November 11th. The company reported $0.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.64 by $0.01. The firm had revenue of $97.38 million for the quarter, compared to analyst estimates of $95.34 million. Flex LNG had a net margin of 34.59% and a return on equity of 16.67%.

Wall Street Analysts Forecast Growth

FLNG has been the topic of a number of analyst reports. Pareto Securities raised shares of Flex LNG from a “strong sell” rating to a “hold” rating in a research note on Thursday. Weiss Ratings cut shares of Flex LNG from a “hold (c+)” rating to a “hold (c)” rating in a research note on Thursday. BTIG Research restated a “neutral” rating on shares of Flex LNG in a research note on Thursday. Finally, Wall Street Zen raised Flex LNG from a “sell” rating to a “hold” rating in a report on Saturday, August 22nd. Three equities research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Flex LNG presently has an average rating of “Reduce” and an average target price of $25.00.

About Flex LNG

Flex LNG Ltd. is an international shipping company focused on the transportation of liquefied natural gas (LNG). The company owns and operates LNG carriers that move natural gas by sea between producers and customers around the world. Flex LNG charters its vessels to energy companies and other participants in the LNG market. Its fleet includes ships equipped with modern propulsion technologies designed for efficient LNG transportation. Founded in 2006, Flex LNG is incorporated in Bermuda and has operations managed from Oslo, Norway.