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. Stockholders of record on Wednesday, November 27th will be paid a dividend of 0.75 per share on Wednesday, December 11th. This represents a $3.00 annualized dividend and a dividend yield of 11.70%. 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 payout ratio of 122.0% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. 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 Stock Performance

FLNG traded up $0.83 on Wednesday, reaching $25.65. The stock had a trading volume of 638,058 shares, compared to its average volume of 301,901. The firm has a 50-day moving average of $25.39 and a 200-day moving average of $26.57. FLEX LNG has a fifty-two week low of $22.80 and a fifty-two 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 released its quarterly earnings results on Wednesday, August 14th. The company reported $0.56 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.47 by $0.09. FLEX LNG had a net margin of 25.33% and a return on equity of 16.09%. The firm had revenue of $84.70 million during the quarter. Analysts expect that FLEX LNG will post 2.37 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

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

About FLEX LNG

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.