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

FLEX LNG Ltd. (NYSE:FLNG) declared a quarterly dividend on Monday, February 3rd,Wall Street Journal reports. Investors of record on Thursday, February 20th will be given a dividend of 0.75 per share on Wednesday, March 5th. This represents a $3.00 dividend on an annualized basis and a yield of 12.07%. The ex-dividend date is Thursday, February 20th.

FLEX LNG has increased its dividend payment by an average of 17.5% per year over the last three years. FLEX LNG has a dividend payout ratio of 130.4% indicating that 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 $2.12 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 141.5%.

FLEX LNG Stock Up 0.5 %

FLEX LNG stock opened at $24.85 on Tuesday. FLEX LNG has a 1-year low of $20.85 and a 1-year high of $30.48. The firm has a market capitalization of $1.34 billion, a price-to-earnings ratio of 11.40 and a beta of 0.70. The company has a current ratio of 2.99, a quick ratio of 2.18 and a debt-to-equity ratio of 2.11. The firm has a 50 day simple moving average of $24.13 and a 200 day simple moving average of $25.03.

FLEX LNG (NYSE:FLNG) last released its quarterly earnings data on Tuesday, February 4th. The company reported $0.57 earnings per share for the quarter, beating analysts’ consensus estimates of $0.51 by $0.06. FLEX LNG had a net margin of 33.03% and a return on equity of 15.61%. During the same period last year, the business posted $0.70 earnings per share. On average, analysts predict that FLEX LNG will post 1.9 earnings per share for the current year.

Analysts Set New Price Targets

Separately, Jefferies Financial Group reiterated a “hold” rating and issued a $23.00 price objective on shares of FLEX LNG in a research note on Tuesday, February 4th.

FLEX LNG Company Profile

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.