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. Shareholders 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 annualized dividend and a dividend yield of 11.56%. 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 120.5% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. 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

Shares of FLNG traded down $0.07 during midday trading on Wednesday, hitting $25.96. 377,322 shares of the company traded hands, compared to its average volume of 434,225. The firm has a 50 day moving average of $23.82 and a 200-day moving average of $25.14. FLEX LNG has a 52 week low of $20.85 and a 52 week high of $30.48. The stock has a market cap of $1.40 billion, a price-to-earnings 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 (NYSE:FLNG) last announced its 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 in the previous year, the business posted $0.70 EPS. On average, analysts forecast that FLEX LNG will post 2.3 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Separately, Jefferies Financial Group reaffirmed a “hold” rating and set a $23.00 target price on shares of FLEX LNG in a research report on Tuesday.

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.