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

FLEX LNG Ltd. (NYSE:FLNG) announced a quarterly dividend on Tuesday, November 12th,Zacks Dividends reports. Shareholders of record on Wednesday, November 27th will be given a dividend of 0.75 per share on Monday, December 16th. This represents a $3.00 annualized dividend and a yield of 11.65%. The ex-dividend date 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 dividend payout ratio of 122.0% meaning 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 Price Performance

NYSE:FLNG traded up $0.93 during midday trading on Wednesday, hitting $25.75. The company’s stock had a trading volume of 516,409 shares, compared to its average volume of 301,348. 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 has a fifty-two week low of $22.80 and a fifty-two week high of $31.83. The firm’s 50 day moving average is $25.39 and its 200-day moving average is $26.57.

FLEX LNG (NYSE:FLNG) last released its quarterly earnings data on Wednesday, August 14th. The company reported $0.56 earnings per share for the quarter, beating analysts’ consensus estimates of $0.47 by $0.09. The business had revenue of $84.70 million during the quarter. FLEX LNG had a return on equity of 16.09% and a net margin of 25.33%. On average, equities analysts anticipate that FLEX LNG will post 2.37 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Separately, Jefferies Financial Group reiterated a “hold” rating and issued a $24.00 target price on shares of FLEX LNG in a research note 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.