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

FLEX LNG Ltd. (NYSE:FLNG) announced a quarterly dividend on Monday, February 3rd,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 dividend on an annualized basis and a yield of 11.56%. The ex-dividend date is Thursday, February 20th.

FLEX LNG has increased its dividend by an average of 17.5% per year over the last three years. FLEX LNG has a payout ratio of 120.5% indicating that 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 NYSE:FLNG traded down $0.07 during midday trading on Wednesday, hitting $25.96. 478,155 shares of the stock were exchanged, compared to its average volume of 439,255. The company has a 50 day moving average price of $23.82 and a 200-day moving average price of $25.14. The stock has a market cap of $1.40 billion, a P/E ratio of 15.27 and a beta of 0.70. FLEX LNG has a twelve month low of $20.85 and a twelve month high of $30.48. The company has a current ratio of 2.21, a quick ratio of 2.18 and a debt-to-equity ratio of 1.97.

FLEX LNG (NYSE:FLNG) last posted its quarterly earnings data on Tuesday, February 4th. The company reported $0.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.51 by $0.06. FLEX LNG had a return on equity of 16.27% and a net margin of 25.33%. During the same quarter in the previous year, the business earned $0.70 EPS. On average, research analysts forecast that FLEX LNG will post 2.3 earnings per share for the current year.

Analyst Upgrades and Downgrades

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

About FLEX LNG

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.