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

FLEX LNG Ltd. (NYSE:FLNG) announced a quarterly dividend on Tuesday, August 13th, Wall Street Journal reports. Shareholders of record on Thursday, August 29th will be paid a dividend of 0.75 per share on Thursday, September 12th. This represents a $3.00 annualized dividend and a dividend yield of 11.19%. The ex-dividend date is Thursday, August 29th.

FLEX LNG has raised its dividend by an average of 152.6% annually over the last three years. FLEX LNG has a payout ratio of 120.0% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities analysts expect FLEX LNG to earn $2.38 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 126.1%.

FLEX LNG Stock Up 3.6 %

NYSE:FLNG traded up $0.93 during midday trading on Thursday, reaching $26.80. 445,191 shares of the stock traded hands, compared to its average volume of 308,220. The stock has a market capitalization of $1.43 billion, a PE ratio of 10.54 and a beta of 0.76. The company has a debt-to-equity ratio of 2.00, a quick ratio of 2.76 and a current ratio of 2.80. The business has a 50-day moving average of $26.72 and a two-hundred day moving average of $26.72. FLEX LNG has a 12-month low of $24.16 and a 12-month high of $32.23.

FLEX LNG (NYSE:FLNG) last announced its earnings results on Thursday, May 23rd. The company reported $0.70 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.55 by $0.15. FLEX LNG had a net margin of 37.08% and a return on equity of 16.31%. The business had revenue of $90.24 million for the quarter. On average, equities analysts forecast that FLEX LNG will post 2.27 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Separately, Jefferies Financial Group upgraded FLEX LNG from an “underperform” rating to a “hold” rating and set a $24.00 price objective for the company in a research note on Wednesday.

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.