FLEX LNG Ltd. (NYSE:FLNG – Get Free Report) 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.
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.
View Our Latest Report on FLNG
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.
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