FLEX LNG Ltd. (FLNG) To Go Ex-Dividend on June 6th

FLEX LNG Ltd. (NYSE:FLNG) announced a quarterly dividend on Thursday, May 22nd, Wall Street Journal reports. Investors of record on Friday, June 6th will be given a dividend of 0.75 per share on Friday, June 20th. This represents a $3.00 annualized dividend and a dividend yield of 12.20%. The ex-dividend date is Friday, June 6th.

FLEX LNG has increased its dividend by an average of 17.5% per year over the last three years. FLEX LNG has a dividend payout ratio of 137.0% 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 $2.12 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 141.5%.

FLEX LNG Trading Up 0.9%

FLNG opened at $24.58 on Wednesday. The company’s 50 day moving average is $23.15 and its 200-day moving average is $23.52. The company has a market cap of $1.32 billion, a P/E ratio of 11.28 and a beta of 0.45. FLEX LNG has a 1-year low of $19.46 and a 1-year high of $28.76. The company has a current ratio of 2.99, a quick ratio of 2.96 and a debt-to-equity ratio of 2.11.

FLEX LNG (NYSE:FLNG) last issued its earnings results on Wednesday, May 21st. The company reported $0.54 earnings per share for the quarter, beating analysts’ consensus estimates of $0.50 by $0.04. The firm had revenue of $88.40 million for the quarter, compared to analyst estimates of $87.70 million. FLEX LNG had a net margin of 33.03% and a return on equity of 15.61%. Equities research analysts predict that FLEX LNG will post 1.9 earnings per share for the current fiscal year.

Institutional Trading of FLEX LNG

An institutional investor recently raised its position in FLEX LNG stock. Royal Bank of Canada grew its position in FLEX LNG Ltd. (NYSE:FLNG) by 15.2% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 55,436 shares of the company’s stock after purchasing an additional 7,331 shares during the quarter. Royal Bank of Canada owned approximately 0.10% of FLEX LNG worth $1,275,000 as of its most recent filing with the SEC.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on FLNG. Fearnley Fonds upgraded FLEX LNG to a “hold” rating in a research report on Monday, February 17th. Wall Street Zen raised FLEX LNG from a “sell” rating to a “hold” rating in a research note on Saturday, May 24th. Finally, Jefferies Financial Group reiterated a “hold” rating and set a $23.00 target price on shares of FLEX LNG in a research report on Tuesday, February 4th.

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.