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

Flex LNG Ltd. (NYSE:FLNG) declared a quarterly dividend on Tuesday, November 11th. Stockholders of record on Friday, November 28th will be given a dividend of 0.75 per share on Thursday, December 11th. This represents a c) annualized dividend and a dividend yield of 12.0%. The ex-dividend date is Friday, November 28th.

Flex LNG has increased its dividend payment by an average of 1.1%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. Equities research 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 Stock Performance

NYSE:FLNG opened at $25.01 on Thursday. The firm has a market capitalization of $1.35 billion, a PE ratio of 13.59 and a beta of 0.49. The stock’s fifty day moving average is $25.39 and its 200 day moving average is $24.65. Flex LNG has a fifty-two week low of $19.46 and a fifty-two week high of $27.67. The company has a debt-to-equity ratio of 2.23, a quick ratio of 2.81 and a current ratio of 2.84.

Flex LNG (NYSE:FLNG) last released its earnings results on Tuesday, November 11th. The company reported $0.43 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.46 by ($0.03). Flex LNG had a return on equity of 14.41% and a net margin of 27.84%.The firm had revenue of $85.70 million during the quarter, compared to the consensus estimate of $83.52 million. On average, sell-side analysts anticipate that Flex LNG will post 1.9 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on FLNG shares. Wall Street Zen raised shares of Flex LNG from a “sell” rating to a “hold” rating in a research note on Friday, August 22nd. Jefferies Financial Group reissued a “hold” rating and set a $23.00 price target on shares of Flex LNG in a research note on Wednesday, August 20th. Finally, Weiss Ratings restated a “hold (c-)” rating on shares of Flex LNG in a report on Wednesday, October 8th. Three equities research analysts have rated the stock with a Hold rating, According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $23.00.

Flex LNG Company Profile

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.