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

FLEX LNG Ltd. (NYSE:FLNG) declared a quarterly dividend on Tuesday, November 12th,Zacks Dividends reports. Shareholders of record on Wednesday, November 27th will be paid a dividend of 0.75 per share on Monday, December 16th. This represents a $3.00 annualized dividend and a yield of 11.39%. The ex-dividend date of this dividend is Wednesday, November 27th.

FLEX LNG has raised its dividend by an average of 152.6% annually over the last three years. FLEX LNG has a dividend payout ratio of 133.3% 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 $2.10 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 142.9%.

FLEX LNG Price Performance

Shares of FLEX LNG stock opened at $26.34 on Monday. The firm’s 50 day moving average is $25.46 and its 200 day moving average is $26.54. FLEX LNG has a 1 year low of $22.80 and a 1 year high of $31.78. The company has a quick ratio of 2.18, a current ratio of 2.21 and a debt-to-equity ratio of 1.97.

Wall Street Analysts Forecast Growth

Separately, Jefferies Financial Group restated a “hold” rating and set a $24.00 price objective on shares of FLEX LNG in a research report on Tuesday, November 12th.

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.