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

FLEX LNG Ltd. (NYSE:FLNG) announced 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 dividend on an annualized basis and a yield of 11.47%. The ex-dividend date of this dividend is Wednesday, November 27th.

FLEX LNG has raised its dividend payment by an average of 152.6% per year over the last three years. FLEX LNG has a dividend payout ratio of 133.3% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research 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

NYSE:FLNG opened at $26.15 on Tuesday. The business’s fifty day moving average is $25.45 and its 200 day moving average is $26.52. The company has a current ratio of 2.21, a quick ratio of 2.18 and a debt-to-equity ratio of 1.97. FLEX LNG has a 52-week low of $22.80 and a 52-week high of $31.41.

Analyst Upgrades and Downgrades

Separately, Jefferies Financial Group reaffirmed a “hold” rating and set a $24.00 price objective on shares of FLEX LNG in a research note 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.