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

Flex LNG Ltd. (NYSE:FLNG) announced a quarterly dividend on Tuesday, May 12th. Stockholders of record on Friday, May 29th will be given a dividend of 0.75 per share on Thursday, June 11th. This represents a c) dividend on an annualized basis and a dividend yield of 9.5%. The ex-dividend date of this dividend is Friday, May 29th.

Flex LNG has increased its dividend payment by an average of 0.8%annually over the last three years. Flex LNG has a 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.

Flex LNG Stock Down 3.6%

Flex LNG stock opened at $31.75 on Thursday. Flex LNG has a twelve month low of $21.72 and a twelve month high of $33.40. The stock’s fifty day simple moving average is $30.57 and its 200-day simple moving average is $27.64. The company has a current ratio of 3.04, a quick ratio of 2.98 and a debt-to-equity ratio of 2.42. The firm has a market capitalization of $1.72 billion, a P/E ratio of 22.84 and a beta of 0.20.

Flex LNG (NYSE:FLNG) last posted its quarterly earnings data on Wednesday, May 13th. The company reported $0.31 earnings per share for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.05). Flex LNG had a return on equity of 13.46% and a net margin of 21.52%.The company had revenue of $80.46 million for the quarter, compared to analysts’ expectations of $80.35 million.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the company. Kepler Capital Markets set a $25.00 price objective on Flex LNG in a research report on Thursday. Pareto Securities lowered Flex LNG from a “buy” rating to a “sell” rating in a research report on Wednesday. Wall Street Zen lowered Flex LNG from a “hold” rating to a “sell” rating in a research report on Saturday, February 7th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Flex LNG in a research report on Friday, April 10th. Two research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Reduce” and a consensus target price of $24.00.

Flex LNG Company Profile

Flex LNG Ltd is a Bermuda-registered owner and operator of liquefied natural gas (LNG) carriers, offering shipping services to major energy producers and utilities worldwide. Since its establishment in 2006, the company has focused on building a versatile fleet of modern, eco-efficient LNG vessels designed to meet the growing global demand for lower-emission fuel transportation.

The company’s core activities encompass time-charter contracts, long-term transportation agreements and spot market voyages.