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

FLEX LNG Ltd. (NYSE:FLNG – Get Rating) announced a dividend on Friday, May 20th, investing.com reports. Investors of record on Wednesday, May 25th will be paid a dividend of 0.75 per share on Friday, June 10th. This represents a dividend yield of 10.76%. The ex-dividend date of this dividend is Tuesday, May 24th.

FLEX LNG has a dividend payout ratio of 92.0% indicating that its dividend is currently covered by earnings, but may not be in the future if the company’s earnings tumble.

Shares of FLNG opened at $27.87 on Friday. The stock has a market cap of $1.48 billion, a P/E ratio of 8.68 and a beta of 1.14. FLEX LNG has a 12-month low of $12.50 and a 12-month high of $32.77. The business’s fifty day moving average is $27.33 and its 200 day moving average is $23.67. The company has a quick ratio of 1.52, a current ratio of 1.57 and a debt-to-equity ratio of 1.68.

FLEX LNG (NYSE:FLNG – Get Rating) last posted its quarterly earnings results on Wednesday, February 16th. The company reported $1.18 earnings per share for the quarter. The company had revenue of $114.59 million during the quarter. FLEX LNG had a net margin of 50.70% and a return on equity of 15.32%.

Several institutional investors and hedge funds have recently added to or reduced their stakes in FLNG. Morgan Stanley lifted its stake in shares of FLEX LNG by 255.9% in the 2nd quarter. Morgan Stanley now owns 4,000 shares of the company’s stock valued at $59,000 after acquiring an additional 2,876 shares during the last quarter. Virtu Financial LLC purchased a new position in FLEX LNG during the 1st quarter valued at $411,000. Advisor Group Holdings Inc. raised its holdings in FLEX LNG by 72.7% in the 1st quarter. Advisor Group Holdings Inc. now owns 16,230 shares of the company’s stock worth $270,000 after purchasing an additional 6,830 shares in the last quarter. Invesco Ltd. purchased a new position in shares of FLEX LNG during the 1st quarter worth approximately $476,000. Finally, BNP Paribas Arbitrage SA bought a new position in shares of FLEX LNG in the 1st quarter worth approximately $605,000. Hedge funds and other institutional investors own 15.88% of the company’s stock.

Separately, DNB Markets downgraded shares of FLEX LNG from a “buy” rating to a “hold” rating in a research note on Monday, May 9th.

About FLEX LNG (Get Rating)

Flex LNG Ltd., through its subsidiaries, engages in the seaborne transportation of liquefied natural gas (LNG) worldwide. As of February 16, 2022, it owned and operated nine M-type electronically controlled gas injection LNG carriers; and four vessels with generation X dual fuel propulsion systems. It also provides chartering and management services.

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