FLEX LNG Ltd. (NYSE:FLNG) Short Interest Up 5.9% in October

FLEX LNG Ltd. (NYSE:FLNG) was the target of a significant increase in short interest in the month of October. As of October 31st, there was short interest totalling 2,170,000 shares, an increase of 5.9% from the October 15th total of 2,050,000 shares. Based on an average daily trading volume, of 276,600 shares, the short-interest ratio is currently 7.8 days. Approximately 7.1% of the company’s shares are short sold.

FLEX LNG Price Performance

FLNG traded up $0.31 during midday trading on Tuesday, reaching $26.25. 107,134 shares of the company’s stock traded hands, compared to its average volume of 302,268. FLEX LNG has a 52 week low of $22.80 and a 52 week high of $31.78. The firm has a fifty day moving average of $25.40 and a two-hundred day moving average of $26.55. 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 Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 11th. Investors of record on Wednesday, November 27th will be paid a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a yield of 11.43%. The ex-dividend date is Wednesday, November 27th. FLEX LNG’s payout ratio is 176.47%.

Institutional Trading of FLEX LNG

Several large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its position in shares of FLEX LNG by 1.8% during the first quarter. Vanguard Group Inc. now owns 1,241,810 shares of the company’s stock valued at $31,579,000 after buying an additional 21,793 shares during the period. Rothschild Investment LLC bought a new position in shares of FLEX LNG in the 2nd quarter worth approximately $81,000. Cetera Investment Advisers lifted its stake in shares of FLEX LNG by 627.4% in the 1st quarter. Cetera Investment Advisers now owns 66,300 shares of the company’s stock valued at $1,686,000 after purchasing an additional 57,185 shares during the period. Raymond James Trust N.A. bought a new stake in shares of FLEX LNG during the second quarter valued at approximately $474,000. Finally, Denali Advisors LLC grew its stake in FLEX LNG by 96.5% in the second quarter. Denali Advisors LLC now owns 158,400 shares of the company’s stock worth $4,283,000 after purchasing an additional 77,800 shares during the period.

Analyst Ratings Changes

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

FLEX LNG Company Profile

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.