FLEX LNG Ltd. (NYSE:FLNG) Sees Significant Growth in Short Interest

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. HHM Wealth Advisors LLC bought a new position in shares of FLEX LNG in the 2nd quarter valued at about $47,000. GAMMA Investing LLC raised its stake in FLEX LNG by 6,254.8% during the 3rd quarter. GAMMA Investing LLC now owns 1,970 shares of the company’s stock valued at $50,000 after buying an additional 1,939 shares during the last quarter. Rothschild Investment LLC purchased a new stake in shares of FLEX LNG during the 2nd quarter valued at about $81,000. Redwood Wealth Management Group LLC bought a new position in shares of FLEX LNG during the second quarter valued at approximately $98,000. Finally, FMR LLC increased its holdings in FLEX LNG by 39.4% in the third quarter. FMR LLC now owns 7,348 shares of the company’s stock valued at $189,000 after buying an additional 2,075 shares in the last quarter.

Wall Street Analyst Weigh In

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

FLEX LNG Stock Performance

NYSE:FLNG traded up $0.50 on Tuesday, reaching $26.44. 224,580 shares of the company’s stock were exchanged, compared to its average volume of 302,792. The company has a quick ratio of 2.18, a current ratio of 2.21 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 $31.78. The business has a fifty day moving average of $25.40 and a 200-day moving average of $26.55.

FLEX LNG Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 11th. Shareholders of record on Wednesday, November 27th will be issued a $0.75 dividend. The ex-dividend date is Wednesday, November 27th. This represents a $3.00 dividend on an annualized basis and a yield of 11.35%. FLEX LNG’s dividend payout ratio is currently 176.47%.

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.