FLEX LNG (NYSE:FLNG) Shares Gap Down – Here’s Why

FLEX LNG Ltd. (NYSE:FLNG)’s stock price gapped down prior to trading on Friday . The stock had previously closed at $25.77, but opened at $25.19. FLEX LNG shares last traded at $25.47, with a volume of 80,032 shares traded.

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 report on Tuesday, November 12th.

FLEX LNG Price Performance

The stock’s 50-day moving average is $23.83 and its 200 day moving average is $25.29. The company has a debt-to-equity ratio of 1.97, a quick ratio of 2.18 and a current ratio of 2.21. The stock has a market capitalization of $1.36 billion, a PE ratio of 14.88 and a beta of 0.72.

FLEX LNG Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Wednesday, November 27th were given a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a dividend yield of 11.86%. The ex-dividend date of this dividend was Wednesday, November 27th. FLEX LNG’s dividend payout ratio (DPR) is currently 176.47%.

Institutional Trading of FLEX LNG

Several institutional investors and hedge funds have recently made changes to their positions in the company. State Street Corp increased its position in FLEX LNG by 2.3% during the third quarter. State Street Corp now owns 515,911 shares of the company’s stock worth $13,125,000 after buying an additional 11,695 shares during the period. Renaissance Technologies LLC grew its position in shares of FLEX LNG by 6.8% during the second quarter. Renaissance Technologies LLC now owns 400,200 shares of the company’s stock worth $10,821,000 after acquiring an additional 25,600 shares during the last quarter. Marshall Wace LLP increased its holdings in shares of FLEX LNG by 184.6% in the 2nd quarter. Marshall Wace LLP now owns 117,673 shares of the company’s stock valued at $3,182,000 after acquiring an additional 76,321 shares during the period. Beck Capital Management LLC raised its position in FLEX LNG by 0.5% in the 3rd quarter. Beck Capital Management LLC now owns 111,891 shares of the company’s stock valued at $2,847,000 after purchasing an additional 583 shares during the last quarter. Finally, PDT Partners LLC grew its position in FLEX LNG by 12.1% during the 3rd quarter. PDT Partners LLC now owns 74,312 shares of the company’s stock worth $1,892,000 after purchasing an additional 8,033 shares during the last quarter.

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.