Shares of VLGC owners have been volatile lately, Cleaves said, and so are the bank's ratings.
Two weeks after upgrading Oslo-traded Avance Gas and a little more than a week after bumping up BW LPG, Cleaves' Joakim Hannisdahl is downgrading both due to fluctuations in the companies' share price around his target price.
Both now carry sell ratings, with Avance dropping from buy and BW LPG dropping from hold.
