SFL (NYSE:SFL) Reaches New 1-Year High After Earnings Beat

SFL Corporation Ltd. (NYSE:SFL)’s stock price hit a new 52-week high during mid-day trading on Tuesday after the company announced better than expected quarterly earnings. The company traded as high as $12.70 and last traded at $12.5240, with a volume of 212727 shares changing hands. The stock had previously closed at $12.00.

The shipping company reported $0.20 EPS for the quarter, beating analysts’ consensus estimates of $0.02 by $0.18. SFL had a negative return on equity of 0.30% and a negative net margin of 3.61%.The company had revenue of $174.48 million during the quarter, compared to the consensus estimate of $169.21 million. During the same period in the previous year, the firm posted ($0.24) earnings per share. SFL’s quarterly revenue was down 6.8% compared to the same quarter last year.

SFL Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 30th. Investors of record on Thursday, March 12th were issued a $0.20 dividend. The ex-dividend date of this dividend was Thursday, March 12th. This represents a $0.80 annualized dividend and a yield of 6.4%. SFL’s dividend payout ratio is presently -400.00%.

Wall Street Analysts Forecast Growth

SFL has been the subject of a number of research analyst reports. Weiss Ratings restated a “hold (c-)” rating on shares of SFL in a research report on Friday, May 1st. BTIG Research lifted their price target on SFL from $11.00 to $12.00 and gave the company a “buy” rating in a research report on Wednesday, February 11th. Finally, Wall Street Zen raised SFL from a “sell” rating to a “hold” rating in a research note on Sunday, May 3rd. One investment analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $12.00.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in SFL. American Century Companies Inc. boosted its stake in shares of SFL by 16.7% during the 3rd quarter. American Century Companies Inc. now owns 3,847,616 shares of the shipping company’s stock worth $28,973,000 after acquiring an additional 550,011 shares in the last quarter. Tudor Investment Corp ET AL acquired a new stake in shares of SFL during the third quarter worth $668,000. Dynamic Technology Lab Private Ltd lifted its holdings in shares of SFL by 257.1% during the third quarter. Dynamic Technology Lab Private Ltd now owns 73,689 shares of the shipping company’s stock valued at $555,000 after purchasing an additional 53,052 shares during the last quarter. Brighton Jones LLC lifted its holdings in shares of SFL by 8.2% during the fourth quarter. Brighton Jones LLC now owns 19,395 shares of the shipping company’s stock valued at $198,000 after purchasing an additional 1,474 shares during the last quarter. Finally, Advisors Capital Management LLC boosted its position in shares of SFL by 13.4% in the 3rd quarter. Advisors Capital Management LLC now owns 502,960 shares of the shipping company’s stock valued at $3,787,000 after purchasing an additional 59,623 shares during the period. Institutional investors and hedge funds own 28.59% of the company’s stock.

SFL Stock Performance

The company has a debt-to-equity ratio of 2.04, a current ratio of 0.36 and a quick ratio of 0.35. The company has a market capitalization of $1.82 billion, a price-to-earnings ratio of -62.90 and a beta of 0.42. The firm’s fifty day simple moving average is $10.90 and its 200 day simple moving average is $9.28.

About SFL

Ship Finance International Limited (NYSE: SFL) is an independent owner of modern, large-size ocean-going vessels that provides finance and leasing services to the global shipping industry. The company’s fleet encompasses a diversified mix of crude oil tankers, product and chemical tankers, liquefied natural gas (LNG) carriers, dry bulk carriers, container vessels and floating production storage and offloading (FPSO) units. By structuring long-term charter agreements and bareboat leases with major oil companies, commodity traders and offshore operators, Ship Finance International seeks to deliver stable cash flows and risk-adjusted returns for its shareholders.

In its core business, Ship Finance International acquires or finances vessels through forward sales agreements and then charters them out under fixed-rate contracts, typically ranging from five to 20 years in duration.