SFL (NYSE:SFL) Sets New 52-Week High Following Better-Than-Expected Earnings

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

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

SFL Announces Dividend

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

Wall Street Analyst Weigh In

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

Hedge Funds Weigh In On SFL

Several hedge funds have recently bought and sold shares of the business. American Century Companies Inc. lifted its position in shares of SFL by 16.7% in the third quarter. American Century Companies Inc. now owns 3,847,616 shares of the shipping company’s stock worth $28,973,000 after buying an additional 550,011 shares during the last quarter. Fearnley Asset Management AS bought a new position in shares of SFL in the fourth quarter valued at approximately $2,596,000. Trexquant Investment LP bought a new position in shares of SFL in the fourth quarter valued at approximately $2,280,000. Credit Agricole S A acquired a new stake in shares of SFL in the third quarter worth $2,064,000. Finally, Dimensional Fund Advisors LP lifted its stake in shares of SFL by 2.9% in the first quarter. Dimensional Fund Advisors LP now owns 8,805,291 shares of the shipping company’s stock worth $95,007,000 after buying an additional 244,621 shares during the last quarter. 28.59% of the stock is owned by institutional investors and hedge funds.

SFL Trading Up 4.9%

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

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.