SFL (NYSE:SFL) Sets New 12-Month High - Here's Why

Key Points

• SFL shares reached a new 52-week high, trading as high as $12.95 and last at approximately $12.99, up from a prior close of $12.68.
• The company exceeded quarterly expectations, reporting EPS of $0.25 versus the $0.14 estimate and revenue of $200.77 million, up 4.1% year over year.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and a $14.00 average price target. SFL also declared a $0.22 quarterly dividend, representing a 6.8% annualized yield.

SFL Corporation Ltd. (NYSE:SFL - Get Free Report)'s stock price reached a new 52-week high on Friday . The stock traded as high as $12.95 and last traded at $12.9930, with a volume of 229166 shares trading hands. The stock had previously closed at $12.68.

Analyst Ratings Changes

A number of research analysts have recently commented on SFL shares. Weiss Ratings raised shares of SFL from a "hold (c)" rating to a "hold (c+)" rating in a report on Thursday, August 27th. Benchmark reiterated a "buy" rating on shares of SFL in a research report on Wednesday, August 26th. BTIG Research reissued a "buy" rating and issued a $14.00 price objective on shares of SFL in a research note on Wednesday, August 26th. Finally, Wall Street Zen upgraded shares of SFL from a "hold" rating to a "buy" rating in a research report on Saturday, August 22nd. Two analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $14.00.

SFL Stock Performance

The company has a market capitalization of $1.86 billion, a P/E ratio of 26.85 and a beta of 0.40. The company has a debt-to-equity ratio of 1.75, a current ratio of 0.38 and a quick ratio of 0.38. The company has a fifty day moving average price of $11.95 and a two-hundred day moving average price of $11.41.

SFL (NYSE:SFL - Get Free Report) last issued its quarterly earnings data on Wednesday, August 26th. The shipping company reported $0.25 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.14 by $0.11. SFL had a net margin of 8.76% and a return on equity of 3.41%. The business had revenue of $200.77 million during the quarter, compared to analyst estimates of $179.65 million. During the same quarter last year, the business earned $0.01 EPS. The firm's quarterly revenue was up 4.1% on a year-over-year basis.

SFL Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 22nd. Stockholders of record on Wednesday, September 9th will be paid a dividend of $0.22 per share. The ex-dividend date of this dividend is Wednesday, September 9th. This represents a $0.88 annualized dividend and a dividend yield of 6.8%. SFL's dividend payout ratio (DPR) is presently 183.33%.

Hedge Funds Weigh In On SFL

Hedge funds have recently modified their holdings of the business. Fearnley Asset Management AS bought a new stake in shares of SFL in the 4th quarter valued at $2,596,000. Trexquant Investment LP bought a new position in shares of SFL in the 4th quarter worth about $2,280,000. Credit Agricole S A acquired a new position in shares of SFL in the 3rd quarter valued at about $2,064,000. Dimensional Fund Advisors LP lifted its stake in shares of SFL by 2.9% in the 1st quarter. Dimensional Fund Advisors LP now owns 8,805,291 shares of the shipping company's stock valued at $95,007,000 after purchasing an additional 244,621 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of SFL by 7.2% during the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,806,744 shares of the shipping company's stock valued at $23,380,000 after purchasing an additional 188,441 shares in the last quarter. Institutional investors and hedge funds own 28.59% of the company's stock.

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.

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