SFL (NYSE:SFL) Shares Cross Above Two Hundred Day Moving Average - Here's What Happened

Key Points

• SFL shares rose above their 200-day moving average, reaching $13.46 and last trading at $13.4350, compared with a 200-day average of $11.67.
• Analysts remain broadly positive, with SFL receiving a consensus “Moderate Buy” rating and a $14.00 price target. Recent quarterly earnings and revenue exceeded expectations, with earnings per share of $0.25 and revenue of $200.77 million.
• SFL declared a quarterly dividend of $0.22, equivalent to $0.88 annually and a 6.6% yield; institutional investors own 28.59% of the company.

SFL Corporation Ltd. (NYSE:SFL - Get Free Report) passed above its 200-day moving average during trading on Friday. The stock has a 200-day moving average of $11.67 and traded as high as $13.46. SFL shares last traded at $13.4350, with a volume of 1,100,605 shares.

Analysts Set New Price Targets

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

SFL Trading Down 0.3%

The company has a market cap of $1.94 billion, a price-to-earnings ratio of 27.99 and a beta of 0.43. The company has a quick ratio of 0.38, a current ratio of 0.38 and a debt-to-equity ratio of 1.75. The company's 50-day moving average is $12.59 and its 200 day moving average is $11.67.

SFL (NYSE:SFL - Get Free Report) last released its quarterly earnings data on Wednesday, August 26th. The shipping company reported $0.25 earnings per share 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 company had revenue of $200.77 million during the quarter, compared to analysts' expectations of $179.65 million. During the same quarter in the previous year, the company earned $0.01 earnings per share. The firm's revenue for the quarter was up 4.1% on a year-over-year basis.

SFL Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 22nd. Investors of record on Wednesday, September 9th were paid a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 6.6%. The ex-dividend date was Wednesday, September 9th. SFL's payout ratio is currently 183.33%.

Hedge Funds Weigh In On SFL

Hedge funds have recently bought and sold shares of the business. NFSG Corp grew its holdings in SFL by 50.0% in the first quarter. NFSG Corp now owns 4,500 shares of the shipping company's stock valued at $49,000 after purchasing an additional 1,500 shares during the period. Integrated Wealth Concepts LLC acquired a new position in SFL during the second quarter worth $57,000. IFP Advisors Inc raised its position in SFL by 145.9% during the second quarter. IFP Advisors Inc now owns 6,026 shares of the shipping company's stock worth $61,000 after acquiring an additional 3,575 shares during the period. Sage Investment Counsel LLC purchased a new position in SFL during the first quarter valued at $108,000. Finally, Kestra Advisory Services LLC lifted its holdings in SFL by 23.9% during the first quarter. Kestra Advisory Services LLC now owns 10,531 shares of the shipping company's stock valued at $114,000 after purchasing an additional 2,030 shares in the last quarter. Hedge funds and other institutional investors own 28.59% of the company's stock.

SFL Company Profile

SFL Corporation Ltd. is a Bermuda-based maritime asset-owning and chartering company listed on the New York Stock Exchange under the symbol SFL. The company owns and leases a diversified fleet of vessels and offshore assets to customers under a combination of long-term charters and other commercial arrangements.

SFL's fleet and activities have included crude oil and product tankers, container ships, dry bulk carriers, car carriers, offshore support and drilling units, and other specialized maritime assets.

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