SFL Corporation Ltd. (NYSE:SFL) Short Interest Down 37.6% in September

Key Points

• Short interest in SFL Corporation Ltd. (NYSE:SFL) decreased by 37.6% in September, dropping from 5,110,000 shares to 3,190,000 shares.
• The company's current quarterly dividend was recently declared at $0.20 per share with a high dividend yield of 11.4%, although its payout ratio stands at a concerning 307.69%.
• SFL's stock is currently rated as a "Buy" on average, with one analyst giving it a Strong Buy rating, while the company has reported $192.59 million in quarterly revenue, slightly above consensus estimates.

SFL Corporation Ltd. (NYSE:SFL - Get Free Report) was the recipient of a large drop in short interest in September. As of September 30th, there was short interest totaling 3,190,000 shares, a drop of 37.6% from the September 15th total of 5,110,000 shares. Approximately 3.3% of the shares of the stock are sold short. Based on an average daily trading volume, of 1,320,000 shares, the days-to-cover ratio is presently 2.4 days. Based on an average daily trading volume, of 1,320,000 shares, the days-to-cover ratio is presently 2.4 days. Approximately 3.3% of the shares of the stock are sold short.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reaffirmed a "hold (c-)" rating on shares of SFL in a research note on Wednesday, October 8th. One research analyst has rated the stock with a Strong Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Buy".

SFL Price Performance

SFL stock traded up $0.16 during mid-day trading on Wednesday, reaching $7.00. The company's stock had a trading volume of 972,989 shares, compared to its average volume of 1,411,495. The stock has a market cap of $1.02 billion, a PE ratio of 26.94 and a beta of 0.49. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 1.97. SFL has a fifty-two week low of $6.73 and a fifty-two week high of $11.18. The company's 50 day moving average is $7.82 and its two-hundred day moving average is $8.32.

SFL (NYSE:SFL - Get Free Report) last released its quarterly earnings data on Tuesday, August 19th. The shipping company reported $0.01 EPS for the quarter. The company had revenue of $192.59 million during the quarter, compared to the consensus estimate of $192.40 million. SFL had a net margin of 3.97% and a return on equity of 6.67%. SFL's quarterly revenue was up 1.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.16 EPS.

SFL Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 29th. Stockholders of record on Friday, September 12th were issued a dividend of $0.20 per share. The ex-dividend date was Friday, September 12th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 11.4%. SFL's dividend payout ratio (DPR) is currently 307.69%.

Institutional Trading of SFL

A number of hedge funds and other institutional investors have recently made changes to their positions in SFL. Signaturefd LLC increased its holdings in SFL by 65.3% in the 2nd quarter. Signaturefd LLC now owns 3,392 shares of the shipping company's stock valued at $28,000 after purchasing an additional 1,340 shares during the last quarter. EverSource Wealth Advisors LLC increased its holdings in SFL by 789.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,317 shares of the shipping company's stock valued at $28,000 after purchasing an additional 2,944 shares during the last quarter. Quarry LP increased its holdings in SFL by 183.6% in the 1st quarter. Quarry LP now owns 3,706 shares of the shipping company's stock valued at $30,000 after purchasing an additional 2,399 shares during the last quarter. GAMMA Investing LLC increased its holdings in SFL by 636.8% in the 1st quarter. GAMMA Investing LLC now owns 4,723 shares of the shipping company's stock valued at $39,000 after purchasing an additional 4,082 shares during the last quarter. Finally, Farther Finance Advisors LLC increased its holdings in SFL by 39.6% in the 1st quarter. Farther Finance Advisors LLC now owns 5,986 shares of the shipping company's stock valued at $49,000 after purchasing an additional 1,698 shares during the last quarter. Institutional investors and hedge funds own 28.59% of the company's stock.

About SFL

SFL Corporation Ltd., a maritime and offshore asset owning and chartering company, engages in the ownership, operation, and chartering out of vessels and offshore related assets on medium and long-term charters. The company operates in various sectors of the maritime, and shipping and offshore industries, including oil transportation, dry bulk shipments, chemical transportation, oil products transportation, container transportation, car transportation, and drilling rigs.

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