SFL (NYSE:SFL) Price Target Raised to $14.00

Key Points

• BTIG Research raised its price target on SFL from $12.00 to $14.00 and reiterated a buy rating, implying about 10.7% upside from the current price.
• SFL’s latest quarterly results topped expectations, with EPS of $0.20 versus the $0.02 estimate and revenue of $174.5 million above forecasts.
• The company also boosted shareholder returns by increasing its quarterly dividend to $0.22 per share, marking its 89th straight quarterly payout.

SFL (NYSE:SFL - Get Free Report) had its price target raised by investment analysts at BTIG Research from $12.00 to $14.00 in a report released on Tuesday,Benzinga reports. The brokerage currently has a "buy" rating on the shipping company's stock. BTIG Research's price objective would suggest a potential upside of 10.72% from the stock's current price.

Other equities analysts have also recently issued reports about the company. Wall Street Zen raised SFL from a "sell" rating to a "hold" rating in a research note on Sunday, May 3rd. Weiss Ratings reaffirmed a "hold (c-)" rating on shares of SFL in a research note on Friday, May 1st. One equities research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to data from MarketBeat.com, SFL currently has a consensus rating of "Moderate Buy" and an average target price of $14.00.

SFL Price Performance

Shares of NYSE SFL traded up $0.65 during trading hours on Tuesday, reaching $12.65. 1,172,840 shares of the stock traded hands, compared to its average volume of 1,475,427. The company has a market capitalization of $1.83 billion, a P/E ratio of -63.13 and a beta of 0.42. The company has a quick ratio of 0.35, a current ratio of 0.36 and a debt-to-equity ratio of 2.04. SFL has a 52-week low of $6.73 and a 52-week high of $12.72. The company's 50-day simple moving average is $10.90 and its two-hundred day simple moving average is $9.28.

SFL (NYSE:SFL - Get Free Report) last announced its quarterly earnings results on Tuesday, May 12th. The shipping company reported $0.20 EPS for the quarter, topping analysts' consensus estimates of $0.02 by $0.18. The business had revenue of $174.48 million for the quarter, compared to analysts' expectations of $169.21 million. SFL had a negative return on equity of 0.30% and a negative net margin of 3.61%.The business'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) EPS.

Institutional Investors Weigh In On SFL

A number of large investors have recently made changes to their positions in the business. Dimensional Fund Advisors LP grew its position 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 worth $95,007,000 after buying an additional 244,621 shares during the last quarter. American Century Companies Inc. grew its position in shares of SFL by 16.7% in the 3rd 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. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of SFL by 3.5% in the 3rd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,904,433 shares of the shipping company's stock worth $21,870,000 after buying an additional 97,689 shares during the last quarter. Goldman Sachs Group Inc. boosted its position in shares of SFL by 16.0% during the fourth quarter. Goldman Sachs Group Inc. now owns 1,259,801 shares of the shipping company's stock valued at $9,839,000 after purchasing an additional 174,072 shares in the last quarter. Finally, Empowered Funds LLC boosted its position in shares of SFL by 15.1% during the fourth quarter. Empowered Funds LLC now owns 660,013 shares of the shipping company's stock valued at $5,155,000 after purchasing an additional 86,339 shares in the last quarter. 28.59% of the stock is currently owned by institutional investors.

Trending Headlines about SFL

Here are the key news stories impacting SFL this week:

• Positive Sentiment: SFL reported Q1 adjusted earnings of $0.20 per share, far above analysts’ estimate of $0.02, signaling a meaningful earnings beat. Article Title
• Positive Sentiment: The company increased its quarterly cash dividend to $0.22 per share, its 89th straight quarterly payout, which can support investor confidence in cash generation and shareholder returns. Article Title
• Positive Sentiment: Revenue of $174.5 million also came in above expectations, helped by strong performance in the shipping segment and two Suezmax tankers in the spot market. Article Title
• Positive Sentiment: SFL also secured a $170 million drilling contract for the Hercules rig and refinanced two rigs with $250 million in new credit facilities, which improves visibility and liquidity. Article Title

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.