SFL (NYSE:SFL) Shares Up 8.9% Following Dividend Announcement

SFL Corporation Ltd. (NYSE:SFL) was up 8.9% during trading on Wednesday following a dividend announcement from the company. The company traded as high as $10.12 and last traded at $9.94. Approximately 1,174,549 shares were traded during trading, a decline of 17% from the average daily volume of 1,419,937 shares. The stock had previously closed at $9.13.

The newly announced dividend which will be paid on Monday, March 30th. Shareholders of record on Thursday, March 12th will be given a $0.20 dividend. The ex-dividend date is Thursday, March 12th. This represents a $0.80 annualized dividend and a yield of 7.8%. SFL’s payout ratio is -8,000.00%.

Analyst Ratings Changes

Several research analysts have issued reports on the company. BTIG Research upped their price target on SFL from $11.00 to $12.00 and gave the company a “buy” rating in a report on Wednesday. Weiss Ratings raised SFL from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Monday, February 2nd. Finally, Wall Street Zen upgraded SFL from a “sell” rating to a “hold” rating in a research report on Saturday, January 31st. One research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, SFL currently has an average rating of “Moderate Buy” and a consensus price target of $12.00.

SFL Stock Performance

The firm’s 50 day simple moving average is $8.37 and its 200-day simple moving average is $8.14. The company has a market capitalization of $1.50 billion, a price-to-earnings ratio of -51.57 and a beta of 0.47. The company has a debt-to-equity ratio of 2.04, a quick ratio of 0.42 and a current ratio of 0.36.

SFL (NYSE:SFL) last issued its quarterly earnings results on Wednesday, February 11th. The shipping company reported ($0.04) earnings per share for the quarter. The business had revenue of $175.51 million for the quarter, compared to analysts’ expectations of $168.36 million. SFL had a negative net margin of 3.61% and a negative return on equity of 0.30%. The business’s quarterly revenue was down 23.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.15 EPS.

Institutional Trading of SFL

A number of hedge funds have recently made changes to their positions in the stock. EverSource Wealth Advisors LLC grew its position in SFL by 789.3% during the second 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 in the last quarter. Triumph Capital Management purchased a new stake in SFL in the 3rd quarter worth approximately $32,000. Skandinaviska Enskilda Banken AB publ acquired a new stake in shares of SFL during the 2nd quarter valued at $50,000. Signaturefd LLC grew its holdings in shares of SFL by 30.5% during the 4th quarter. Signaturefd LLC now owns 6,008 shares of the shipping company’s stock valued at $47,000 after acquiring an additional 1,405 shares in the last quarter. Finally, Quadrant Capital Group LLC grew its holdings in shares of SFL by 122.3% during the 4th quarter. Quadrant Capital Group LLC now owns 6,139 shares of the shipping company’s stock valued at $48,000 after acquiring an additional 3,377 shares in the last quarter. 28.59% of the stock is owned by hedge funds and other institutional investors.

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.