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

SFL (NYSE:SFL) had its target price raised by investment analysts at BTIG Research from $12.00 to $14.00 in a research report issued on Tuesday,Benzinga reports. The brokerage presently has a “buy” rating on the shipping company’s stock. BTIG Research’s price target would suggest a potential upside of 10.72% from the stock’s current price.

Several other equities research analysts have also weighed in on SFL. Wall Street Zen upgraded SFL from a “sell” rating to a “hold” rating in a research report on Sunday, May 3rd. Weiss Ratings reissued a “hold (c-)” rating on shares of SFL in a report on Friday, May 1st. One investment analyst has rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, SFL currently has an average rating of “Moderate Buy” and an average target price of $14.00.

SFL Stock Up 5.4%

Shares of NYSE SFL traded up $0.65 during mid-day trading on Tuesday, hitting $12.65. 1,172,840 shares of the stock traded hands, compared to its average volume of 1,475,427. The company has a debt-to-equity ratio of 2.04, a quick ratio of 0.35 and a current ratio of 0.36. SFL has a 52 week low of $6.73 and a 52 week high of $12.72. The company has a market cap of $1.83 billion, a price-to-earnings ratio of -63.13 and a beta of 0.42. The stock has a fifty day moving average price of $10.90 and a 200-day moving average price of $9.28.

SFL (NYSE:SFL) last released its quarterly earnings results on Tuesday, May 12th. The shipping company reported $0.20 earnings per share for the quarter, beating the consensus estimate of $0.02 by $0.18. SFL had a negative return on equity of 0.30% and a negative net margin of 3.61%.The company had revenue of $174.48 million for the quarter, compared to analyst estimates of $169.21 million. During the same period in the previous year, the company posted ($0.24) earnings per share. The firm’s revenue was down 6.8% on a year-over-year basis.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Russell Investments Group Ltd. raised its stake in shares of SFL by 4.8% in the fourth quarter. Russell Investments Group Ltd. now owns 29,778 shares of the shipping company’s stock worth $233,000 after purchasing an additional 1,353 shares during the last quarter. Novak & Powell Financial Services Inc. raised its stake in shares of SFL by 3.2% in the third quarter. Novak & Powell Financial Services Inc. now owns 44,009 shares of the shipping company’s stock worth $331,000 after purchasing an additional 1,373 shares during the last quarter. Signaturefd LLC raised its stake in shares of SFL by 30.5% in the fourth quarter. Signaturefd LLC now owns 6,008 shares of the shipping company’s stock worth $47,000 after purchasing an additional 1,405 shares during the last quarter. ProShare Advisors LLC raised its stake in shares of SFL by 6.9% in the fourth quarter. ProShare Advisors LLC now owns 22,171 shares of the shipping company’s stock worth $173,000 after purchasing an additional 1,424 shares during the last quarter. Finally, Brighton Jones LLC lifted its holdings in SFL by 8.2% in the fourth quarter. Brighton Jones LLC now owns 19,395 shares of the shipping company’s stock valued at $198,000 after acquiring an additional 1,474 shares during the period. Hedge funds and other institutional investors own 28.59% of the company’s stock.

Key SFL News

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.