Wall Street Zen cut shares of SFL (NYSE:SFL – Free Report) from a buy rating to a hold rating in a report issued on Saturday.
Several other research firms also recently issued reports on SFL. BTIG Research upped their price objective on SFL from $12.00 to $14.00 and gave the company a “buy” rating in a research note on Tuesday, May 12th. Weiss Ratings raised SFL from a “hold (c-)” rating to a “hold (c)” rating in a research note on Friday, May 15th. One investment analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $14.00.
SFL Stock Performance
SFL (NYSE:SFL – Get Free Report) last announced its quarterly earnings results on Tuesday, May 12th. The shipping company reported $0.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.07 by $0.13. SFL had a net margin of 4.37% and a return on equity of 0.26%. The company had revenue of $174.48 million for the quarter, compared to analyst estimates of $170.77 million. During the same period in the previous year, the firm posted ($0.24) EPS. The firm’s revenue was down 6.8% on a year-over-year basis.
SFL Increases Dividend
The company also recently announced a quarterly dividend, which was paid on Monday, June 22nd. Investors of record on Wednesday, May 27th were issued a $0.22 dividend. The ex-dividend date was Wednesday, May 27th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 7.3%. This is an increase from SFL’s previous quarterly dividend of $0.20. SFL’s dividend payout ratio (DPR) is 366.67%.
Hedge Funds Weigh In On SFL
A number of hedge funds have recently added to or reduced their stakes in the stock. EverSource Wealth Advisors LLC boosted its position in shares of 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 buying an additional 2,944 shares during the last quarter. Triumph Capital Management bought a new position in SFL during the third quarter valued at about $32,000. Signaturefd LLC increased its holdings in SFL by 30.5% during the fourth quarter. Signaturefd LLC now owns 6,008 shares of the shipping company’s stock worth $47,000 after buying an additional 1,405 shares during the last quarter. Kemnay Advisory Services Inc. bought a new stake in SFL in the fourth quarter worth about $47,000. Finally, Quadrant Capital Group LLC boosted its stake in SFL by 122.3% in the fourth 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 during the last quarter. Institutional investors and hedge funds own 28.59% of the company’s stock.
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.
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