SFL (NYSE:SFL) Share Price Breaks Above 200-Day Moving Average – Here’s What Happened

SFL Corporation Ltd. (NYSE:SFL) passed above its 200-day moving average during trading on Thursday. The stock has a 200-day moving average of $11.57 and traded as high as $13.07. SFL shares last traded at $12.9660, with a volume of 2,334,366 shares.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on SFL shares. Benchmark restated a “buy” rating on shares of SFL in a report on Wednesday, August 26th. BTIG Research reiterated a “buy” rating and issued a $14.00 target price on shares of SFL in a research note on Wednesday, August 26th. Wall Street Zen raised shares of SFL from a “hold” rating to a “buy” rating in a research report on Saturday, August 22nd. Finally, Weiss Ratings upgraded shares of SFL from a “hold (c)” rating to a “hold (c+)” rating in a research note on Thursday, August 27th. Two research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $14.00.

SFL Trading Down 1.2%

The company has a current ratio of 0.38, a quick ratio of 0.38 and a debt-to-equity ratio of 1.75. The stock has a 50-day simple moving average of $12.42 and a 200 day simple moving average of $11.58. The company has a market cap of $1.85 billion, a price-to-earnings ratio of 26.72 and a beta of 0.40.

SFL (NYSE:SFL) last announced its quarterly earnings data on Wednesday, August 26th. The shipping company reported $0.25 earnings per share for the quarter, beating analysts’ consensus estimates of $0.14 by $0.11. SFL had a return on equity of 3.41% and a net margin of 8.76%.The business had revenue of $200.77 million for the quarter, compared to analyst estimates of $179.65 million. During the same period in the prior year, the company earned $0.01 earnings per share. The company’s revenue was up 4.1% on a year-over-year basis.

SFL Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 22nd. Investors of record on Wednesday, September 9th were issued a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 6.9%. The ex-dividend date was Wednesday, September 9th. SFL’s dividend payout ratio is 183.33%.

Institutional Trading of SFL

Hedge funds and other institutional investors have recently made changes to their positions in the business. Engineers Gate Manager LP grew its position in SFL by 41.2% during the 2nd quarter. Engineers Gate Manager LP now owns 69,361 shares of the shipping company’s stock worth $707,000 after purchasing an additional 20,230 shares during the period. Integrated Wealth Concepts LLC acquired a new position in shares of SFL in the 2nd quarter valued at about $57,000. IFP Advisors Inc boosted its position in SFL by 145.9% in the 2nd quarter. IFP Advisors Inc now owns 6,026 shares of the shipping company’s stock worth $61,000 after purchasing an additional 3,575 shares in the last quarter. Coppell Advisory Solutions LLC purchased a new stake in SFL during the second quarter worth $456,000. Finally, Public Employees Retirement System of Ohio purchased a new stake in shares of SFL during the 2nd quarter worth about $424,000. Institutional investors and hedge funds own 28.59% of the company’s stock.

About SFL

SFL Corporation Ltd. is a maritime asset owner and chartering company headquartered in Hamilton, Bermuda. The company owns and leases a diversified fleet of vessels and offshore assets to customers under long-term charter and lease arrangements.

SFL’s fleet has included crude oil tankers, product and chemical tankers, container ships, dry bulk carriers, car carriers, gas carriers and offshore support assets. Through its leasing and chartering activities, the company provides transportation and marine infrastructure services to energy, industrial and shipping customers worldwide.

The company was established in 2003 as Ship Finance International Limited and later adopted the name SFL Corporation Ltd.