SFL Corporation Ltd. (NYSE:SFL) Short Interest Update

SFL Corporation Ltd. (NYSE:SFL) was the target of a significant drop in short interest in March. As of March 31st, there was short interest totaling 3,682,401 shares, a drop of 15.3% from the March 15th total of 4,347,294 shares. Based on an average daily trading volume, of 1,469,856 shares, the days-to-cover ratio is currently 2.5 days. Approximately 2.5% of the company’s stock are short sold.

SFL Stock Up 1.4%

Shares of NYSE:SFL traded up $0.16 during midday trading on Friday, hitting $11.06. The stock had a trading volume of 1,062,861 shares, compared to its average volume of 1,226,839. SFL has a 12 month low of $6.73 and a 12 month high of $11.28. The company has a quick ratio of 0.35, a current ratio of 0.36 and a debt-to-equity ratio of 2.04. The business’s 50-day simple moving average is $10.60 and its 200-day simple moving average is $8.84. The company has a market cap of $1.60 billion, a P/E ratio of -55.28 and a beta of 0.39.

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

SFL Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 30th. Shareholders of record on Thursday, March 12th were given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 7.2%. The ex-dividend date of this dividend was Thursday, March 12th. SFL’s payout ratio is -400.00%.

Analysts Set New Price Targets

SFL has been the subject of several analyst reports. Weiss Ratings raised shares of SFL from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Monday, February 2nd. BTIG Research raised their target price on shares of SFL from $11.00 to $12.00 and gave the company a “buy” rating in a research note on Wednesday, February 11th. Finally, Wall Street Zen raised shares of SFL from a “sell” rating to a “hold” rating in a research note on Saturday, March 28th. One research analyst has rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $12.00.

Hedge Funds Weigh In On SFL

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. SG Americas Securities LLC boosted its position in SFL by 69.2% during the first quarter. SG Americas Securities LLC now owns 51,133 shares of the shipping company’s stock worth $552,000 after purchasing an additional 20,906 shares during the period. Corient Private Wealth LLC bought a new position in SFL during the fourth quarter worth $121,000. Fearnley Asset Management AS bought a new position in SFL during the fourth quarter worth $2,596,000. Mercer Global Advisors Inc. ADV bought a new position in SFL during the fourth quarter worth $144,000. Finally, Empowered Funds LLC boosted its position in SFL by 15.1% during the fourth quarter. Empowered Funds LLC now owns 660,013 shares of the shipping company’s stock worth $5,155,000 after purchasing an additional 86,339 shares during the period. 28.59% of the stock is owned by 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.