SFL Corporation Ltd. (NYSE:SFL) Announces $0.20 Quarterly Dividend
SFL Corporation Ltd. (NYSE:SFL) announced a quarterly dividend of $0.20 per share, payable on December 29th to investors of record on December 12th. The dividend yield is 9.6%. The company has a high dividend payout ratio of 275.9%, indicating reliance on its balance sheet for payments. SFL's stock rose 9.6% to $8.37, with a market cap of $1.22 billion. Analysts have a consensus rating of "Buy" with a price target of $11.00. SFL reported earnings of $0.07 per share, beating estimates, despite a 30.2% decline in quarterly revenue year-over-year.
SFL Corporation Ltd. (NYSE:SFL - Get Free Report) declared a quarterly dividend on Tuesday, November 11th. Stockholders of record on Friday, December 12th will be paid a dividend of 0.20 per share by the shipping company on Monday, December 29th. This represents a c) annualized dividend and a dividend yield of 9.6%. The ex-dividend date of this dividend is Friday, December 12th.
SFL has decreased its dividend by an average of 0.1%per year over the last three years and has increased its dividend annually for the last 1 consecutive years. SFL has a dividend payout ratio of 275.9% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments.
SFL Trading Up 9.6%
SFL stock traded up $0.74 during midday trading on Tuesday, hitting $8.37. 4,493,562 shares of the stock were exchanged, compared to its average volume of 1,262,260. SFL has a fifty-two week low of $6.73 and a fifty-two week high of $11.14. The stock has a market capitalization of $1.22 billion, a price-to-earnings ratio of 32.17 and a beta of 0.45. The stock's 50-day simple moving average is $7.56 and its 200 day simple moving average is $8.31. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 1.97.
SFL (NYSE:SFL - Get Free Report) last posted its quarterly earnings results on Wednesday, November 5th. The shipping company reported $0.07 earnings per share for the quarter, beating the consensus estimate of ($0.01) by $0.08. SFL had a net margin of 3.97% and a return on equity of 6.67%. The business's quarterly revenue was down 30.2% on a year-over-year basis. During the same period in the previous year, the business posted $0.34 earnings per share.
Wall Street Analyst Weigh In
Several brokerages have recently commented on SFL. BTIG Research upped their price target on SFL from $10.00 to $11.00 and gave the company a "buy" rating in a research note on Tuesday. Weiss Ratings restated a "hold (c-)" rating on shares of SFL in a report on Wednesday, October 8th. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat.com, SFL has a consensus rating of "Buy" and a consensus price target of $11.00.
Check Out Our Latest Research Report on SFL
SFL Company Profile
(Get Free Report)SFL Corporation Ltd., a maritime and offshore asset owning and chartering company, engages in the ownership, operation, and chartering out of vessels and offshore related assets on medium and long-term charters. The company operates in various sectors of the maritime, and shipping and offshore industries, including oil transportation, dry bulk shipments, chemical transportation, oil products transportation, container transportation, car transportation, and drilling rigs.
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