Danaos Co. (NYSE:DAC) Declares Dividend Increase – $0.85 Per Share

Danaos Co. (NYSE:DAC) declared a quarterly dividend on Wednesday, November 13th,Wall Street Journal reports. Shareholders of record on Monday, November 25th will be given a dividend of 0.85 per share by the shipping company on Wednesday, December 4th. This represents a $3.40 dividend on an annualized basis and a yield of 3.95%. The ex-dividend date is Monday, November 25th. This is an increase from Danaos’s previous quarterly dividend of $0.80.

Danaos has a dividend payout ratio of 11.6% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Danaos to earn $27.18 per share next year, which means the company should continue to be able to cover its $3.20 annual dividend with an expected future payout ratio of 11.8%.

Danaos Trading Up 4.0 %

Shares of NYSE DAC traded up $3.34 during midday trading on Wednesday, reaching $86.03. 240,325 shares of the stock were exchanged, compared to its average volume of 106,289. The company has a 50 day simple moving average of $82.71 and a 200 day simple moving average of $85.13. The stock has a market capitalization of $1.67 billion, a P/E ratio of 2.98 and a beta of 1.47. The company has a debt-to-equity ratio of 0.17, a quick ratio of 4.04 and a current ratio of 4.18. Danaos has a twelve month low of $64.96 and a twelve month high of $98.25.

Danaos (NYSE:DAC) last announced its quarterly earnings results on Tuesday, November 12th. The shipping company reported $6.50 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $6.86 by ($0.36). The firm had revenue of $256.18 million for the quarter, compared to analyst estimates of $251.16 million. Danaos had a return on equity of 17.00% and a net margin of 56.16%. During the same quarter in the prior year, the business earned $7.26 EPS. As a group, equities analysts expect that Danaos will post 28.01 earnings per share for the current year.

Analysts Set New Price Targets

Several analysts recently weighed in on DAC shares. Jefferies Financial Group reiterated a “buy” rating and issued a $105.00 target price on shares of Danaos in a report on Tuesday. StockNews.com downgraded shares of Danaos from a “buy” rating to a “hold” rating in a research note on Tuesday.

About Danaos

Danaos Corporation, together with its subsidiaries, provides container and drybulk vessels services in Australia, Asia, and Europe. The company offers seaborne transportation services by operating vessels in the containership and drybulk sectors of the shipping industry. As of April 03, 2024, it had a fleet of 68 containerships aggregating 421,293 twenty-foot equivalent units in capacity.