Danaos Co. (NYSE:DAC) Increases Dividend to $0.85 Per Share

Danaos Co. (NYSE:DAC) announced a quarterly dividend on Tuesday, November 12th,Wall Street Journal reports. Investors 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 annualized dividend and a dividend yield of 3.95%. The ex-dividend date of this dividend 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 Stock Up 4.2 %

Shares of DAC stock traded up $3.44 during trading on Wednesday, hitting $86.13. 242,800 shares of the company were exchanged, compared to its average volume of 106,300. The company has a debt-to-equity ratio of 0.17, a quick ratio of 4.04 and a current ratio of 4.18. The firm has a market capitalization of $1.67 billion, a price-to-earnings ratio of 2.98 and a beta of 1.47. The business’s 50-day simple moving average is $82.71 and its 200 day simple moving average is $85.13. Danaos has a twelve month low of $64.96 and a twelve month high of $98.25.

Danaos (NYSE:DAC) last posted its quarterly earnings results on Tuesday, November 12th. The shipping company reported $6.50 EPS for the quarter, missing the consensus estimate of $6.86 by ($0.36). The company 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 posted $7.26 earnings per share. As a group, analysts forecast that Danaos will post 28.01 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the stock. StockNews.com cut shares of Danaos from a “buy” rating to a “hold” rating in a research note on Tuesday. Jefferies Financial Group reiterated a “buy” rating and issued a $105.00 target price on shares of Danaos in a research note on Tuesday.

Danaos Company Profile

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.