Danaos (NYSE:DAC) Announces Earnings Results

Danaos (NYSE:DAC) posted its quarterly earnings results on Tuesday. The shipping company reported $6.50 EPS for the quarter, missing the consensus estimate of $6.86 by ($0.36), Zacks reports. Danaos had a return on equity of 17.00% and a net margin of 56.16%. The business had revenue of $256.18 million for the quarter, compared to analysts’ expectations of $251.16 million. During the same period last year, the business posted $7.26 earnings per share.

Danaos Price Performance

Shares of Danaos stock opened at $87.10 on Thursday. The firm has a market cap of $1.69 billion, a PE ratio of 2.98 and a beta of 1.47. The company’s fifty day simple moving average is $82.71 and its two-hundred day simple moving average is $85.13. The company has a quick ratio of 4.04, a current ratio of 4.18 and a debt-to-equity ratio of 0.17. Danaos has a 12-month low of $66.45 and a 12-month high of $98.25.

Danaos Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 4th. Investors of record on Monday, November 25th will be issued a dividend of $0.85 per share. This is a positive change from Danaos’s previous quarterly dividend of $0.80. This represents a $3.40 dividend on an annualized basis and a yield of 3.90%. The ex-dividend date of this dividend is Monday, November 25th. Danaos’s dividend payout ratio is currently 11.07%.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on DAC. Jefferies Financial Group reiterated a “buy” rating and issued a $105.00 target price on shares of Danaos in a research report on Tuesday. StockNews.com lowered 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.