Danaos Co. (NYSE:DAC) Declares $0.85 Quarterly Dividend

Danaos Co. (NYSE:DAC) announced a quarterly dividend on Monday, February 10th,Wall Street Journal reports. Investors of record on Monday, February 24th will be paid a dividend of 0.85 per share by the shipping company on Wednesday, March 5th. This represents a $3.40 dividend on an annualized basis and a yield of 4.04%. The ex-dividend date is Monday, February 24th.

Danaos has increased its dividend by an average of 29.4% annually over the last three years. Danaos has a payout ratio of 12.6% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Danaos to earn $29.22 per share next year, which means the company should continue to be able to cover its $3.40 annual dividend with an expected future payout ratio of 11.6%.

Danaos Stock Up 3.9 %

Shares of Danaos stock traded up $3.18 during trading hours on Tuesday, reaching $84.13. 268,839 shares of the company’s stock were exchanged, compared to its average volume of 114,757. The stock has a market cap of $1.63 billion, a P/E ratio of 2.91 and a beta of 1.42. Danaos has a fifty-two week low of $69.33 and a fifty-two week high of $98.25. The company has a 50 day moving average of $79.22 and a two-hundred day moving average of $81.47. The company has a current ratio of 3.93, a quick ratio of 3.78 and a debt-to-equity ratio of 0.19.

Danaos (NYSE:DAC) last issued its earnings results on Monday, February 10th. The shipping company reported $6.50 earnings per share (EPS) for the quarter, missing the consensus estimate of $6.52 by ($0.02). Danaos had a net margin of 56.16% and a return on equity of 16.68%. On average, sell-side analysts forecast that Danaos will post 26.95 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on DAC shares. StockNews.com cut Danaos from a “buy” rating to a “hold” rating in a report on Tuesday, November 12th. Jefferies Financial Group restated a “buy” rating and issued a $105.00 price target on shares of Danaos in a research report 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.