Danaos (NYSE:DAC) Lowered to Hold at Zacks Investment Research

Zacks Investment Research lowered shares of Danaos (NYSE:DAC) from a buy rating to a hold rating in a research report released on Thursday morning, Zacks.com reports.

According to Zacks, “Danaos Corporation is a leading international owner of containerships, chartering vessels to many of the world’s largest liner companies. Danaos was set up by Dimitri Coustas, an experienced shipping investor who had been active in the industry. Having consistently developed sea transport services throughout its history, Danaos has forged a reputation for high-quality operational support to liner companies and other charterers throughout the world. The Company currently have a fleet of containerships aggregating TEU, making us among the largest containership charter owners in the world. We charter our containerships to a geographically diverse group of liner companies, including most of the largest ones globally. Such customers include Maersk, COSCO, Hapag-Lloyd, CMA-CGM, Neptune Orient Lines, Yang Ming, China Shipping, Norasia Container Lines Ltd, Hyundai Merchant Marine Co., Wan-Hai Lines and Zim Israel Integrated Shipping Services Ltd. “

Other research analysts also recently issued research reports about the company. ValuEngine upgraded Danaos from a sell rating to a hold rating in a research note on Wednesday, November 20th. Jefferies Financial Group raised shares of Danaos from a hold rating to a buy rating and set a $9.00 price objective on the stock in a report on Tuesday.

Shares of NYSE DAC traded up $0.02 during mid-day trading on Thursday, reaching $6.87. 228,849 shares of the company’s stock were exchanged, compared to its average volume of 45,385. The firm has a 50-day moving average price of $9.89 and a two-hundred day moving average price of $9.24. The company has a debt-to-equity ratio of 1.80, a current ratio of 0.57 and a quick ratio of 0.53. The firm has a market capitalization of $106.83 million, a price-to-earnings ratio of 0.56 and a beta of 1.12. Danaos has a 52 week low of $5.36 and a 52 week high of $15.40.

Danaos (NYSE:DAC) last posted its quarterly earnings data on Monday, November 4th. The shipping company reported $2.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.14 by $0.32. The business had revenue of $111.83 million during the quarter, compared to the consensus estimate of $108.82 million. Danaos had a negative net margin of 18.46% and a positive return on equity of 19.88%. As a group, sell-side analysts forecast that Danaos will post 8.94 EPS for the current fiscal year.

An institutional investor recently bought a new position in Danaos stock. Creative Planning bought a new stake in shares of Danaos Co. (NYSE:DAC) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 10,000 shares of the shipping company’s stock, valued at approximately $90,000. Creative Planning owned 0.07% of Danaos at the end of the most recent reporting period. 20.12% of the stock is owned by institutional investors and hedge funds.

Danaos Company Profile

Danaos Corporation, together with its subsidiaries, owns and operates containerships in Australia, Asia, Europe, and the United States. The company offers seaborne transportation services, such as chartering its vessels to liner companies. As of February 28, 2019, it had a fleet of 55 containerships aggregating 327,616 twenty foot equivalent units in capacity.

Further Reading: Return on Equity (ROE)

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