Danaos (NYSE:DAC) Stock Price Expected to Rise, Jefferies Financial Group Analyst Says

Danaos (NYSE:DAC) had its price target boosted by Jefferies Financial Group from $100.00 to $105.00 in a report released on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the shipping company’s stock. Jefferies Financial Group’s price target would indicate a potential upside of 18.28% from the company’s current price.

Separately, StockNews.com downgraded Danaos from a “buy” rating to a “hold” rating in a research note on Wednesday.

Danaos Stock Performance

NYSE:DAC opened at $88.77 on Wednesday. The stock has a market cap of $1.69 billion, a P/E ratio of 3.43 and a beta of 1.34. Danaos has a 1-year low of $65.40 and a 1-year high of $98.25. The company has a debt-to-equity ratio of 0.19, a current ratio of 3.93 and a quick ratio of 3.78. The firm has a 50-day moving average of $78.46 and a two-hundred day moving average of $79.88.

Danaos (NYSE:DAC) last released its quarterly earnings data on Tuesday, May 13th. The shipping company reported $6.04 EPS for the quarter, missing analysts’ consensus estimates of $6.33 by ($0.29). The business had revenue of $253.31 million during the quarter, compared to analyst estimates of $242.00 million. Danaos had a return on equity of 16.03% and a net margin of 49.81%. During the same period in the prior year, the firm earned $7.15 EPS. On average, research analysts expect that Danaos will post 29.21 earnings per share for the current fiscal year.

Danaos declared that its board has approved a stock repurchase program on Monday, April 14th that permits the company to repurchase $100.00 million in shares. This repurchase authorization permits the shipping company to reacquire up to 6.8% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s management believes its shares are undervalued.

Institutional Investors Weigh In On Danaos

Several large investors have recently made changes to their positions in the company. GAMMA Investing LLC boosted its position in shares of Danaos by 7,700.0% during the first quarter. GAMMA Investing LLC now owns 390 shares of the shipping company’s stock worth $30,000 after buying an additional 385 shares during the period. Summit Securities Group LLC acquired a new position in Danaos during the 4th quarter worth $32,000. New Age Alpha Advisors LLC acquired a new position in Danaos during the 4th quarter worth $87,000. Harel Insurance Investments & Financial Services Ltd. raised its position in shares of Danaos by 37.7% during the 4th quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,460 shares of the shipping company’s stock worth $117,000 after buying an additional 400 shares in the last quarter. Finally, Allworth Financial LP raised its holdings in Danaos by 340.1% during the fourth quarter. Allworth Financial LP now owns 1,941 shares of the shipping company’s stock worth $149,000 after purchasing an additional 1,500 shares in the last quarter. Institutional investors and hedge funds own 19.01% of the company’s stock.

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.