Danaos Corporation (NYSE:DAC) Raises Dividend to $0.90 Per Share

Danaos Corporation (NYSE:DAC) declared a quarterly dividend on Monday, November 17th. Investors of record on Tuesday, December 2nd will be paid a dividend of 0.90 per share by the shipping company on Thursday, December 11th. This represents a c) annualized dividend and a yield of 3.8%. The ex-dividend date of this dividend is Tuesday, December 2nd. This is a 5.9% increase from Danaos’s previous quarterly dividend of $0.85.

Danaos has a payout ratio of 12.9% indicating that its dividend is sufficiently covered by earnings. Analysts expect Danaos to earn $28.23 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 12.0%.

Danaos Trading Up 1.0%

NYSE DAC opened at $95.52 on Tuesday. The stock has a 50-day simple moving average of $90.55 and a 200 day simple moving average of $89.43. The company has a current ratio of 5.36, a quick ratio of 5.21 and a debt-to-equity ratio of 0.20. The company has a market capitalization of $1.81 billion, a PE ratio of 3.94 and a beta of 1.49. Danaos has a 12 month low of $65.40 and a 12 month high of $96.47.

Danaos (NYSE:DAC) last announced its quarterly earnings results on Monday, November 17th. The shipping company reported $6.75 earnings per share for the quarter, missing analysts’ consensus estimates of $7.17 by ($0.42). The company had revenue of $260.73 million during the quarter, compared to the consensus estimate of $257.63 million. Danaos had a net margin of 44.62% and a return on equity of 13.88%. During the same period in the previous year, the firm posted $6.50 EPS. Research analysts forecast that Danaos will post 29.21 EPS for the current year.

Analysts Set New Price Targets

DAC has been the subject of a number of research reports. Weiss Ratings reissued a “buy (b)” rating on shares of Danaos in a report on Wednesday, October 8th. Jefferies Financial Group reissued a “buy” rating and issued a $105.00 price objective on shares of Danaos in a research note on Tuesday, August 5th. Two analysts have rated the stock with a Buy rating, According to MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $105.00.

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.