Danaos (NYSE:DAC) Announces Quarterly Earnings Results, Misses Expectations By $0.42 EPS

Danaos (NYSE:DAC) released its earnings results on Monday. The shipping company reported $6.75 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $7.17 by ($0.42), Zacks reports. The business 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 quarter in the prior year, the firm earned $6.50 EPS.

Danaos Price Performance

Shares of DAC opened at $96.55 on Wednesday. The business has a 50-day moving average of $90.56 and a 200-day moving average of $89.53. Danaos has a 1 year low of $65.40 and a 1 year high of $97.26. The company has a market capitalization of $1.83 billion, a price-to-earnings ratio of 3.98 and a beta of 1.49. The company has a debt-to-equity ratio of 0.20, a current ratio of 5.36 and a quick ratio of 5.21.

Danaos Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 11th. Stockholders of record on Tuesday, December 2nd will be paid a $0.90 dividend. The ex-dividend date of this dividend is Tuesday, December 2nd. This is a positive change from Danaos’s previous quarterly dividend of $0.85. This represents a $3.60 annualized dividend and a dividend yield of 3.7%. Danaos’s payout ratio is currently 13.57%.

Hedge Funds Weigh In On Danaos

A number of institutional investors and hedge funds have recently modified their holdings of the business. Verition Fund Management LLC increased its stake in shares of Danaos by 364.3% in the 3rd quarter. Verition Fund Management LLC now owns 18,197 shares of the shipping company’s stock valued at $1,634,000 after acquiring an additional 14,278 shares in the last quarter. Qube Research & Technologies Ltd acquired a new stake in Danaos in the third quarter worth $1,329,000. Public Employees Retirement System of Ohio grew its holdings in Danaos by 557.2% in the third quarter. Public Employees Retirement System of Ohio now owns 2,149 shares of the shipping company’s stock worth $193,000 after purchasing an additional 1,822 shares during the period. Millennium Management LLC increased its stake in Danaos by 161.8% in the third quarter. Millennium Management LLC now owns 133,401 shares of the shipping company’s stock valued at $11,981,000 after purchasing an additional 82,450 shares in the last quarter. Finally, Bank of America Corp DE raised its holdings in shares of Danaos by 20.3% during the third quarter. Bank of America Corp DE now owns 69,270 shares of the shipping company’s stock valued at $6,221,000 after purchasing an additional 11,672 shares during the period. 19.01% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

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

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.