Danaos (NYSE:DAC) Issues Quarterly Earnings Results

Danaos (NYSE:DAC) posted its quarterly earnings data on Tuesday. The shipping company reported $6.50 earnings per share for the quarter, missing the consensus estimate of $6.86 by ($0.36), Zacks reports. The firm had revenue of $256.18 million for the quarter, compared to the consensus estimate of $251.16 million. Danaos had a net margin of 56.16% and a return on equity of 17.00%. During the same period in the previous year, the firm posted $7.26 earnings per share.

Danaos Stock Performance

NYSE:DAC traded up $0.94 during midday trading on Thursday, hitting $86.97. The company’s stock had a trading volume of 113,167 shares, compared to its average volume of 106,244. The firm’s 50 day moving average is $82.71 and its 200-day moving average is $85.13. The firm has a market cap of $1.69 billion, a P/E ratio of 2.98 and a beta of 1.47. Danaos has a fifty-two week low of $66.45 and a fifty-two week high of $98.25. The company has a debt-to-equity ratio of 0.17, a current ratio of 4.18 and a quick ratio of 4.04.

Danaos Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 4th. Shareholders of record on Monday, November 25th will be issued a $0.85 dividend. This represents a $3.40 annualized dividend and a yield of 3.91%. The ex-dividend date of this dividend is Monday, November 25th. This is an increase from Danaos’s previous quarterly dividend of $0.80. Danaos’s dividend payout ratio (DPR) is currently 11.07%.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the stock. Jefferies Financial Group reaffirmed a “buy” rating and set a $105.00 price target on shares of Danaos in a research report on Tuesday. StockNews.com lowered Danaos from a “buy” rating to a “hold” rating in a research report on Tuesday.

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.