Danaos (NYSE:DAC) Board of Directors Declares Share Buyback Plan

Danaos (NYSE:DAC) announced that its Board of Directors has authorized a stock repurchase program on Monday, April 14th, RTT News reports. The company plans to buyback $100.00 million in shares. This buyback authorization allows the shipping company to purchase up to 6.8% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its shares are undervalued.

Analysts Set New Price Targets

Several research analysts have commented on the company. Jefferies Financial Group reissued a “buy” rating and set a $105.00 target price on shares of Danaos in a research note on Tuesday, February 11th. StockNews.com upgraded shares of Danaos from a “hold” rating to a “buy” rating in a research report on Monday, March 10th.

Danaos Trading Down 1.9 %

NYSE DAC opened at $75.84 on Wednesday. The company has a market cap of $1.44 billion, a price-to-earnings ratio of 2.93 and a beta of 1.32. Danaos has a twelve month low of $65.40 and a twelve month high of $98.25. The company has a quick ratio of 3.78, a current ratio of 3.93 and a debt-to-equity ratio of 0.19. The business’s fifty day moving average is $78.86 and its 200 day moving average is $80.51.

Danaos (NYSE:DAC) last announced its quarterly earnings results on Monday, February 10th. The shipping company reported $6.50 EPS for the quarter, missing analysts’ consensus estimates of $6.52 by ($0.02). Danaos had a net margin of 49.81% and a return on equity of 16.03%. As a group, sell-side analysts expect that Danaos will post 29.21 EPS for the current fiscal year.

Danaos Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, March 5th. Shareholders of record on Monday, February 24th were issued a dividend of $0.85 per share. This represents a $3.40 dividend on an annualized basis and a yield of 4.48%. The ex-dividend date was Monday, February 24th. Danaos’s payout ratio is 13.12%.

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.