Danaos (NYSE:DAC) Announces Quarterly Earnings Results

Danaos (NYSE:DAC) issued its quarterly earnings results on Tuesday. The shipping company reported $6.50 earnings per share for the quarter, missing analysts’ consensus estimates 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 return on equity of 16.68% and a net margin of 56.16%. During the same period last year, the company posted $7.26 EPS.

Danaos Stock Down 0.1 %

NYSE:DAC opened at $85.96 on Friday. The company has a debt-to-equity ratio of 0.19, a current ratio of 3.93 and a quick ratio of 4.04. Danaos has a one year low of $66.45 and a one year high of $98.25. The firm’s 50 day simple moving average is $82.85 and its 200 day simple moving average is $85.13. The company has a market cap of $1.67 billion, a PE ratio of 2.97 and a beta of 1.47.

Danaos Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 4th. Shareholders of record on Monday, November 25th will be given a $0.85 dividend. The ex-dividend date of this dividend is Monday, November 25th. This is an increase from Danaos’s previous quarterly dividend of $0.80. This represents a $3.40 annualized dividend and a yield of 3.96%. Danaos’s dividend payout ratio (DPR) is currently 11.07%.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on DAC. StockNews.com lowered Danaos from a “buy” rating to a “hold” rating in a research note on Tuesday. Jefferies Financial Group reaffirmed a “buy” rating and set a $105.00 price target on shares of Danaos in a 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.