Danaos Co. to Issue Quarterly Dividend of $0.80 (NYSE:DAC)

Danaos Co. (NYSE:DAC) announced a quarterly dividend on Monday, August 5th, NASDAQ reports. Investors of record on Tuesday, August 20th will be given a dividend of 0.80 per share by the shipping company on Thursday, August 29th. This represents a $3.20 annualized dividend and a yield of 3.97%. The ex-dividend date of this dividend is Tuesday, August 20th.

Danaos has a payout ratio of 13.4% meaning its dividend is sufficiently covered by earnings. Research analysts expect Danaos to earn $29.00 per share next year, which means the company should continue to be able to cover its $3.20 annual dividend with an expected future payout ratio of 11.0%.

Danaos Price Performance

DAC stock traded down $0.73 during mid-day trading on Tuesday, hitting $80.63. The stock had a trading volume of 172,853 shares, compared to its average volume of 106,999. The firm has a fifty day simple moving average of $89.81 and a 200 day simple moving average of $80.43. Danaos has a 52 week low of $62.37 and a 52 week high of $98.25. The company has a current ratio of 3.89, a quick ratio of 3.75 and a debt-to-equity ratio of 0.14. The firm has a market capitalization of $1.57 billion, a P/E ratio of 2.74 and a beta of 1.51.

Danaos (NYSE:DAC) last announced its quarterly earnings data on Monday, August 5th. The shipping company reported $6.78 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $7.04 by ($0.26). Danaos had a net margin of 59.04% and a return on equity of 18.99%. The firm had revenue of $246.31 million during the quarter, compared to the consensus estimate of $238.83 million. During the same period last year, the business earned $7.14 earnings per share. As a group, research analysts forecast that Danaos will post 29.24 EPS for the current year.

Wall Street Analysts Forecast Growth

Separately, Jefferies Financial Group boosted their price target on Danaos from $90.00 to $105.00 and gave the stock a “buy” rating in a report on Tuesday, May 28th.

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.