Danaos Co. Plans Quarterly Dividend of $0.85 (NYSE:DAC)

Danaos Co. (NYSE:DAC) announced a quarterly dividend on Tuesday, February 11th,Wall Street Journal reports. Shareholders of record on Monday, February 24th will be given a dividend of 0.85 per share by the shipping company on Wednesday, March 5th. This represents a $3.40 dividend on an annualized basis and a yield of 4.04%. The ex-dividend date is Monday, February 24th.

Danaos has increased its dividend payment by an average of 29.4% annually over the last three years. Danaos has a dividend payout ratio of 12.6% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Danaos to earn $29.22 per share next year, which means the company should continue to be able to cover its $3.40 annual dividend with an expected future payout ratio of 11.6%.

Danaos Trading Up 3.9 %

DAC stock traded up $3.18 during midday trading on Tuesday, reaching $84.13. 268,839 shares of the company traded hands, compared to its average volume of 114,757. The firm has a market capitalization of $1.63 billion, a price-to-earnings ratio of 2.91 and a beta of 1.42. Danaos has a 52-week low of $69.33 and a 52-week high of $98.25. The business has a 50 day moving average of $79.22 and a 200-day moving average of $81.47. The company has a debt-to-equity ratio of 0.19, a quick ratio of 3.78 and a current ratio of 3.93.

Danaos (NYSE:DAC) last posted its quarterly earnings data on Monday, February 10th. The shipping company reported $6.50 earnings per share for the quarter, missing analysts’ consensus estimates of $6.52 by ($0.02). Danaos had a return on equity of 16.68% and a net margin of 56.16%. As a group, sell-side analysts expect that Danaos will post 26.95 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research firms recently commented on DAC. Jefferies Financial Group reaffirmed a “buy” rating and issued a $105.00 price target on shares of Danaos in a research note on Tuesday. StockNews.com cut Danaos from a “buy” rating to a “hold” rating in a research note on Tuesday, November 12th.

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.