Danaos Co. (NYSE:DAC) to Issue Dividend Increase – $0.85 Per Share

Danaos Co. (NYSE:DAC) announced a quarterly dividend on Tuesday, November 12th,Wall Street Journal reports. Shareholders of record on Monday, November 25th will be paid a dividend of 0.85 per share by the shipping company on Wednesday, December 4th. This represents a $3.40 annualized dividend and a yield of 3.95%. The ex-dividend date is Monday, November 25th. This is an increase from Danaos’s previous quarterly dividend of $0.80.

Danaos has a dividend payout ratio of 11.6% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Danaos to earn $27.18 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 11.8%.

Danaos Stock Performance

Shares of DAC stock opened at $86.13 on Thursday. Danaos has a 52-week low of $64.96 and a 52-week high of $98.25. The company has a quick ratio of 4.04, a current ratio of 4.18 and a debt-to-equity ratio of 0.17. The stock has a market cap of $1.67 billion, a PE ratio of 2.98 and a beta of 1.47. The business has a 50-day simple moving average of $82.71 and a 200-day simple moving average of $85.13.

Danaos (NYSE:DAC) last issued its quarterly earnings data on Tuesday, November 12th. The shipping company reported $6.50 EPS for the quarter, missing analysts’ consensus estimates of $6.86 by ($0.36). The firm had revenue of $256.18 million for the quarter, compared to analyst estimates of $251.16 million. Danaos had a return on equity of 17.00% and a net margin of 56.16%. During the same period in the previous year, the business earned $7.26 EPS. On average, equities analysts expect that Danaos will post 28.01 EPS for the current year.

Analysts Set New Price Targets

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

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.