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

Danaos Co. (NYSE:DAC) announced a quarterly dividend on Tuesday, November 12th,Wall Street Journal reports. Stockholders of record on Monday, November 25th will be given a dividend of 0.85 per share by the shipping company on Wednesday, December 4th. This represents a $3.40 annualized dividend and a dividend yield of 3.96%. The ex-dividend date of this dividend is Monday, November 25th. This is a positive change from Danaos’s previous quarterly dividend of $0.80.

Danaos has a dividend payout ratio of 11.9% meaning its dividend is sufficiently covered by earnings. Analysts expect Danaos to earn $29.51 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 11.5%.

Danaos Price Performance

Shares of NYSE DAC opened at $85.91 on Friday. The stock has a market cap of $1.67 billion, a P/E ratio of 2.97 and a beta of 1.47. Danaos has a twelve month low of $66.45 and a twelve month high of $98.25. The stock has a 50 day moving average of $83.96 and a two-hundred day moving average of $85.49. The company has a current ratio of 3.93, a quick ratio of 3.78 and a debt-to-equity ratio of 0.19.

Danaos (NYSE:DAC) last released its quarterly earnings results on Tuesday, November 12th. The shipping company reported $6.50 EPS for the quarter, missing the consensus estimate of $6.86 by ($0.36). The business had revenue of $256.18 million during the quarter, compared to analysts’ expectations of $251.16 million. Danaos had a net margin of 56.16% and a return on equity of 16.68%. During the same quarter last year, the company earned $7.26 EPS. On average, research analysts forecast that Danaos will post 27.56 earnings per share for the current year.

Analyst Ratings Changes

DAC has been the topic of a number of research reports. StockNews.com lowered Danaos from a “buy” rating to a “hold” rating in a report on Tuesday, November 12th. Jefferies Financial Group reiterated a “buy” rating and issued a $105.00 target price on shares of Danaos in a research note on Tuesday, November 12th.

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.