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

Danaos Co. (NYSE:DAC) declared a quarterly dividend on Monday, February 10th, Wall Street Journal reports. Stockholders of record on Monday, February 24th will be paid 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 dividend yield of 4.01%. The ex-dividend date of this dividend is Monday, February 24th.

Danaos has raised its dividend by an average of 29.4% per year over the last three years. Danaos has a dividend payout ratio of 12.5% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Danaos to earn $28.23 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 12.0%.

Danaos Stock Performance

Shares of DAC stock opened at $84.82 on Friday. The company’s fifty day simple moving average is $79.70 and its 200-day simple moving average is $81.49. Danaos has a 52 week low of $69.33 and a 52 week high of $98.25. The company has a current ratio of 3.93, a quick ratio of 3.78 and a debt-to-equity ratio of 0.19. The company has a market cap of $1.65 billion, a PE ratio of 3.27 and a beta of 1.42.

Danaos (NYSE:DAC) last released its quarterly earnings results on Monday, February 10th. The shipping company reported $6.50 earnings per share (EPS) for the quarter, missing the consensus estimate of $6.52 by ($0.02). Danaos had a return on equity of 16.03% and a net margin of 49.81%. As a group, equities research analysts anticipate that Danaos will post 29.21 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the stock. StockNews.com downgraded shares of Danaos from a “buy” rating to a “hold” rating in a research report on Tuesday, November 12th. Jefferies Financial Group reissued a “buy” rating and issued a $105.00 target price on shares of Danaos in a research report on Tuesday, February 11th.

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.