Danaos Corporation (NYSE:DAC) to Issue Quarterly Dividend of $0.85

Key Points

• Danaos Corporation has declared a quarterly dividend of $0.85 per share to be paid on August 28th, reflecting a dividend yield of 3.7%.
• The company reported earnings per share of $6.36, which was below analysts' expectations, although it achieved $262.15 million in revenue for the quarter, exceeding forecasts.
• Danaos has a strong payout ratio of 12.9%, indicating that the dividend is well covered by earnings, with projections suggesting continued financial stability.

Danaos Corporation (NYSE:DAC - Get Free Report) declared a quarterly dividend on Tuesday, August 5th, Wall Street Journal reports. Investors of record on Tuesday, August 19th will be paid a dividend of 0.85 per share by the shipping company on Thursday, August 28th. This represents a c) annualized dividend and a dividend yield of 3.7%. The ex-dividend date of this dividend is Tuesday, August 19th.

Danaos has a payout ratio of 12.9% indicating that its dividend is sufficiently covered by earnings. Equities 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 Up 0.6%

Shares of NYSE:DAC traded up $0.57 during mid-day trading on Tuesday, hitting $92.91. 103,114 shares of the company traded hands, compared to its average volume of 94,831. The stock has a market cap of $1.76 billion, a P/E ratio of 3.81 and a beta of 1.42. The company has a current ratio of 4.34, a quick ratio of 4.18 and a debt-to-equity ratio of 0.21. Danaos has a 12-month low of $65.40 and a 12-month high of $94.00. The stock has a 50-day moving average price of $87.88 and a two-hundred day moving average price of $82.58.

Danaos (NYSE:DAC - Get Free Report) last posted its quarterly earnings data on Monday, August 4th. The shipping company reported $6.36 earnings per share for the quarter, missing the consensus estimate of $6.52 by ($0.16). Danaos had a return on equity of 14.66% and a net margin of 46.33%. The business had revenue of $262.15 million during the quarter, compared to analysts' expectations of $247.26 million. On average, equities research analysts forecast that Danaos will post 29.21 earnings per share for the current year.

Analyst Upgrades and Downgrades

DAC has been the topic of several research reports. Wall Street Zen lowered Danaos from a "buy" rating to a "hold" rating in a research note on Wednesday, May 14th. Jefferies Financial Group restated a "buy" rating and issued a $105.00 target price on shares of Danaos 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.

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