Danaos (NYSE:DAC) Share Price Crosses Above Two Hundred Day Moving Average - Should You Sell?

Key Points

• Danaos shares rose above their 200-day moving average, trading as high as $142.45 compared with the $121.82 average, and last changing hands at $141.70.
• Analysts have turned more bullish, with multiple firms upgrading Danaos to “strong buy”; MarketBeat reports an average “Strong Buy” rating.
• Danaos beat quarterly expectations with earnings of $7.29 per share versus $6.80 estimated and revenue of $274.37 million versus $258.27 million expected. The company also declared a $0.90 quarterly dividend, equating to a 2.5% yield.

Danaos Corporation (NYSE:DAC - Get Free Report)'s stock price passed above its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of $121.82 and traded as high as $142.45. Danaos shares last traded at $141.70, with a volume of 94,981 shares trading hands.

Analysts Set New Price Targets

A number of research firms have weighed in on DAC. Fearnley Fonds upgraded Danaos from a "hold" rating to a "strong-buy" rating in a research note on Thursday, April 30th. Freedom Capital upgraded Danaos from a "hold" rating to a "strong-buy" rating in a report on Wednesday, August 5th. Finally, Weiss Ratings raised Danaos from a "buy (b+)" rating to a "buy (a-)" rating in a research report on Tuesday, July 28th. Three investment analysts have rated the stock with a Strong Buy rating, According to MarketBeat.com, the company has an average rating of "Strong Buy".

Danaos Stock Performance

The company has a quick ratio of 9.15, a current ratio of 9.30 and a debt-to-equity ratio of 0.29. The firm has a 50-day simple moving average of $131.56 and a 200 day simple moving average of $121.82. The company has a market cap of $2.58 billion, a price-to-earnings ratio of 4.80 and a beta of 0.89.

Danaos (NYSE:DAC - Get Free Report) last posted its quarterly earnings data on Monday, August 3rd. The shipping company reported $7.29 earnings per share for the quarter, beating the consensus estimate of $6.80 by $0.49. The business had revenue of $274.37 million during the quarter, compared to the consensus estimate of $258.27 million. Danaos had a return on equity of 13.20% and a net margin of 51.26%.

Danaos Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, July 30th. Investors of record on Tuesday, July 21st were given a $0.90 dividend. The ex-dividend date was Tuesday, July 21st. This represents a $3.60 annualized dividend and a yield of 2.5%. Danaos's dividend payout ratio is 12.18%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. O Shaughnessy Asset Management LLC increased its stake in Danaos by 3.7% in the fourth quarter. O Shaughnessy Asset Management LLC now owns 4,671 shares of the shipping company's stock valued at $440,000 after purchasing an additional 165 shares during the period. Parallel Advisors LLC boosted its stake in shares of Danaos by 33.2% during the first quarter. Parallel Advisors LLC now owns 1,171 shares of the shipping company's stock worth $132,000 after buying an additional 292 shares during the period. R Squared Ltd boosted its stake in shares of Danaos by 12.0% during the fourth quarter. R Squared Ltd now owns 2,824 shares of the shipping company's stock worth $266,000 after buying an additional 303 shares during the period. State Street Corp grew its holdings in shares of Danaos by 2.4% during the fourth quarter. State Street Corp now owns 15,761 shares of the shipping company's stock worth $1,484,000 after buying an additional 372 shares during the last quarter. Finally, Kestra Advisory Services LLC purchased a new position in shares of Danaos during the fourth quarter worth about $43,000. 19.01% of the stock is owned by hedge funds and other institutional investors.

Danaos Company Profile

Danaos Corporation is a leading independent owner and manager of containerships, specializing in long-term charters of modern vessels to major liner companies worldwide. The company's core services include vessel acquisition and sale, technical and crew management, and commercial chartering, all aimed at supporting global containerized trade. Danaos leverages its in-house expertise in operations, maintenance and regulatory compliance to ensure reliable and efficient fleet performance.

Founded in 1972 by Dr.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source