Danaos (NYSE:DAC) Shares Cross Above Two Hundred Day Moving Average - Here's Why

Key Points

• Danaos Corporation shares exceeded their 200-day moving average, trading as high as $87.20, signaling a potential upward trend in the stock price.
• Analysts have a positive outlook, with Weiss Ratings and Jefferies Financial Group both reiterating "buy" ratings and setting an average price target of $105.00 for the stock.
• The company recently announced a quarterly dividend of $0.85 per share, translating to an annualized dividend yield of 4.0%, reflecting its strong financial standing.

Danaos Corporation (NYSE:DAC - Get Free Report) shares passed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $86.66 and traded as high as $87.20. Danaos shares last traded at $85.29, with a volume of 71,968 shares trading hands.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on DAC shares. Weiss Ratings restated a "buy (b)" rating on shares of Danaos in a report on Wednesday. Jefferies Financial Group reiterated a "buy" rating and issued a $105.00 price objective on shares of Danaos in a report on Tuesday, August 5th. Two analysts have rated the stock with a Buy rating, According to MarketBeat, Danaos presently has an average rating of "Buy" and an average price target of $105.00.

Danaos Trading Down 1.9%

The firm has a market cap of $1.62 billion, a price-to-earnings ratio of 3.52 and a beta of 1.45. The business's 50 day moving average price is $92.52 and its 200-day moving average price is $86.66. The company has a debt-to-equity ratio of 0.20, a quick ratio of 5.21 and a current ratio of 5.36.

Danaos (NYSE:DAC - Get Free Report) last issued its earnings results on Monday, August 4th. The shipping company reported $6.36 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $6.52 by ($0.16). Danaos had a net margin of 44.62% and a return on equity of 13.88%. The company had revenue of $262.15 million during the quarter, compared to analyst estimates of $247.26 million. Equities analysts expect that Danaos Corporation will post 29.21 EPS for the current year.

Danaos Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 28th. Investors of record on Tuesday, August 19th were given a dividend of $0.85 per share. This represents a $3.40 dividend on an annualized basis and a dividend yield of 4.0%. The ex-dividend date of this dividend was Tuesday, August 19th. Danaos's dividend payout ratio is currently 14.02%.

Institutional Investors Weigh In On Danaos

A number of institutional investors have recently modified their holdings of the business. National Bank of Canada FI boosted its stake in Danaos by 3.2% during the 1st quarter. National Bank of Canada FI now owns 3,914 shares of the shipping company's stock valued at $305,000 after purchasing an additional 120 shares during the period. Redhawk Wealth Advisors Inc. boosted its stake in Danaos by 1.5% during the 2nd quarter. Redhawk Wealth Advisors Inc. now owns 12,594 shares of the shipping company's stock valued at $1,086,000 after purchasing an additional 185 shares during the period. SG Americas Securities LLC boosted its stake in Danaos by 11.1% during the 2nd quarter. SG Americas Securities LLC now owns 2,727 shares of the shipping company's stock valued at $235,000 after purchasing an additional 272 shares during the period. PFG Advisors boosted its stake in Danaos by 4.8% during the 1st quarter. PFG Advisors now owns 6,135 shares of the shipping company's stock valued at $479,000 after purchasing an additional 279 shares during the period. Finally, GAMMA Investing LLC boosted its stake in Danaos by 7,700.0% during the 1st quarter. GAMMA Investing LLC now owns 390 shares of the shipping company's stock valued at $30,000 after purchasing an additional 385 shares during the period. Institutional investors own 19.01% of the company's stock.

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.

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