Danaos’ (DAC) Buy Rating Reaffirmed at Jefferies Financial Group

Jefferies Financial Group reaffirmed their buy rating on shares of Danaos (NYSE:DAC) in a research report released on Tuesday,Benzinga reports. Jefferies Financial Group currently has a $105.00 target price on the shipping company’s stock.

Danaos Price Performance

Danaos stock opened at $85.72 on Tuesday. Danaos has a 12-month low of $66.45 and a 12-month high of $98.25. The stock has a market cap of $1.66 billion, a P/E ratio of 2.97 and a beta of 1.47. The company has a 50-day moving average price of $82.99 and a 200 day moving average price of $85.14. The company has a current ratio of 3.93, a quick ratio of 4.04 and a debt-to-equity ratio of 0.19.

Danaos (NYSE:DAC) last announced its quarterly earnings results on Tuesday, November 12th. The shipping company reported $6.50 earnings per share for the quarter, missing analysts’ consensus estimates of $6.86 by ($0.36). Danaos had a net margin of 56.16% and a return on equity of 16.68%. The company had revenue of $256.18 million for the quarter, compared to analyst estimates of $251.16 million. During the same quarter in the prior year, the business earned $7.26 earnings per share. Sell-side analysts anticipate that Danaos will post 27.56 earnings per share for the current year.

Danaos Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 4th. Shareholders of record on Monday, November 25th will be given a dividend of $0.85 per share. The ex-dividend date of this dividend is Monday, November 25th. This is a boost from Danaos’s previous quarterly dividend of $0.80. This represents a $3.40 dividend on an annualized basis and a dividend yield of 3.97%. Danaos’s dividend payout ratio (DPR) is currently 11.07%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. nVerses Capital LLC purchased a new position in shares of Danaos in the second quarter valued at approximately $37,000. Farther Finance Advisors LLC purchased a new position in shares of Danaos in the third quarter valued at approximately $53,000. Signaturefd LLC boosted its stake in shares of Danaos by 21.4% in the second quarter. Signaturefd LLC now owns 692 shares of the shipping company’s stock valued at $64,000 after purchasing an additional 122 shares during the period. Mather Group LLC. purchased a new position in shares of Danaos in the second quarter valued at approximately $76,000. Finally, Blue Trust Inc. boosted its stake in shares of Danaos by 7,620.0% in the second quarter. Blue Trust Inc. now owns 1,158 shares of the shipping company’s stock valued at $107,000 after purchasing an additional 1,143 shares during the period. Hedge funds and other 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.