Danaos (DAC) Lifted to “Hold” at Zacks Investment Research

Zacks Investment Research upgraded shares of Danaos (NYSE:DAC) from a sell rating to a hold rating in a research report report published on Wednesday.

According to Zacks, “Danaos Corporation is a leading international owner of containerships, chartering vessels to many of the world’s largest liner companies. Danaos was set up by Dimitri Coustas, an experienced shipping investor who had been active in the industry. Having consistently developed sea transport services throughout its history, Danaos has forged a reputation for high-quality operational support to liner companies and other charterers throughout the world. The Company currently have a fleet of containerships aggregating TEU, making us among the largest containership charter owners in the world. We charter our containerships to a geographically diverse group of liner companies, including most of the largest ones globally. Such customers include Maersk, COSCO, Hapag-Lloyd, CMA-CGM, Neptune Orient Lines, Yang Ming, China Shipping, Norasia Container Lines Ltd, Hyundai Merchant Marine Co., Wan-Hai Lines and Zim Israel Integrated Shipping Services Ltd. “

Several other research firms also recently weighed in on DAC. Jefferies Group reiterated a hold rating and set a $3.00 target price on shares of Danaos in a research report on Tuesday, October 24th. ValuEngine downgraded Danaos from a buy rating to a hold rating in a research report on Friday, September 1st. Four analysts have rated the stock with a hold rating and one has issued a buy rating to the company. The stock presently has an average rating of Hold and a consensus target price of $3.00.

Shares of Danaos (DAC) traded up $0.05 during midday trading on Wednesday, reaching $1.50. 13,527 shares of the company traded hands, compared to its average volume of 60,824. The company has a market capitalization of $159.21, a price-to-earnings ratio of -0.43 and a beta of 1.31. Danaos has a fifty-two week low of $1.25 and a fifty-two week high of $3.20.

Danaos (NYSE:DAC) last issued its quarterly earnings results on Monday, October 30th. The shipping company reported $0.27 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.23 by $0.04. The company had revenue of $113.59 million during the quarter, compared to the consensus estimate of $107.58 million. Danaos had a positive return on equity of 21.68% and a negative net margin of 85.72%. Danaos’s revenue was up 1.6% on a year-over-year basis. During the same period last year, the company earned $0.21 earnings per share. analysts predict that Danaos will post 0.74 EPS for the current fiscal year.

An institutional investor recently raised its position in Danaos stock. Neuberger Berman Group LLC increased its position in shares of Danaos Corporation (NYSE:DAC) by 4.7% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,810,713 shares of the shipping company’s stock after buying an additional 80,962 shares during the period. Neuberger Berman Group LLC owned about 1.65% of Danaos worth $2,535,000 at the end of the most recent quarter. Hedge funds and other institutional investors own 1.98% of the company’s stock.

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Danaos Company Profile

Danaos Corporation is a holding company and an international owner of containerships, chartering its vessels to a range of liner companies. The Company’s principal business is the acquisition and operation of vessels. The Company conducts its operations through the vessel owning companies, whose principal activity is the ownership and operation of containerships that are under the management of a related party of the company.

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