Danaos (DAC) Upgraded by Zacks Investment Research to Strong-Buy

Zacks Investment Research upgraded shares of Danaos (NYSE:DAC) from a hold rating to a strong-buy rating in a research report sent to investors on Wednesday. Zacks Investment Research currently has $1.25 target price on the shipping company’s stock.

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. “

Separately, ValuEngine lowered shares of Danaos from a hold rating to a sell rating in a research report on Monday, July 2nd.

Shares of Danaos stock traded down $0.05 during trading on Wednesday, hitting $1.15. 24,306 shares of the company’s stock were exchanged, compared to its average volume of 87,035. The company has a debt-to-equity ratio of 3.75, a current ratio of 0.75 and a quick ratio of 0.70. Danaos has a 52-week low of $1.05 and a 52-week high of $2.50. The stock has a market cap of $131.76 million, a PE ratio of 1.10 and a beta of 0.76.

Danaos (NYSE:DAC) last issued its earnings results on Monday, September 24th. The shipping company reported $0.27 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.23 by $0.04. The firm had revenue of $113.47 million during the quarter, compared to analysts’ expectations of $107.24 million. Danaos had a net margin of 14.58% and a return on equity of 21.49%. As a group, equities analysts expect that Danaos will post 0.7 EPS for the current year.

A hedge fund recently raised its stake in Danaos stock. Renaissance Technologies LLC boosted its position in shares of Danaos Co. (NYSE:DAC) by 183.1% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 91,864 shares of the shipping company’s stock after buying an additional 59,414 shares during the quarter. Renaissance Technologies LLC owned approximately 0.08% of Danaos worth $175,000 at the end of the most recent reporting period. 1.86% of the stock is owned by hedge funds and other institutional investors.

About Danaos

Danaos Corporation, together with its subsidiaries, owns and operates containerships in Australia, Asia, Europe, and the United States. The company offers seaborne transportation services, such as chartering its vessels to liner companies. As of February 28, 2018, it had a fleet of 55 containerships aggregating 327,616 twenty foot equivalent units.

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