Credit Suisse Group reaffirmed their outperform rating on shares of Drax Group (LON:DRX) in a report issued on Friday, March 23rd. The brokerage currently has a GBX 350 ($5.01) target price on the stock.
Several other equities research analysts have also issued reports on DRX. JPMorgan Chase reissued an overweight rating and issued a GBX 390 ($5.58) price objective on shares of Drax Group in a research report on Tuesday, November 28th. HSBC dropped their price objective on shares of Drax Group from GBX 360 ($5.15) to GBX 290 ($4.15) and set a hold rating for the company in a research report on Monday, December 4th. Deutsche Bank dropped their price objective on shares of Drax Group from GBX 310 ($4.44) to GBX 300 ($4.30) and set a hold rating for the company in a research report on Wednesday, December 6th. Morgan Stanley lowered their price target on shares of Drax Group from GBX 330 ($4.73) to GBX 300 ($4.30) and set an equal weight rating for the company in a report on Wednesday, February 28th. Finally, Royal Bank of Canada reaffirmed an outperform rating and set a GBX 400 ($5.73) price target on shares of Drax Group in a report on Tuesday, February 27th. Six equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Drax Group presently has a consensus rating of Buy and an average target price of GBX 356.92 ($5.11).
DRX stock traded down GBX 2.20 ($0.03) on Friday, hitting GBX 301 ($4.31). 652,761 shares of the company were exchanged, compared to its average volume of 1,090,000. Drax Group has a twelve month low of GBX 218 ($3.12) and a twelve month high of GBX 368.70 ($5.28).
The business also recently disclosed a dividend, which will be paid on Friday, May 11th. Shareholders of record on Thursday, April 19th will be paid a dividend of GBX 7.40 ($0.11) per share. This represents a yield of 2.92%. This is an increase from Drax Group’s previous dividend of $4.90. The ex-dividend date of this dividend is Thursday, April 19th.
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Drax Group Company Profile
Drax Group Plc is engaged in the electricity generation; electricity supply to business customers, and manufacturing of sustainable compressed wood pellets for use in electricity production. The Company’s segments include Generation, which is engaged in the generation of electricity at Drax Power Station; Biomass Supply, which is engaged in the production of sustainable compressed wood pellets at its processing facilities in the United States, and Retail, which is engaged in the supply of power to business customers and wood pellets to the domestic heat market.
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