Credit Suisse Group Reaffirms “Outperform” Rating for Drax Group Plc (DRX)
Drax Group Plc (LON:DRX)‘s stock had its “outperform” rating reissued by investment analysts at Credit Suisse Group in a research report issued to clients and investors on Friday. They currently have a GBX 400 ($5.39) target price on the stock. Credit Suisse Group’s target price suggests a potential upside of 29.49% from the stock’s previous close.
Several other equities analysts also recently issued reports on DRX. Deutsche Bank AG reissued a “hold” rating and set a GBX 310 ($4.18) price objective on shares of Drax Group Plc in a research note on Monday, June 12th. Barclays PLC upped their price objective on shares of Drax Group Plc from GBX 410 ($5.53) to GBX 420 ($5.66) and gave the company an “overweight” rating in a research note on Monday, June 12th. Citigroup Inc. reissued a “buy” rating and set a GBX 391 ($5.27) price objective on shares of Drax Group Plc in a research note on Tuesday, June 13th. J P Morgan Chase & Co reissued an “overweight” rating and set a GBX 410 ($5.53) price objective on shares of Drax Group Plc in a research note on Friday, June 16th. Finally, Investec reissued a “buy” rating and set a GBX 420 ($5.66) price objective on shares of Drax Group Plc in a research note on Friday, June 23rd. One investment analyst has rated the stock with a sell rating, five have given a hold rating and eight have issued a buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of GBX 386.07 ($5.21).
Shares of Drax Group Plc (DRX) traded down 0.36% during mid-day trading on Friday, hitting GBX 307.80. 384,531 shares of the stock were exchanged. The company has a 50-day moving average of GBX 316.83 and a 200 day moving average of GBX 327.06. Drax Group Plc has a one year low of GBX 273.10 and a one year high of GBX 393.20. The stock’s market cap is GBX 1.25 billion.
In other Drax Group Plc news, insider David Nussbaum acquired 7,500 shares of the company’s stock in a transaction dated Friday, August 18th. The stock was bought at an average price of GBX 315 ($4.25) per share, with a total value of £23,625 ($31,852.50).
About Drax Group Plc
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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