Drax Group (DRX) Given “Outperform” Rating at Credit Suisse Group
Credit Suisse Group restated their outperform rating on shares of Drax Group (LON:DRX) in a research report sent to investors on Friday morning. The firm currently has a GBX 350 ($4.84) target price on the stock.
Other equities research analysts have also recently issued reports about the company. Morgan Stanley cut their target price on Drax Group from GBX 330 ($4.56) to GBX 300 ($4.14) and set an equal weight rating for the company in a research note on Wednesday, February 28th. Deutsche Bank cut their target price on Drax Group from GBX 310 ($4.28) to GBX 300 ($4.14) and set a hold rating for the company in a research note on Wednesday, December 6th. HSBC cut their target price on Drax Group from GBX 360 ($4.97) to GBX 290 ($4.01) and set a hold rating for the company in a research note on Monday, December 4th. Citigroup restated a neutral rating and set a GBX 310 ($4.28) target price on shares of Drax Group in a research note on Friday, November 17th. Finally, Royal Bank of Canada restated an outperform rating and set a GBX 400 ($5.53) target price on shares of Drax Group in a research note on Tuesday, February 27th. Six equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Drax Group has a consensus rating of Buy and an average target price of GBX 359.23 ($4.96).
Drax Group (DRX) traded up GBX 8.20 ($0.11) during midday trading on Friday, reaching GBX 272.20 ($3.76). The company’s stock had a trading volume of 799,765 shares, compared to its average volume of 857,153. Drax Group has a 12-month low of GBX 218 ($3.01) and a 12-month high of GBX 368.70 ($5.09). The company has a market capitalization of $1,100.00 and a PE ratio of -735.68.
The company also recently declared a dividend, which will be paid on Friday, May 11th. Stockholders of record on Thursday, April 19th will be paid a GBX 7.40 ($0.10) dividend. This represents a dividend yield of 2.92%. This is a boost 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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