Drax Group Plc Price Target Cut to GBX 500 (DRX)
Stock analysts at Societe Generale lowered their price objective on shares of Drax Group Plc (LON:DRX) from GBX 630 ($10.60) to GBX 500 ($8.41) in a report issued on Friday. The firm currently has a “sell” rating on the stock. Societe Generale’s target price suggests a potential downside of 23.20% from the stock’s previous close.
Drax Group Plc (LON:DRX) traded down 0.08% on Friday, hitting GBX 651.00. 1,929,080 shares of the company’s stock traded hands. Drax Group Plc has a 52 week low of GBX 583.50 and a 52 week high of GBX 829.50. The stock has a 50-day moving average of GBX 677.3 and a 200-day moving average of GBX 715.2. The company’s market cap is £2.629 billion.
The company also recently announced a dividend, which is scheduled for Friday, October 10th. Investors of record on Wednesday, September 24th will be paid a dividend of GBX 4.70 ($0.08) per share. This represents a dividend yield of 0.67%. The ex-dividend date is Wednesday, September 24th.
A number of other analysts have also recently weighed in on DRX. Analysts at Deutsche Bank cut their price target on shares of Drax Group Plc from GBX 750 ($12.62) to GBX 700 ($11.78) in a research note on Monday, August 4th. They now have a “hold” rating on the stock. Separately, analysts at Investec reiterated a “buy” rating on shares of Drax Group Plc in a research note on Friday, August 1st. They now have a GBX 850 ($14.30) price target on the stock. Finally, analysts at Liberum Capital reiterated a “buy” rating on shares of Drax Group Plc in a research note on Tuesday, July 29th. They now have a GBX 760 ($12.79) price target on the stock. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. The company presently has an average rating of “Buy” and an average price target of GBX 802.17 ($13.50).
Drax Group plc is the holding company of the Drax group of companies. The Company is engaged in the generation and sale of electricity and by-products of the electricity generation process at Drax Power Station, Selby, North Yorkshire and the sale of electricity to business customers by Haven Power Limited (LON:DRX).
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