Drax Group Plc Rating Lowered to Underperform at Sanford C. Bernstein (DRX)
Drax Group Plc (LON:DRX) was downgraded by equities research analysts at Sanford C. Bernstein to an “underperform” rating in a research note issued to investors on Thursday. They currently have a GBX 550 ($9.23) price target on the stock. Sanford C. Bernstein’s price target would suggest a potential downside of 14.66% from the stock’s previous close.
Drax Group Plc (LON:DRX) opened at 635.50 on Thursday. 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 677.6 and a 200-day moving average of GBX 710.. The company’s market cap is £2.567 billion.
The company also recently declared a dividend, which is scheduled for Friday, October 10th. Shareholders of record on Wednesday, September 24th will be given a dividend of GBX 4.70 ($0.08) per share. This represents a yield of 0.67%. The ex-dividend date of this dividend is Wednesday, September 24th.
A number of other firms have also recently commented on DRX. Analysts at Credit Suisse cut their price target on shares of Drax Group Plc from GBX 805 ($13.50) to GBX 750 ($12.58) in a research note on Friday, August 8th. They now have an “outperform” rating on the stock. Separately, analysts at Societe Generale cut their price target on shares of Drax Group Plc from GBX 630 ($10.57) to GBX 500 ($8.39) in a research note on Friday, August 8th. They now have a “sell” rating on the stock. Finally, analysts at Deutsche Bank cut their price target on shares of Drax Group Plc from GBX 750 ($12.58) to GBX 700 ($11.74) in a research note on Monday, August 4th. They now have a “hold” rating on the stock. Two research analysts have rated the stock with a sell rating, three have given a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of GBX 792.72 ($13.30).
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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