Sanford C. Bernstein Reiterates “Underperform” Rating for Drax Group Plc (DRX)
Drax Group Plc (LON:DRX)‘s stock had its “underperform” rating restated by equities research analysts at Sanford C. Bernstein in a research note issued to investors on Thursday. They currently have a GBX 550 ($9.10) price objective on the stock. Sanford C. Bernstein’s target price indicates a potential downside of 13.79% from the company’s current price.
Drax Group Plc (LON:DRX) opened at 624.50 on Thursday. Drax Group Plc has a one year low of GBX 583.50 and a one year high of GBX 829.50. The stock has a 50-day moving average of GBX 672.2 and a 200-day moving average of GBX 699.2. The company’s market cap is £2.522 billion.
The company also recently announced a dividend, which is scheduled for Friday, October 10th. Shareholders 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.
DRX has been the subject of a number of other recent research reports. Analysts at RBC Capital reiterated an “outperform” rating on shares of Drax Group Plc in a research note on Tuesday. They now have a GBX 750 ($12.41) price target on the stock. Finally, analysts at Credit Suisse cut their price target on shares of Drax Group Plc from GBX 805 ($13.32) to GBX 750 ($12.41) in a research note on Friday, August 8th. They now have an “outperform” rating on the stock. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of GBX 791.06 ($13.09).
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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