Royal Bank Of Canada Reaffirms Underperform Rating for Drax Group Plc (DRX)
Drax Group Plc (LON:DRX)‘s stock had its “underperform” rating restated by equities research analysts at Royal Bank Of Canada in a research note issued on Tuesday. They presently have a GBX 280 ($3.65) price target on the stock. Royal Bank Of Canada’s target price would suggest a potential downside of 6.82% from the company’s previous close.
DRX has been the topic of a number of other reports. Barclays PLC restated an “overweight” rating on shares of Drax Group Plc in a report on Friday, August 19th. Deutsche Bank AG reiterated a “hold” rating and set a GBX 250 ($3.26) price target on shares of Drax Group Plc in a report on Wednesday, July 20th. Jefferies Group downgraded Drax Group Plc to an “underperform” rating and lifted their price target for the company from GBX 210 ($2.74) to GBX 240 ($3.13) in a report on Thursday, September 22nd. Macquarie lifted their price target on Drax Group Plc from GBX 200 ($2.61) to GBX 313 ($4.09) and gave the company a “neutral” rating in a report on Monday, June 13th. Finally, Credit Suisse Group AG reiterated an “outperform” rating and set a GBX 415 ($5.42) price target on shares of Drax Group Plc in a report on Thursday, September 8th. Three analysts have rated the stock with a sell rating, eight have given a hold rating and four have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of GBX 288.81 ($3.77).
Drax Group Plc (LON:DRX) traded down 1.96% during midday trading on Tuesday, hitting GBX 300.50. The stock had a trading volume of 1,123,103 shares. The stock’s market cap is GBX 1.22 billion. The company’s 50-day moving average price is GBX 308.64 and its 200 day moving average price is GBX 311.17. Drax Group Plc has a 12-month low of GBX 205.10 and a 12-month high of GBX 363.90.
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The business also recently declared a dividend, which was paid on Friday, October 7th. Shareholders of record on Thursday, September 22nd were given a GBX 2.10 ($0.03) dividend. The ex-dividend date of this dividend was Thursday, September 22nd. This represents a dividend yield of 0.61%. This is a boost from Drax Group Plc’s previous dividend of $0.60.
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 operates through three segments: 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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