Drax Group Plc (LON:DRX) Increases Dividend to GBX 4.90 Per Share
Drax Group Plc (LON:DRX) announced a dividend on Wednesday, July 19th, Upcoming.Co.Uk reports. Investors of record on Thursday, September 21st will be given a dividend of GBX 4.90 ($0.06) per share on Friday, October 6th. This represents a dividend yield of 1.47%. The ex-dividend date of this dividend is Thursday, September 21st. This is a positive change from Drax Group Plc’s previous dividend of $0.40. The official announcement can be accessed at this link.
Drax Group Plc (DRX) traded down 3.56% during midday trading on Wednesday, hitting GBX 333.20. The company had a trading volume of 2,945,239 shares. The firm has a 50-day moving average price of GBX 339.90 and a 200-day moving average price of GBX 343.35. The company’s market cap is GBX 1.35 billion. Drax Group Plc has a 12 month low of GBX 273.10 and a 12 month high of GBX 393.20.
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A number of analysts have weighed in on the company. Citigroup Inc. reaffirmed a “buy” rating and set a GBX 391 ($5.11) price objective on shares of Drax Group Plc in a research report on Tuesday, June 13th. Deutsche Bank AG reissued a “hold” rating and issued a GBX 310 ($4.05) price target on shares of Drax Group Plc in a report on Monday, June 12th. Barclays PLC raised their price target on Drax Group Plc from GBX 410 ($5.35) to GBX 420 ($5.48) and gave the company an “overweight” rating in a report on Monday, June 12th. J P Morgan Chase & Co reissued an “overweight” rating and issued a GBX 400 ($5.22) price target on shares of Drax Group Plc in a report on Tuesday. Finally, Macquarie raised their price target on Drax Group Plc from GBX 350 ($4.57) to GBX 370 ($4.83) and gave the company a “neutral” rating in a report on Tuesday, June 27th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and seven have assigned a buy rating to the stock. Drax Group Plc currently has a consensus rating of “Hold” and an average target price of GBX 382.50 ($4.99).
Drax Group Plc 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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