Drax Group Plc (DRX) Stock Rating Upgraded by Royal Bank Of Canada
Drax Group Plc (LON:DRX) was upgraded by research analysts at Royal Bank Of Canada to an “outperform” rating in a report released on Monday. The firm presently has a GBX 400 ($5.22) price objective on the stock, up from their previous price objective of GBX 340 ($4.44). Royal Bank Of Canada’s price objective suggests a potential upside of 24.42% from the company’s current price.
A number of other research firms have also commented on DRX. Citigroup Inc. reiterated a “buy” rating and issued a GBX 391 ($5.11) price objective on shares of Drax Group Plc in a research note on Tuesday, June 13th. Investec restated a “buy” rating and set a GBX 420 ($5.48) price target on shares of Drax Group Plc in a research note on Friday, June 23rd. J P Morgan Chase & Co restated an “overweight” rating and set a GBX 410 ($5.35) price target on shares of Drax Group Plc in a research note on Friday, June 16th. HSBC Holdings plc lowered their price target on Drax Group Plc from GBX 410 ($5.35) to GBX 340 ($4.44) and set a “hold” rating on the stock in a research note on Wednesday, March 29th. Finally, Credit Suisse Group lowered their price target on Drax Group Plc from GBX 425 ($5.55) to GBX 400 ($5.22) and set an “outperform” rating on the stock in a research note on Monday, March 27th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and eight have issued a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of GBX 386.07 ($5.04).
Drax Group Plc (LON:DRX) traded up 3.55% during midday trading on Monday, hitting GBX 326.90. The stock had a trading volume of 1,217,798 shares. Drax Group Plc has a 12-month low of GBX 273.10 and a 12-month high of GBX 393.20. The company’s 50-day moving average price is GBX 338.48 and its 200 day moving average price is GBX 343.02. The stock’s market cap is GBX 1.33 billion.
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’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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