Drax Group Plc’s (DRX) Outperform Rating Reiterated at Credit Suisse Group
Drax Group Plc (LON:DRX)‘s stock had its “outperform” rating reaffirmed by investment analysts at Credit Suisse Group in a note issued to investors on Friday. They currently have a GBX 400 ($5.39) target price on the stock. Credit Suisse Group’s price objective points to a potential upside of 29.49% from the company’s current price.
A number of other brokerages have also recently commented on DRX. Citigroup Inc. reiterated a “buy” rating and issued a GBX 391 ($5.27) target price on shares of Drax Group Plc in a research report on Tuesday, June 13th. Investec reiterated a “buy” rating and issued a GBX 420 ($5.66) target price on shares of Drax Group Plc in a research report on Friday, June 23rd. Deutsche Bank AG reiterated a “hold” rating and issued a GBX 310 ($4.18) target price on shares of Drax Group Plc in a research report on Tuesday, July 18th. HSBC Holdings plc increased their target price on shares of Drax Group Plc from GBX 340 ($4.58) to GBX 360 ($4.85) and gave the company a “hold” rating in a research report on Thursday, June 29th. Finally, BNP Paribas reiterated a “neutral” rating and issued a GBX 400 ($5.39) target price on shares of Drax Group Plc in a research report on Thursday, July 20th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and eight have assigned a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of GBX 386.07 ($5.21).
Shares of Drax Group Plc (LON:DRX) traded down 0.23% during trading on Friday, hitting GBX 308.20. 816,076 shares of the company’s stock were exchanged. The company’s market cap is GBX 1.25 billion. Drax Group Plc has a 12-month low of GBX 273.10 and a 12-month high of GBX 393.20. The company has a 50-day moving average of GBX 316.83 and a 200-day moving average of GBX 327.06.
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In related news, insider David Nussbaum bought 7,500 shares of the stock in a transaction on Friday, August 18th. The stock was bought at an average price of GBX 315 ($4.25) per share, with a total value of £23,625 ($31,852.50).
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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