Drax Group (LON:DRX) Share Price Crosses Above 200-Day Moving Average – What’s Next?

Drax Group plc (LON:DRX) shares crossed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of GBX 617.20 ($8.36) and traded as high as GBX 644.50 ($8.72). Drax Group shares last traded at GBX 640.50 ($8.67), with a volume of 810,092 shares trading hands.

Analysts Set New Price Targets

A number of research firms recently weighed in on DRX. Citigroup restated a “sell” rating and set a GBX 529 ($7.16) target price on shares of Drax Group in a research note on Tuesday, February 11th. JPMorgan Chase & Co. lifted their target price on shares of Drax Group from GBX 850 ($11.51) to GBX 900 ($12.18) and gave the company an “overweight” rating in a research note on Tuesday, February 11th.

Drax Group Stock Performance

The firm has a market cap of £2.35 billion, a PE ratio of 3.80, a PEG ratio of 0.10 and a beta of 1.22. The company has a current ratio of 1.26, a quick ratio of 0.32 and a debt-to-equity ratio of 64.11. The firm’s 50 day simple moving average is GBX 591.98 and its 200 day simple moving average is GBX 617.20.

Drax Group (LON:DRX) last announced its quarterly earnings results on Thursday, February 27th. The company reported GBX 128.40 ($1.74) EPS for the quarter. Drax Group had a net margin of 9.42% and a return on equity of 31.63%. On average, research analysts forecast that Drax Group plc will post 97.4732006 EPS for the current fiscal year.

Drax Group Increases Dividend

The business also recently declared a dividend, which was paid on Friday, May 16th. Shareholders of record on Thursday, April 24th were paid a GBX 15.60 ($0.21) dividend. The ex-dividend date of this dividend was Thursday, April 24th. This represents a yield of 2.7%. This is a boost from Drax Group’s previous dividend of $10.40. Drax Group’s payout ratio is presently 14.24%.

Insiders Place Their Bets

In other news, insider Will Gardiner sold 114,917 shares of the company’s stock in a transaction dated Wednesday, March 19th. The shares were sold at an average price of GBX 574 ($7.77), for a total transaction of £659,623.58 ($892,951.92). Corporate insiders own 0.67% of the company’s stock.

Drax Group Company Profile

Drax Group plc, together with its subsidiaries, engages in renewable power generation in the United Kingdom. It operates through three segments: Pellet Production, Generation, and Customers. The Pellet Production segment produces and sells biomass pellets. The Generation segment provides renewable, dispatchable power, and system support services to the electricity grid.