Drax Group (LON:DRX) was upgraded by investment analysts at Credit Suisse Group to an “outperform” rating in a research note issued on Thursday, Stock Target Advisor reports. The firm currently has a GBX 305 ($4.01) price objective on the stock, down from their previous price objective of GBX 325 ($4.28). Credit Suisse Group’s target price indicates a potential upside of 52.20% from the stock’s previous close.
Several other analysts have also issued reports on the company. Barclays reduced their target price on Drax Group from GBX 535 ($7.04) to GBX 375 ($4.93) and set an “overweight” rating on the stock in a report on Tuesday, April 14th. Jefferies Financial Group reduced their target price on Drax Group from GBX 300 ($3.95) to GBX 290 ($3.81) and set a “hold” rating on the stock in a report on Thursday, March 5th. JPMorgan Chase & Co. reduced their target price on Drax Group from GBX 400 ($5.26) to GBX 360 ($4.74) and set an “overweight” rating on the stock in a report on Thursday, May 14th. Royal Bank of Canada increased their target price on Drax Group from GBX 330 ($4.34) to GBX 340 ($4.47) and gave the stock an “outperform” rating in a report on Thursday, April 23rd. Finally, HSBC reduced their target price on Drax Group from GBX 375 ($4.93) to GBX 310 ($4.08) and set a “buy” rating on the stock in a report on Thursday, April 23rd. Four investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Drax Group presently has a consensus rating of “Buy” and an average target price of GBX 323.78 ($4.26).
DRX stock opened at GBX 200.40 ($2.64) on Thursday. The company has a debt-to-equity ratio of 74.48, a current ratio of 1.28 and a quick ratio of 0.73. The stock has a market capitalization of $795.05 million and a price-to-earnings ratio of 2,004.00. The business’s fifty day moving average price is GBX 196.02 and its two-hundred day moving average price is GBX 253.43. Drax Group has a fifty-two week low of GBX 118.90 ($1.56) and a fifty-two week high of GBX 364.60 ($4.80).
In other Drax Group news, insider Andy Skelton acquired 50,824 shares of Drax Group stock in a transaction that occurred on Tuesday, March 31st. The shares were acquired at an average cost of GBX 157 ($2.07) per share, with a total value of £79,793.68 ($104,964.06). Also, insider Andy Koss acquired 16,147 shares of Drax Group stock in a transaction that occurred on Thursday, April 2nd. The stock was acquired at an average cost of £154 ($202.58) per share, for a total transaction of £2,486,638 ($3,271,031.31).
About Drax Group
Drax Group plc, together with its subsidiaries, engages in the generation and supply of electricity. The company operates through three segments: Power Generation, Pellet Production, and B2B Energy Supply. It produces low carbon and renewable electricity; and provides system support services to the grid from a portfolio of biomass, hydro, gas, and coal technologies.
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