Drax Group Plc (DRX) Price Target Lowered to GBX 400 at Credit Suisse Group AG

Drax Group Plc (LON:DRX) had its target price cut by analysts at Credit Suisse Group AG from GBX 425 ($5.34) to GBX 400 ($5.03) in a research report issued to clients and investors on Monday. The firm currently has an “outperform” rating on the stock. Credit Suisse Group AG’s price objective would suggest a potential upside of 21.95% from the company’s previous close.

Several other equities analysts have also commented on the stock. Societe Generale raised shares of Drax Group Plc to a “buy” rating and raised their target price for the company from GBX 270 ($3.39) to GBX 415 ($5.22) in a report on Monday, December 19th. Morgan Stanley lowered shares of Drax Group Plc to an “underweight” rating and lifted their price target for the company from GBX 310 ($3.90) to GBX 325 ($4.08) in a report on Friday, February 24th. Investec lowered shares of Drax Group Plc to a “hold” rating and lifted their price target for the company from GBX 370 ($4.65) to GBX 400 ($5.03) in a report on Friday, January 13th. BNP Paribas reaffirmed a “neutral” rating and set a GBX 340 ($4.27) price target on shares of Drax Group Plc in a report on Tuesday, November 29th. Finally, S&P Global Inc lowered shares of Drax Group Plc to a “buy” rating and lifted their price target for the company from GBX 380 ($4.78) to GBX 430 ($5.40) in a report on Tuesday, January 24th. Three research analysts have rated the stock with a sell rating, six have given a hold rating and four have given a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of GBX 366.79 ($4.61).

Analyst Recommendations for Drax Group Plc (LON:DRX)

Shares of Drax Group Plc (LON:DRX) traded down 1.15% during midday trading on Monday, reaching GBX 328.00. 971,462 shares of the company’s stock traded hands. Drax Group Plc has a 52-week low of GBX 259.10 and a 52-week high of GBX 393.20. The stock has a 50-day moving average price of GBX 350.19 and a 200-day moving average price of GBX 333.74. The stock’s market cap is GBX 1.33 billion.

The business also recently announced a dividend, which will be paid on Friday, May 12th. Investors of record on Thursday, April 20th will be given a dividend of GBX 0.40 ($0.01) per share. The ex-dividend date is Thursday, April 20th. This represents a dividend yield of 0.11%.

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In related news, insider Andy Koss sold 2,643 shares of the business’s stock in a transaction on Tuesday, March 14th. The shares were sold at an average price of GBX 338 ($4.25), for a total transaction of £8,933.34 ($11,227.02).

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 operates through three segments: 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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