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

Shares of Drax Group plc (LON:DRX) crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of GBX 754.96 and traded as high as GBX 885. Drax Group shares last traded at GBX 880, with a volume of 679,048 shares trading hands.

Analysts Set New Price Targets

A number of brokerages have recently commented on DRX. Jefferies Financial Group raised their target price on shares of Drax Group from GBX 750 to GBX 1,120 and gave the stock a “buy” rating in a research report on Wednesday, January 7th. Royal Bank Of Canada reiterated an “outperform” rating and set a GBX 950 price objective on shares of Drax Group in a report on Wednesday, November 5th. Finally, Citigroup upgraded shares of Drax Group to a “buy” rating and upped their price target for the company from GBX 689 to GBX 850 in a research note on Wednesday, December 3rd. Four analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of GBX 980.

Drax Group Stock Down 0.3%

The company has a debt-to-equity ratio of 64.11, a quick ratio of 0.32 and a current ratio of 1.26. The business has a 50-day moving average of GBX 854.09 and a 200-day moving average of GBX 754.96. The stock has a market capitalization of £2.98 billion, a price-to-earnings ratio of 8.17, a P/E/G ratio of 0.10 and a beta of 1.22.

About Drax Group

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. The Customers segment supplies electricity and gas to non-domestic customers. The company owns and operates Drax Power Station located in Selby, North Yorkshire; Cruachan Power Station, a pumped storage hydro station, with an installed capacity of 440 megawatts (MW) located in Argyll and Bute; and Lanark and Galloway hydro-electric power stations with an installed capacity of 126 MW located in southwest Scotland.