Drax Group (LON:DRX) Hits New 52-Week High – What’s Next?

Shares of Drax Group plc (LON:DRX) hit a new 52-week high during trading on Tuesday . The stock traded as high as GBX 858 and last traded at GBX 857.50, with a volume of 1785591 shares. The stock had previously closed at GBX 849.50.

Analyst Upgrades and Downgrades

DRX has been the subject of several research reports. Royal Bank Of Canada reissued an “outperform” rating and issued a GBX 950 target price on shares of Drax Group in a research report on Wednesday, November 5th. Citigroup raised Drax Group to a “buy” rating and lifted their price objective for the company from GBX 689 to GBX 850 in a research note on Wednesday, December 3rd. Three investment analysts have rated the stock with a Buy rating, According to data from MarketBeat, Drax Group currently has an average rating of “Buy” and an average target price of GBX 933.33.

Drax Group Stock Performance

The stock has a market capitalization of £2.94 billion, a PE ratio of 8.00, a P/E/G ratio of 0.10 and a beta of 1.22. 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 firm’s 50 day moving average is GBX 767.52 and its two-hundred day moving average is GBX 716.63.

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. 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.