Drax Group plc (LON:DRX – Get Free Report)’s share price passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of GBX 558.32 ($7.47) and traded as high as GBX 650 ($8.69). Drax Group shares last traded at GBX 644.50 ($8.62), with a volume of 1,223,604 shares traded.
Wall Street Analyst Weigh In
Several brokerages recently issued reports on DRX. JPMorgan Chase & Co. reaffirmed an “overweight” rating on shares of Drax Group in a research report on Friday, July 5th. Jefferies Financial Group boosted their target price on shares of Drax Group from GBX 600 ($8.03) to GBX 750 ($10.03) and gave the stock a “buy” rating in a research report on Monday, July 29th.
Get Our Latest Stock Analysis on DRX
Drax Group Stock Down 1.7 %
Drax Group Cuts Dividend
The firm also recently declared a dividend, which will be paid on Friday, October 25th. Shareholders of record on Thursday, September 19th will be given a dividend of GBX 10.40 ($0.14) per share. This represents a yield of 1.84%. The ex-dividend date is Thursday, September 19th. Drax Group’s dividend payout ratio is presently 1,445.78%.
Insider Activity
In other Drax Group news, insider Rob Shuter bought 80,000 shares of Drax Group stock in a transaction that occurred on Wednesday, July 31st. The stock was purchased at an average price of GBX 646 ($8.64) per share, with a total value of £516,800 ($691,278.76). 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.
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