Drax Group (LON:DRX) Stock Passes Above Two Hundred Day Moving Average of $558.32

Drax Group plc (LON:DRX)’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.

Drax Group Stock Down 1.7 %

The firm has a market capitalization of £2.40 billion, a price-to-earnings ratio of 378.92, a price-to-earnings-growth ratio of 0.10 and a beta of 1.22. The company has a debt-to-equity ratio of 63.77, a current ratio of 1.26 and a quick ratio of 0.32. The business has a fifty day moving average price of GBX 640.49 and a two-hundred day moving average price of GBX 559.57.

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.