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

Drax Group plc (LON:DRX)’s stock price passed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of GBX 562.84 ($7.37) and traded as high as GBX 645.50 ($8.45). Drax Group shares last traded at GBX 628.50 ($8.23), with a volume of 590,548 shares changing hands.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the company. JPMorgan Chase & Co. reiterated an “overweight” rating on shares of Drax Group in a research note on Friday, July 5th. Jefferies Financial Group raised their target price on Drax Group from GBX 600 ($7.85) to GBX 750 ($9.82) and gave the stock a “buy” rating in a report on Monday, July 29th.

Drax Group Trading Down 2.1 %

The company has a quick ratio of 0.32, a current ratio of 1.26 and a debt-to-equity ratio of 63.77. The company’s 50-day moving average is GBX 644.79 and its 200 day moving average is GBX 562.84. The company has a market cap of £2.40 billion, a price-to-earnings ratio of 378.61, a price-to-earnings-growth ratio of 0.10 and a beta of 1.22.

Drax Group Cuts Dividend

The firm also recently announced a dividend, which will be paid on Friday, October 25th. Stockholders of record on Thursday, September 19th will be given a dividend of GBX 10.40 ($0.14) per share. This represents a dividend yield of 1.84%. The ex-dividend date of this dividend is Thursday, September 19th. Drax Group’s dividend payout ratio (DPR) is presently 1,445.78%.

Insider Buying and Selling

In other Drax Group news, insider Rob Shuter purchased 80,000 shares of the stock in a transaction on Wednesday, July 31st. The shares were bought at an average price of GBX 646 ($8.45) per share, for a total transaction of £516,800 ($676,351.26). 0.67% of the stock is currently owned by insiders.

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.