Drax Group (LON:DRX) Shares Pass Above 200-Day Moving Average - Here's Why

Key Points

• Drax Group's stock price has recently surpassed its 200-day moving average, reaching GBX 684.91 ($9.26) on Tuesday, with trading volumes of 503,195 shares.
• Analysts from JPMorgan have rated Drax Group as "overweight"** with a price target of GBX 1,000, while Citigroup has set a target of GBX 689 and a "neutral" rating.
• The company reported a return on equity of 31.63% and anticipates an earnings per share of approximately 97.47 for the current fiscal year.

Drax Group plc (LON:DRX - Get Free Report)'s stock price crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of GBX 642.13 ($8.68) and traded as high as GBX 690 ($9.33). Drax Group shares last traded at GBX 684.91 ($9.26), with a volume of 503,195 shares trading hands.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on DRX shares. JPMorgan Chase & Co. started coverage on Drax Group in a research note on Friday, July 4th. They set an "overweight" rating and a GBX 1,000 price objective for the company. Citigroup lifted their target price on Drax Group from GBX 682 to GBX 689 and gave the stock a "neutral" rating in a report on Wednesday, August 6th. One equities research analyst has rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of GBX 844.50.

Drax Group Stock Up 0.3%

The company has a quick ratio of 0.32, a current ratio of 1.26 and a debt-to-equity ratio of 64.11. The company has a market cap of £2.39 billion, a P/E ratio of 638.35, a price-to-earnings-growth ratio of 0.10 and a beta of 1.22. The company has a fifty day moving average of GBX 681.09 and a 200 day moving average of GBX 642.13.

Drax Group (LON:DRX - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The company reported GBX 65.60 EPS for the quarter. Drax Group had a return on equity of 31.63% and a net margin of 9.42%. On average, research analysts anticipate that Drax Group plc will post 97.4732006 earnings per share for the current fiscal year.

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.

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