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

Key Points

• Drax Group's shares surged above their 200-day moving average during recent trading, reaching a price of GBX 649.73 ($8.78) with significant trading volume.
• Analysts have adjusted price targets for the stock, with Citigroup raising it to GBX 689 and JPMorgan initiating coverage with a target of GBX 1,000.
• The company reported earnings of GBX 65.60 per share for the last quarter and has an average forecast EPS of approximately 97.47 for the current fiscal year.

Shares of Drax Group plc (LON:DRX - Get Free Report) passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of GBX 637.10 ($8.60) and traded as high as GBX 656 ($8.86). Drax Group shares last traded at GBX 649.73 ($8.78), with a volume of 86,032,836 shares traded.

Analysts Set New Price Targets

DRX has been the subject of several research reports. Citigroup upped 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. JPMorgan Chase & Co. initiated coverage on Drax Group in a report on Friday, July 4th. They issued an "overweight" rating and a GBX 1,000 target price for the company. One research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of GBX 844.50.

Drax Group Stock Up 1.2%

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 business has a 50 day moving average of GBX 684.97 and a two-hundred day moving average of GBX 637.10. The stock has a market capitalization of £2.27 billion, a PE ratio of 603.27, a PEG ratio of 0.10 and a beta of 1.22.

Drax Group (LON:DRX - Get Free Report) last released its earnings results on Thursday, July 31st. The company reported GBX 65.60 earnings per share (EPS) for the quarter. Drax Group had a return on equity of 31.63% and a net margin of 9.42%. Analysts predict that Drax Group plc will post 97.4732006 EPS for the current year.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.