Drax Group (LON:DRX) Shares Cross Above 200 Day Moving Average – What’s Next?

Drax Group plc (LON:DRX)’s stock price crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of GBX 762.82 and traded as high as GBX 907.50. Drax Group shares last traded at GBX 868.05, with a volume of 349,006,469 shares changing hands.

Wall Street Analyst Weigh In

Several research firms recently commented on DRX. Citigroup lifted their price objective on Drax Group from GBX 850 to GBX 923 and gave the stock a “buy” rating in a report on Thursday, February 12th. Jefferies Financial Group lifted their price target on shares of Drax Group from GBX 750 to GBX 1,120 and gave the stock a “buy” rating in a research note on Wednesday, January 7th. Finally, Royal Bank Of Canada reissued an “outperform” rating and set a GBX 950 price objective on shares of Drax Group in a report on Wednesday, November 5th. Four equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, Drax Group presently has a consensus rating of “Buy” and a consensus target price of GBX 998.25.

Drax Group Trading Up 0.5%

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 firm has a market capitalization of £2.94 billion, a PE ratio of 8.06, a PEG ratio of 0.10 and a beta of 1.22. The stock’s fifty day simple moving average is GBX 868.42 and its 200 day simple moving average is GBX 762.82.

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. The Customers segment supplies electricity and gas to non-domestic customers. The company owns and operates Drax Power Station located in Selby, North Yorkshire; Cruachan Power Station, a pumped storage hydro station, with an installed capacity of 440 megawatts (MW) located in Argyll and Bute; and Lanark and Galloway hydro-electric power stations with an installed capacity of 126 MW located in southwest Scotland.