Drax Group (LON:DRX) Shares Pass Above Two Hundred Day Moving Average – Here’s Why

Drax Group plc (LON:DRX) shares crossed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of GBX 569.58 ($7.44) and traded as high as GBX 661.50 ($8.64). Drax Group shares last traded at GBX 661.50 ($8.64), with a volume of 745,512 shares.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on DRX. Jefferies Financial Group lifted their target price on Drax Group from GBX 600 ($7.83) to GBX 750 ($9.79) and gave the company a “buy” rating in a research report on Monday, July 29th. JPMorgan Chase & Co. reaffirmed an “overweight” rating on shares of Drax Group in a research note on Friday, July 5th.

Drax Group Stock Down 0.5 %

The firm has a market cap of £2.51 billion, a PE ratio of 397.59, a PEG ratio of 0.10 and a beta of 1.22. The company has a current ratio of 1.26, a quick ratio of 0.32 and a debt-to-equity ratio of 63.77. The firm has a 50 day moving average price of GBX 646.27 and a 200-day moving average price of GBX 571.80.

Drax Group Cuts Dividend

The company also recently declared a dividend, which will be paid on Friday, October 25th. Investors of record on Thursday, September 19th will be paid a GBX 10.40 ($0.14) dividend. The ex-dividend date is Thursday, September 19th. This represents a yield of 1.84%. Drax Group’s dividend payout ratio is currently 1,445.78%.

Insider Buying and Selling at Drax Group

In other Drax Group news, insider Rob Shuter purchased 80,000 shares of the business’s stock in a transaction on Wednesday, July 31st. The shares were bought at an average cost of GBX 646 ($8.44) per share, for a total transaction of £516,800 ($674,849.83). Insiders own 0.67% of the company’s stock.

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.