Drax Group (LON:DRX) Share Price Crosses Above Two Hundred Day Moving Average – Here’s Why

Shares of Drax Group plc (LON:DRX) passed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of GBX 668.36 and traded as high as GBX 750. Drax Group shares last traded at GBX 749.50, with a volume of 1,892,916 shares.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on DRX. JPMorgan Chase & Co. began coverage on shares of Drax Group in a report on Friday, July 4th. They issued an “overweight” rating and a GBX 1,000 price objective on the stock. Citigroup upped their price objective on shares of 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’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of GBX 844.50.

Drax Group Stock Performance

The company has a market capitalization of £2.52 billion, a price-to-earnings ratio of 6.78, a price-to-earnings-growth 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 64.11. The stock’s fifty day simple moving average is GBX 692.46 and its 200-day simple moving average is GBX 668.36.

Drax Group (LON:DRX) 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 net margin of 9.42% and a return on equity of 31.63%. 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.