Drax Group (DRX) Hits New 1-Year Low After Analyst Downgrade

Drax Group plc (LON:DRX) shares hit a new 52-week low during mid-day trading on Wednesday after Deutsche Bank lowered their price target on the stock from GBX 310 to GBX 300. Deutsche Bank currently has a hold rating on the stock. Drax Group traded as low as GBX 256.40 ($3.45) and last traded at GBX 256.40 ($3.45), with a volume of 774270 shares changing hands. The stock had previously closed at GBX 256.40 ($3.45).

A number of other research analysts have also recently weighed in on DRX. HSBC dropped their price objective on shares of Drax Group from GBX 360 ($4.85) to GBX 290 ($3.90) and set a “hold” rating for the company in a research note on Monday. Credit Suisse Group reissued an “outperform” rating and set a GBX 400 ($5.38) price objective on shares of Drax Group in a research note on Friday, September 22nd. Citigroup reissued a “neutral” rating and set a GBX 310 ($4.17) price objective on shares of Drax Group in a research note on Friday, November 17th. Macquarie reissued a “neutral” rating and set a GBX 370 ($4.98) price objective on shares of Drax Group in a research note on Thursday, October 26th. Finally, J P Morgan Chase & Co reissued an “overweight” rating and set a GBX 390 ($5.25) price objective on shares of Drax Group in a research note on Tuesday, November 28th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and eight have issued a buy rating to the company’s stock. Drax Group presently has an average rating of “Hold” and an average price target of GBX 375.33 ($5.05).

In other news, insider Andy Koss bought 15,000 shares of the stock in a transaction on Tuesday, September 26th. The stock was purchased at an average cost of GBX 307 ($4.13) per share, with a total value of £46,050 ($61,978.47).

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Drax Group Company Profile

Drax Group Plc is engaged in the electricity generation; electricity supply to business customers, and manufacturing of sustainable compressed wood pellets for use in electricity production. The Company’s segments include Generation, which is engaged in the generation of electricity at Drax Power Station; Biomass Supply, which is engaged in the production of sustainable compressed wood pellets at its processing facilities in the United States, and Retail, which is engaged in the supply of power to business customers and wood pellets to the domestic heat market.

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