Drax Group (LON:DRX) Share Price Crosses Above Two Hundred Day Moving Average - Here's What Happened

Drax Group plc (LON:DRX - Get Free Report)'s stock price crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-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 changing hands.

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Wall Street Analyst Weigh In

A number of brokerages recently weighed in on DRX. Jefferies Financial Group boosted their price objective on shares of 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 report on Friday, July 5th.

View Our Latest Stock Report on DRX

Drax Group Trading Up 0.3 %

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 market cap of £2.53 billion, a P/E ratio of 399.70, a P/E/G ratio of 0.10 and a beta of 1.22. The business's 50-day moving average is GBX 646.03 and its two-hundred day moving average is GBX 570.70.

Drax Group Cuts Dividend

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

Insiders Place Their Bets

In other news, insider Rob Shuter bought 80,000 shares of the firm's stock in a transaction on Wednesday, July 31st. The stock was purchased at an average price of GBX 646 ($8.44) per share, for a total transaction of £516,800 ($674,849.83). 0.67% of the stock is owned by insiders.

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About Drax Group

(Get Free Report)

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.

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