Drax Group (LON:DRX) Shares Down 7.1%

Drax Group plc (LON:DRX)’s stock price fell 7.1% during trading on Thursday . The company traded as low as GBX 506 ($6.43) and last traded at GBX 515.50 ($6.55). 6,001,331 shares traded hands during trading, an increase of 283% from the average session volume of 1,565,491 shares. The stock had previously closed at GBX 555 ($7.05).

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. Royal Bank of Canada reduced their price objective on Drax Group from GBX 1,200 ($15.25) to GBX 1,100 ($13.98) and set an “outperform” rating for the company in a research note on Wednesday, February 21st. Citigroup reiterated a “sell” rating and issued a GBX 434 ($5.52) price target on shares of Drax Group in a research report on Wednesday, April 3rd.

Drax Group Stock Performance

The firm’s 50-day simple moving average is GBX 511.05 and its two-hundred day simple moving average is GBX 482.27. The company has a current ratio of 1.12, a quick ratio of 0.32 and a debt-to-equity ratio of 78.72. The stock has a market capitalization of £1.97 billion, a PE ratio of 396.43, a PEG ratio of 0.10 and a beta of 1.15.

Drax Group Increases Dividend

The firm also recently declared a dividend, which was paid on Friday, May 17th. Investors of record on Thursday, April 18th were given a dividend of GBX 13.90 ($0.18) per share. This represents a yield of 3.32%. This is a positive change from Drax Group’s previous dividend of $9.20. The ex-dividend date of this dividend was Thursday, April 18th. Drax Group’s payout ratio is presently 1,642.86%.

Insider Buying and Selling

In other news, insider Andy Skelton sold 15,869 shares of the company’s stock in a transaction dated Wednesday, April 3rd. The stock was sold at an average price of GBX 489 ($6.22), for a total value of £77,599.41 ($98,626.60). Company insiders own 0.68% of the company’s stock.

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.