Drax Group Plc with ticker (LON:DRX) now has a potential upside of 15.8% according to Jefferies.
DRX.L
Jefferies set a target price of 750 GBX for the company, which when compared to the Drax Group Plc share price of 648 GBX at opening today (13/08/2024) indicates a potential upside of 15.8%. Trading has ranged between 395 (52 week low) and 667 (52 week high) with an average of 1,486,704 shares exchanging hands daily. The market capitalisation at the time of writing is £2,531,251,261.
Drax Group PLC is a United Kingdom-based renewable energy company. The Company is engaged in renewable power generation, the production of sustainable biomass and the sale of renewable electricity to businesses. Its segments include Pellet Production, Generation, and Customers. The Pellet Production segment is engaged in the production and subsequent sale of biomass pellets at the Group’s processing facilities in North America. The Generation segment includes its power generation activities in the United Kingdom. The Customers segment is engaged in the supply of electricity and gas to non-domestic customers in the United Kingdom. It also operates a generation portfolio of sustainable biomass, hydro-electric and pumped hydro storage assets across four sites in England and Scotland. It also operates a bioenergy supply business with manufacturing facilities at 13 sites in the United States and Canada. It also offers installation and maintenance of electric vehicle (EV) charge points.
Drax Group Plc 15.8% potential upside indicated by Jefferies
- Written by: Charlotte Edwards
Find more news, interviews, share price & company profile here for:
Latest Company News
Drax is expanding its role in the UK power market with renewables, storage and flexible generation as demand patterns become more volatile.
Drax says the FCA has closed its investigation into historical biomass sourcing statements and annual report compliance without further action.
Britain’s move away from fossil fuel generation is increasing the value of flexible power assets as demand from AI, electrification and grid balancing grows.
Britain’s electricity market is moving towards cleaner generation, but the biggest investor opportunities may sit in grid access, flexibility, storage and demand management.
Drax is positioning biomass and flexible generation as increasingly relevant assets as power systems balance decarbonisation, reliability and rising demand.
Drax has agreed to acquire Bluefield Solar Income Fund in a recommended all-cash deal valuing BSIF’s issued share capital at about £548m, or £561m including a permitted dividend. The acquisition would expand Drax’s UK renewable generation portfolio across solar, wind and battery storage.
