Drax Group Plc with ticker (LON:DRX) now has a potential upside of 42.7% according to JP Morgan Cazenove.
JP Morgan Cazenove set a target price of 760 GBX for the company, which when compared to the Drax Group Plc share price of 533 GBX at opening today (12/01/2024) indicates a potential upside of 42.7%. Trading has ranged between 395 (52 week low) and 695 (52 week high) with an average of 1,227,235 shares exchanging hands daily. The market capitalisation at the time of writing is £1,979,485,481.
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 42.7% potential upside indicated by JP Morgan Cazenove
- Written by: Charlotte Edwards
Find more news, interviews, share price & company profile here for:
Latest Company News
Drax says the next phase of the energy transition will depend increasingly on optimisation, with smarter management of generation, storage and flexible assets helping to keep electricity systems reliable as renewable capacity grows.
Drax highlights grid optimisation as renewable growth increases the need for flexible, reliable and better-managed electricity systems.
Drax highlights battery storage as a practical way to reduce renewable energy waste, support grid stability and improve the efficiency of the UK power system.
Scotland’s combination of renewable resources, storage capacity and infrastructure investment is strengthening its role in the UK energy transition and attracting long-term capital.
Drax’s award-winning partnership with Energy Sparks is helping schools cut energy bills, reduce emissions and build climate awareness through practical energy efficiency support.
Drax is expanding its role in the UK power market with renewables, storage and flexible generation as demand patterns become more volatile.
