Drax Group Plc with ticker (LON:DRX) now has a potential upside of 50.1% 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 506 GBX at opening today (29/12/2023) indicates a potential upside of 50.1%. Trading has ranged between 395 (52 week low) and 729 (52 week high) with an average of 1,126,874 shares exchanging hands daily. The market capitalisation at the time of writing is £1,883,498,877.
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 50.1% 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 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.
Drax has assumed commercial control of Hirwaun Power Station, the first of three 299MW OCGT plants it is developing in England and Wales to support flexible generation and system services.
Drax is positioning itself as a practical energy transition business, focused on reliability, affordability and cleaner power.
Drax has marked 60 years of Cruachan Power Station, highlighting the pumped storage hydro asset’s role in UK grid flexibility and future energy storage.
Drax has received its first UK biomass delivery from the Ultra Yorkshire as it strengthens supply security and targets lower shipping emissions.
Drax is planning solar generation at its Cruachan hydro site in Scotland, adding renewable capacity around an established flexible power asset.
