Drax Group Plc with ticker (LON:DRX) now has a potential upside of 48.4% according to JP Morgan.
JP Morgan set a target price of 760 GBX for the company, which when compared to the Drax Group Plc share price of 512 GBX at opening today (31/01/2024) indicates a potential upside of 48.4%. Trading has ranged between 395 (52 week low) and 695 (52 week high) with an average of 1,604,509 shares exchanging hands daily. The market capitalisation at the time of writing is £1,949,481,159.
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 48.4% potential upside indicated by JP Morgan
- Written by: Charlotte Edwards
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Drax Group and Power Minerals have launched a 20-year joint venture to transform pulverised fuel ash into sustainable cement, reducing carbon emissions in construction.
Drax Bidco announces a strategic cash acquisition of Harmony Energy Income Trust, enhancing its battery energy storage assets and expanding market operations significantly.
The company secured an estimated £24 million in additional revenue for its hydro and pumped storage assets for FY28 and FY29, further cementing its role as a key player in sustainable energy solutions.
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Drax Group plc has secured provisional agreements for 434MW of capacity from its pumped storage and hydro assets, generating significant future revenue.
With its diverse portfolio of renewable and flexible generation assets.
