Drax Group Plc with ticker (LON:DRX) now has a potential upside of 53.3% according to JP Morgan.
JP Morgan set a target price of 940 GBX for the company, which when compared to the Drax Group Plc share price of 613 GBX at opening today (21/04/2023) indicates a potential upside of 53.3%. Trading has ranged between 467 (52 week low) and 845 (52 week high) with an average of 1,635,164 shares exchanging hands daily. The market capitalisation at the time of writing is £2,548,573,167.
Drax Group PLC is a United Kingdom-based renewable energy generator. The Company operates a portfolio of renewable biomass and hydro assets to provide renewable and low-carbon generation and system support services. It operates through three segments: Generation, Customers and Pellet Production. The Generation segment includes its power generation activities in the United Kingdom (UK). The Customers segment is engaged in the supply of electricity and gas to business customers in the UK. The Pellet Production segment is engaged in the production of sustainable compressed wood pellets at its processing facilities in the United States (US). The Customers segment supplies renewable electricity to businesses through Haven Power and Opus Energy. Haven Power supplies and manages electricity for industrial and commercial sector customers, as well as small businesses. Opus Energy provides a market for excess power from energy sources, such as wind, solar, hydro and anaerobic digestion.
Drax Group Plc 53.3% 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.
