Drax Group Initiates Fourth Tranche of Share Buyback Programme

Drax Group plc ( (GB:DRX) ) just unveiled an update.

Drax Group plc has announced the commencement of the fourth tranche of its share buyback programme, with a maximum consideration of £75 million. This initiative aims to reduce the company’s share capital by purchasing ordinary shares in the open market, which will be held in treasury pending cancellation or re-issue. The programme is conducted through an agreement with J.P. Morgan Securities plc, ensuring independent trading decisions. While the programme aligns with regulatory guidelines, there is no guarantee of its full implementation.

The most recent analyst rating on (GB:DRX) stock is a Buy with a £7.50 price target. To see the full list of analyst forecasts on Drax Group plc stock, see the GB:DRX Stock Forecast page.

Spark’s Take on GB:DRX Stock

According to Spark, TipRanks’ AI Analyst, GB:DRX is a Outperform.

Drax Group plc has a strong overall outlook supported by attractive valuation and robust financial performance. Technical indicators show positive momentum, while strategic initiatives enhance long-term prospects. Regulatory and project execution risks are areas to watch.

To see Spark’s full report on GB:DRX stock, click here.

More about Drax Group plc

Drax Group plc operates in the energy sector, primarily focusing on renewable energy generation and biomass production. The company is known for its efforts in reducing carbon emissions and transitioning to sustainable energy solutions.

Average Trading Volume: 1,615,776

Technical Sentiment Signal: Strong Buy

Current Market Cap: £2.34B

Learn more about DRX stock on TipRanks’ Stock Analysis page.