By Michele Maatouk
Date: Wednesday 17 Jan 2024
LONDON (ShareCast) - (Sharecast News) - Citi downgraded Drax to 'sell' on Wednesday as it argued the shares have re-rated "unjustifiably" on the hope of further government support - a view the bank does not share before the general election.
"This appears even more unsustainable economically given cost of biomass, against the backdrop of falling power prices," Citi said.
"With nuclear life extensions and new build gas capacity on the horizon, the argument for Drax to receive further subsidies to support reserve margins is becoming less compelling."
The bank also sees downside risk from the ongoing National Audit Office and Ofgem investigations.
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Currency | UK Pounds |
Share Price | 533.50p |
Change Today | 6.00p |
% Change | 1.14 % |
52 Week High | 635.00 |
52 Week Low | 401.50 |
Volume | 765,864 |
Shares Issued | 386.70m |
Market Cap | £2,063.05m |
RiskGrade | 140 |
Value |
---|
Price Trend |
---|
Income |
---|
Growth |
---|
Strong Buy | 2 |
Buy | 3 |
Neutral | 2 |
Sell | 0 |
Strong Sell | 1 |
Total | 8 |
Latest | Previous | |
---|---|---|
Final | Interim | |
Ex-Div | 18-Apr-24 | 24-Aug-23 |
Paid | 17-May-24 | 06-Oct-23 |
Amount | 13.90p | 9.20p |
Time | Volume / Share Price |
15:22 | 8 @ 531.00p |
15:06 | 1 @ 533.00p |
15:05 | 2 @ 531.50p |
16:43 | 62,125 @ 546.56p |
16:36 | 42,556 @ 533.49p |
CEO | Will Gardiner |
CFO | Andy Skelton |
Chair | Andrea Bertone |
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