Diversified Energy (NYSE:DEC) Trading 4.8% Higher – Here’s Why

Shares of Diversified Energy Company PLC (NYSE:DEC) were up 4.8% on Thursday . The stock traded as high as $14.05 and last traded at $14.01. Approximately 258,654 shares changed hands during trading, a decline of 2% from the average daily volume of 263,960 shares. The stock had previously closed at $13.37.

Wall Street Analysts Forecast Growth

DEC has been the subject of several research analyst reports. KeyCorp started coverage on shares of Diversified Energy in a research report on Wednesday, August 28th. They issued an “overweight” rating and a $18.00 target price for the company. Truist Financial lowered their price objective on Diversified Energy from $20.00 to $19.00 and set a “buy” rating for the company in a report on Monday, September 30th.

Diversified Energy Stock Up 1.4 %

The business’s fifty day simple moving average is $11.90 and its 200 day simple moving average is $13.34.

Diversified Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, February 28th will be given a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a dividend yield of 8.08%. The ex-dividend date is Friday, February 28th.

Institutional Trading of Diversified Energy

Several hedge funds have recently made changes to their positions in DEC. M&G PLC increased its stake in shares of Diversified Energy by 5.1% in the third quarter. M&G PLC now owns 1,803,398 shares of the company’s stock valued at $20,523,000 after purchasing an additional 87,775 shares during the period. Jupiter Asset Management Ltd. raised its stake in Diversified Energy by 77.5% during the 2nd quarter. Jupiter Asset Management Ltd. now owns 2,634,877 shares of the company’s stock valued at $34,973,000 after purchasing an additional 1,150,794 shares during the period. M&G Plc purchased a new stake in Diversified Energy in the 1st quarter worth about $20,639,000. Mackenzie Financial Corp purchased a new stake in shares of Diversified Energy in the second quarter worth approximately $820,000. Finally, Bank of New York Mellon Corp purchased a new stake in Diversified Energy in the 2nd quarter worth approximately $1,983,000. Institutional investors own 26.51% of the company’s stock.

About Diversified Energy

Diversified Energy Company PLC operates as an independent owner and operator of producing natural gas and oil wells primarily in the Appalachian Basin of the United States. The company is involved in the production, marketing, and transportation of natural gas, natural gas liquids, crude oil, and condensates.