Diversified Energy (NYSE:DEC) Shares Gap Up Following Analyst Upgrade

Key Points

• Diversified Energy Company's stock price increased significantly after Mizuho raised their price target from $23.00 to $27.00, leading to a gap up from a previous close of $14.87 to an opening price of $15.63.
• The company announced a quarterly dividend of $0.29 per share, which equates to an annual dividend yield of 7.3%.
• Hedge funds made notable changes to their holdings, with CWM LLC increasing its stake by 273.1% and Allworth Financial LP increasing by 10,143.9% during the second quarter.

Diversified Energy Company PLC (NYSE:DEC - Get Free Report) gapped up before the market opened on Tuesday after Mizuho raised their price target on the stock from $23.00 to $27.00. The stock had previously closed at $14.87, but opened at $15.63. Mizuho currently has an outperform rating on the stock. Diversified Energy shares last traded at $15.72, with a volume of 99,435 shares traded.

A number of other equities research analysts have also issued reports on DEC. Citigroup increased their target price on Diversified Energy from $16.00 to $19.00 and gave the company a "buy" rating in a research note on Thursday, August 21st. Wall Street Zen upgraded Diversified Energy from a "sell" rating to a "hold" rating in a research note on Thursday, May 22nd. Four analysts have rated the stock with a Buy rating, According to MarketBeat, the company currently has a consensus rating of "Buy" and a consensus price target of $22.50.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the company. Tower Research Capital LLC TRC lifted its holdings in Diversified Energy by 261.3% during the 2nd quarter. Tower Research Capital LLC TRC now owns 5,069 shares of the company's stock worth $74,000 after buying an additional 3,666 shares during the last quarter. Massar Capital Management LP bought a new position in Diversified Energy during the 2nd quarter worth approximately $152,000. Bridgeway Capital Management LLC lifted its holdings in Diversified Energy by 3.9% during the 2nd quarter. Bridgeway Capital Management LLC now owns 489,778 shares of the company's stock worth $7,185,000 after buying an additional 18,572 shares during the last quarter. Bank of America Corp DE lifted its holdings in Diversified Energy by 164.4% during the 2nd quarter. Bank of America Corp DE now owns 308,774 shares of the company's stock worth $4,530,000 after buying an additional 191,979 shares during the last quarter. Finally, Ameriprise Financial Inc. bought a new position in Diversified Energy during the 2nd quarter worth approximately $53,894,000. Institutional investors own 26.51% of the company's stock.

Diversified Energy Stock Performance

The company has a current ratio of 0.54, a quick ratio of 0.40 and a debt-to-equity ratio of 3.47. The business has a fifty day simple moving average of $15.19 and a 200 day simple moving average of $13.89.

Diversified Energy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 31st. Investors of record on Monday, December 1st will be issued a $0.29 dividend. The ex-dividend date of this dividend is Monday, December 1st. This represents a $1.16 annualized dividend and a dividend yield of 7.4%.

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.