Diversified Energy (NYSE:DEC) Shares Gap Up - Still a Buy?

Diversified Energy Company PLC (NYSE:DEC - Get Free Report)'s share price gapped up prior to trading on Tuesday . The stock had previously closed at $14.57, but opened at $14.91. Diversified Energy shares last traded at $14.96, with a volume of 22,803 shares.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on DEC. Citigroup began coverage on Diversified Energy in a research report on Tuesday, April 29th. They set a "buy" rating and a $16.00 target price on the stock. KeyCorp cut their price objective on shares of Diversified Energy from $21.00 to $17.00 and set an "overweight" rating on the stock in a report on Monday, April 21st. Wall Street Zen upgraded shares of Diversified Energy from a "sell" rating to a "hold" rating in a research note on Thursday, May 22nd. Finally, Mizuho assumed coverage on shares of Diversified Energy in a report on Thursday, April 10th. They issued an "outperform" rating and a $23.00 target price for the company. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $20.75.

Diversified Energy Price Performance

The company has a quick ratio of 0.40, a current ratio of 0.40 and a debt-to-equity ratio of 3.26. The firm has a fifty day moving average price of $13.39 and a 200-day moving average price of $14.34.

Diversified Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Friday, August 29th will be given a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a dividend yield of 7.71%. The ex-dividend date is Friday, August 29th.

Hedge Funds Weigh In On Diversified Energy

A number of hedge funds and other institutional investors have recently made changes to their positions in DEC. Quantinno Capital Management LP increased its holdings in Diversified Energy by 197.4% during the fourth quarter. Quantinno Capital Management LP now owns 43,815 shares of the company's stock worth $736,000 after buying an additional 29,084 shares during the last quarter. Proficio Capital Partners LLC bought a new position in Diversified Energy during the fourth quarter valued at $352,000. JPMorgan Chase & Co. raised its stake in shares of Diversified Energy by 31.8% in the fourth quarter. JPMorgan Chase & Co. now owns 130,668 shares of the company's stock valued at $2,195,000 after buying an additional 31,509 shares during the period. Bank of America Corp DE grew its stake in shares of Diversified Energy by 36.0% during the 4th quarter. Bank of America Corp DE now owns 75,382 shares of the company's stock worth $1,266,000 after acquiring an additional 19,972 shares during the period. Finally, Deutsche Bank AG increased its holdings in Diversified Energy by 18.7% in the 4th quarter. Deutsche Bank AG now owns 118,381 shares of the company's stock worth $1,989,000 after acquiring an additional 18,638 shares during the last quarter. 26.51% of the stock is owned by hedge funds and other institutional investors.

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.