HITE Hedge Asset Management LLC Invests $881,000 in Diversified Energy Company PLC $DEC

Key Points

• HITE Hedge Asset Management LLC has acquired 65,166 shares of Diversified Energy Company PLC for approximately $881,000, marking a new investment during the 1st quarter.
• Diversified Energy recently announced a quarterly dividend of $0.29, resulting in an annualized yield of 7.7%, with the payment scheduled for December 31st.
• Wall Street analysts have mixed ratings on Diversified Energy, with a consensus average rating of “Moderate Buy” and a price target of $20.75.

HITE Hedge Asset Management LLC bought a new stake in Diversified Energy Company PLC (NYSE:DEC - Free Report) in the 1st quarter, according to its most recent filing with the SEC. The fund bought 65,166 shares of the company's stock, valued at approximately $881,000. HITE Hedge Asset Management LLC owned 0.14% of Diversified Energy at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Federated Hermes Inc. acquired a new position in shares of Diversified Energy in the 1st quarter valued at $108,000. Summit X LLC acquired a new position in shares of Diversified Energy in the 1st quarter valued at $140,000. ProShare Advisors LLC acquired a new position in shares of Diversified Energy in the 4th quarter valued at $222,000. Walleye Capital LLC acquired a new position in shares of Diversified Energy in the 4th quarter valued at $223,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Diversified Energy by 29.3% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 17,264 shares of the company's stock valued at $232,000 after purchasing an additional 3,911 shares during the period. 26.51% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms recently issued reports on DEC. Citigroup boosted their target price on shares of Diversified Energy from $16.00 to $19.00 and gave the company a "buy" rating in a research note on Thursday. Wall Street Zen upgraded shares of Diversified Energy from a "sell" rating to a "hold" rating in a research report on Thursday, May 22nd. Four equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the company presently has an average rating of "Buy" and an average price target of $21.50.

Diversified Energy Stock Up 2.4%

NYSE:DEC traded up $0.3950 during trading hours on Friday, reaching $16.5950. 511,309 shares of the company were exchanged, compared to its average volume of 289,657. The company has a debt-to-equity ratio of 3.47, a quick ratio of 0.40 and a current ratio of 0.54. The stock's 50-day moving average is $14.88 and its 200-day moving average is $13.90. Diversified Energy Company PLC has a twelve month low of $10.08 and a twelve month high of $17.70.

Diversified Energy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 31st. Stockholders of record on Monday, December 1st will be issued a dividend of $0.29 per share. The ex-dividend date of this dividend is Monday, December 1st. This represents a $1.16 dividend on an annualized basis and a dividend yield of 7.0%.

Diversified Energy Profile

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.