Mackenzie Financial Corp Buys 79,341 Shares of Diversified Energy Company PLC (NYSE:DEC)

Key Points

• Mackenzie Financial Corp increased its stake in Diversified Energy Company PLC by 78.7%, owning 180,138 shares valued at approximately $2.43 million after an additional purchase of 79,341 shares in the first quarter.
• Several hedge funds made significant adjustments to their positions in Diversified Energy, with 26.51% of the stock currently owned by institutional investors.
• Diversified Energy's stock has a moderate buy rating with an average target price of $20.75, while the firm recently announced a quarterly dividend yielding 8.1%.

Mackenzie Financial Corp grew its position in shares of Diversified Energy Company PLC (NYSE:DEC - Free Report) by 78.7% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 180,138 shares of the company's stock after purchasing an additional 79,341 shares during the period. Mackenzie Financial Corp owned approximately 0.37% of Diversified Energy worth $2,430,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in DEC. Summit X LLC purchased a new position in Diversified Energy in the first quarter worth $140,000. ProShare Advisors LLC purchased a new stake in Diversified Energy during the fourth quarter valued at about $222,000. Walleye Capital LLC purchased a new stake in Diversified Energy during the fourth quarter valued at about $223,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Diversified Energy by 29.3% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 17,264 shares of the company's stock valued at $232,000 after buying an additional 3,911 shares during the period. Finally, Quadrant Capital Group LLC boosted its position in Diversified Energy by 51.9% during the fourth quarter. Quadrant Capital Group LLC now owns 16,803 shares of the company's stock valued at $282,000 after buying an additional 5,738 shares during the period. 26.51% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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

Diversified Energy Trading Up 1.7%

Shares of NYSE:DEC traded up $0.25 during midday trading on Friday, hitting $14.67. 149,033 shares of the stock traded hands, compared to its average volume of 445,192. The business's 50 day moving average is $14.62 and its two-hundred day moving average is $13.97. The company has a debt-to-equity ratio of 3.26, a quick ratio of 0.40 and a current ratio of 0.40. Diversified Energy Company PLC has a one year low of $10.08 and a one year high of $17.70.

Diversified Energy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Friday, August 29th will be paid a $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a yield of 7.9%. The ex-dividend date of this dividend is Friday, August 29th.

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.