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 raised its holdings in shares of Diversified Energy Company PLC (NYSE:DEC - Free Report) by 78.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 180,138 shares of the company's stock after buying an additional 79,341 shares during the quarter. Mackenzie Financial Corp owned about 0.37% of Diversified Energy worth $2,430,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Summit X LLC acquired a new stake in Diversified Energy in the first quarter worth about $140,000. ProShare Advisors LLC acquired a new stake in Diversified Energy in the fourth quarter worth about $222,000. Walleye Capital LLC acquired a new stake in Diversified Energy in the fourth quarter worth about $223,000. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Diversified Energy by 29.3% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 17,264 shares of the company's stock worth $232,000 after purchasing an additional 3,911 shares during the period. Finally, Quadrant Capital Group LLC increased its position in Diversified Energy by 51.9% in the fourth quarter. Quadrant Capital Group LLC now owns 16,803 shares of the company's stock worth $282,000 after purchasing an additional 5,738 shares during the period. 26.51% of the stock is owned by institutional investors.

Analyst Ratings Changes

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

Diversified Energy Stock Down 0.6%

NYSE DEC traded down $0.09 during trading hours on Wednesday, hitting $14.48. 173,221 shares of the company's stock were exchanged, compared to its average volume of 319,640. The stock has a 50-day simple moving average of $14.62 and a 200 day simple moving average of $13.97. Diversified Energy Company PLC has a 1-year low of $10.08 and a 1-year high of $17.70. The company has a current ratio of 0.40, a quick ratio of 0.40 and a debt-to-equity ratio of 3.26.

Diversified Energy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Friday, August 29th will be issued a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a yield of 8.0%. The ex-dividend date is Friday, August 29th.

Diversified Energy Company 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.