Martingale Asset Management L P Makes New Investment in Diversified Energy Company PLC $DEC

Key Points

• Martingale Asset Management L P has acquired a new position in Diversified Energy Company PLC, purchasing 40,070 shares valued at approximately $542,000, representing about 0.08% of the company's stock.
• Diversified Energy announced a quarterly dividend of $0.29 per share, yielding 7.1%, with payment scheduled for December 31st and an ex-dividend date of December 1st.
• Several analysts have issued positive ratings for Diversified Energy, with Citigroup raising its price target from $16.00 to $19.00 and a consensus target price of $21.50 among analysts.

Martingale Asset Management L P bought a new stake in Diversified Energy Company PLC (NYSE:DEC - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 40,070 shares of the company's stock, valued at approximately $542,000. Martingale Asset Management L P owned 0.08% of Diversified Energy at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in DEC. Federated Hermes Inc. acquired a new stake in Diversified Energy in the 1st quarter valued at approximately $108,000. Summit X LLC acquired a new position in shares of Diversified Energy during the 1st quarter valued at $140,000. ProShare Advisors LLC acquired a new position in shares of Diversified Energy during the 4th quarter valued at $222,000. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Diversified Energy by 29.3% during 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. Finally, Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in shares of Diversified Energy during the 1st quarter valued at $283,000. 26.51% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts recently issued reports on DEC shares. Citigroup lifted their target price on Diversified Energy from $16.00 to $19.00 and gave the stock a "buy" rating in a report on Thursday, August 21st. Wall Street Zen upgraded Diversified Energy from a "sell" rating to a "hold" rating in a report on Thursday, May 22nd. Four investment analysts have rated the stock with a Buy rating, According to MarketBeat, the stock presently has a consensus rating of "Buy" and an average target price of $21.50.

Diversified Energy Stock Performance

NYSE DEC traded up $0.16 on Thursday, reaching $16.59. The stock had a trading volume of 287,324 shares, compared to its average volume of 301,163. The business has a 50 day moving average price of $15.00 and a 200 day moving average price of $13.90. The company has a debt-to-equity ratio of 3.47, a quick ratio of 0.40 and a current ratio of 0.54. Diversified Energy Company PLC has a 1 year low of $10.08 and a 1 year high of $17.70.

Diversified Energy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 31st. Shareholders of record on Monday, December 1st will be given a $0.29 dividend. 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 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.