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 position in shares of Diversified Energy Company PLC (NYSE:DEC - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor 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 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently added to or reduced their stakes in the company. Federated Hermes Inc. acquired a new stake in Diversified Energy during the 1st quarter worth approximately $108,000. Summit X LLC acquired a new stake in shares of Diversified Energy during the first quarter worth $140,000. ProShare Advisors LLC acquired a new stake in shares of Diversified Energy during the fourth quarter worth $222,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Diversified Energy by 29.3% during 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, Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in shares of Diversified Energy during the first quarter worth $283,000. 26.51% of the stock is owned by institutional investors and hedge funds.

Diversified Energy Stock Performance

Shares of NYSE DEC traded down $0.17 during midday trading on Friday, hitting $16.45. The company had a trading volume of 289,112 shares, compared to its average volume of 293,400. The company has a quick ratio of 0.40, a current ratio of 0.54 and a debt-to-equity ratio of 3.47. Diversified Energy Company PLC has a twelve month low of $10.08 and a twelve month high of $17.70. The business has a 50-day simple moving average of $15.03 and a two-hundred day simple moving average of $13.85.

Diversified Energy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 31st. Stockholders of record on Monday, December 1st will be given a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a dividend yield of 7.1%. The ex-dividend date is Monday, December 1st.

Wall Street Analyst Weigh In

Several research firms have recently commented on DEC. Citigroup raised their target price on shares of Diversified Energy from $16.00 to $19.00 and gave the stock a "buy" rating in a research note on Thursday, August 21st. 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, Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus price target of $21.50.

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.