Penn Capital Management Company LLC Purchases Shares of 59,519 Diversified Energy Company PLC $DEC

Key Points

• Penn Capital Management Company LLC acquired 59,519 shares of Diversified Energy Company PLC, representing about 0.12% of the company's stock, valued at approximately $805,000.
• Analysts indicate a positive outlook for DEC, with Citigroup upgrading its target price from $16.00 to $19.00 and a consensus rating of "Buy" from four research analysts.
• Diversified Energy announced a quarterly dividend of $0.29 per share, equating to an annual yield of 7.0%, which will be paid to shareholders on December 31st.

Penn Capital Management Company LLC purchased a new stake in Diversified Energy Company PLC (NYSE:DEC - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 59,519 shares of the company's stock, valued at approximately $805,000. Penn Capital Management Company LLC owned about 0.12% of Diversified Energy as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Federated Hermes Inc. purchased a new position in Diversified Energy in the first quarter valued at approximately $108,000. Summit X LLC purchased a new position in Diversified Energy in the first quarter valued at approximately $140,000. ProShare Advisors LLC purchased a new position in Diversified Energy in the fourth quarter valued at approximately $222,000. Walleye Capital LLC purchased a new position in Diversified Energy in the fourth quarter valued at approximately $223,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its position 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 acquiring an additional 3,911 shares during the last quarter. 26.51% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

DEC has been the topic of a number of research reports. Wall Street Zen upgraded shares of Diversified Energy from a "sell" rating to a "hold" rating in a research report on Thursday, May 22nd. 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 report on Thursday. Four equities research analysts have rated the stock with a Buy rating, According to MarketBeat.com, the company presently has an average rating of "Buy" and an average target price of $21.50.

Diversified Energy Price Performance

Shares of NYSE DEC opened at $16.5950 on Friday. The stock has a fifty day moving average price of $14.88 and a 200 day moving average price of $13.88. Diversified Energy Company PLC has a 1-year low of $10.08 and a 1-year high of $17.70. 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 Announces Dividend

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

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