Rathbones Group PLC Sells 29,847 Shares of Diversified Energy Company PLC (NYSE:DEC)

Key Points

• Rathbones Group PLC reduced its holdings in Diversified Energy Company PLC by 9.9%, now owning approximately 270,316 shares valued at $3.6 million as of its latest SEC filing.
• Other institutional investors, including Nuveen LLC and Swiss National Bank, increased their positions, contributing to a total of 26.51% institutional ownership in the company.
• Diversified Energy announced a quarterly dividend of $0.29, resulting in an annualized dividend of $1.16 with a yield of 7.5%, payable on December 31st.

Rathbones Group PLC lessened its position in Diversified Energy Company PLC (NYSE:DEC - Free Report) by 9.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 270,316 shares of the company's stock after selling 29,847 shares during the period. Rathbones Group PLC owned about 0.56% of Diversified Energy worth $3,638,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in DEC. Quantinno Capital Management LP lifted its position in shares of Diversified Energy by 197.4% in the fourth quarter. Quantinno Capital Management LP now owns 43,815 shares of the company's stock worth $736,000 after purchasing an additional 29,084 shares in the last quarter. JPMorgan Chase & Co. raised its stake in shares of Diversified Energy by 31.8% during the 4th quarter. JPMorgan Chase & Co. now owns 130,668 shares of the company's stock worth $2,195,000 after purchasing an additional 31,509 shares in the last quarter. Artemis Investment Management LLP grew its holdings in shares of Diversified Energy by 15.8% during the 1st quarter. Artemis Investment Management LLP now owns 412,027 shares of the company's stock worth $5,571,000 after purchasing an additional 56,117 shares in the last quarter. Bank of America Corp DE boosted its stake in shares of Diversified Energy by 36.0% during the fourth quarter. Bank of America Corp DE now owns 75,382 shares of the company's stock valued at $1,266,000 after purchasing an additional 19,972 shares in the last quarter. Finally, Mraz Amerine & Associates Inc. increased its holdings in Diversified Energy by 16.6% in the first quarter. Mraz Amerine & Associates Inc. now owns 132,341 shares of the company's stock worth $1,779,000 after purchasing an additional 18,846 shares in the last quarter. 26.51% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on DEC. Citigroup began coverage on Diversified Energy in a research note on Tuesday, April 29th. They issued a "buy" rating and a $16.00 target price for the company. KeyCorp reduced their price objective on Diversified Energy from $21.00 to $17.00 and set an "overweight" rating for the company in a research note on Monday, April 21st. Finally, Wall Street Zen upgraded Diversified Energy from a "sell" rating to a "hold" rating in a research note on Thursday, May 22nd. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, Diversified Energy presently has a consensus rating of "Moderate Buy" and a consensus price target of $20.75.

Diversified Energy Stock Down 0.2%

Diversified Energy stock traded down $0.03 during mid-day trading on Friday, reaching $15.13. The company's stock had a trading volume of 293,368 shares, compared to its average volume of 304,468. The business's 50 day simple moving average is $14.75 and its 200 day simple moving average is $13.91. 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 12 month low of $10.08 and a 12 month high of $17.70.

Diversified Energy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 31st. Investors of record on Monday, December 1st will be issued a dividend of $0.29 per share. The ex-dividend date of this dividend is Monday, December 1st. This represents a $1.16 annualized dividend and a dividend yield of 7.7%.

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.