Diversified Energy (NYSE:DEC) Stock Price Down 4.3% – Here’s Why

Diversified Energy Company PLC (NYSE:DEC) shares traded down 4.3% during mid-day trading on Thursday . The company traded as low as $14.18 and last traded at $14.20. 63,499 shares traded hands during trading, a decline of 86% from the average session volume of 450,997 shares. The stock had previously closed at $14.84.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the stock. Wall Street Zen raised shares of Diversified Energy from a “sell” rating to a “hold” rating in a report on Thursday, May 22nd. Mizuho assumed coverage on shares of Diversified Energy in a report on Thursday, April 10th. They set an “outperform” rating and a $23.00 price objective on the stock. Citigroup began coverage on shares of Diversified Energy in a report on Tuesday, April 29th. They set a “buy” rating and a $16.00 price objective on the stock. Finally, KeyCorp cut their price target on shares of Diversified Energy from $21.00 to $17.00 and set an “overweight” rating on the stock in a report on Monday, April 21st. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $20.75.

Diversified Energy Stock Up 3.7%

The stock’s fifty day moving average is $13.09 and its two-hundred day moving average is $14.38.

Diversified Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Friday, August 29th will be issued a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a yield of 7.98%. The ex-dividend date of this dividend is Friday, August 29th.

Institutional Investors Weigh In On Diversified Energy

Several institutional investors have recently added to or reduced their stakes in the business. Acadian Asset Management LLC purchased a new stake in Diversified Energy during the first quarter valued at about $646,000. Woodline Partners LP lifted its holdings in Diversified Energy by 82.2% during the first quarter. Woodline Partners LP now owns 680,580 shares of the company’s stock valued at $9,201,000 after purchasing an additional 307,133 shares during the last quarter. Empowered Funds LLC lifted its holdings in Diversified Energy by 95.8% during the first quarter. Empowered Funds LLC now owns 268,664 shares of the company’s stock valued at $3,632,000 after purchasing an additional 131,444 shares during the last quarter. Goldman Sachs Group Inc. increased its position in shares of Diversified Energy by 177.9% during the first quarter. Goldman Sachs Group Inc. now owns 1,187,856 shares of the company’s stock valued at $16,060,000 after buying an additional 760,428 shares during the period. Finally, Pentwater Capital Management LP bought a new stake in shares of Diversified Energy during the first quarter valued at about $3,245,000. 26.51% of the stock is owned by hedge funds and other institutional investors.

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.