Diversified Energy (NYSE:DEC) Shares Gap Up – Should You Buy?

Diversified Energy Company PLC (NYSE:DEC) shares gapped up prior to trading on Tuesday . The stock had previously closed at $14.57, but opened at $14.91. Diversified Energy shares last traded at $14.96, with a volume of 22,803 shares changing hands.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on DEC. KeyCorp lowered their price target on Diversified Energy from $21.00 to $17.00 and set an “overweight” rating on the stock in a research note on Monday, April 21st. Mizuho assumed coverage on Diversified Energy in a research note on Thursday, April 10th. They set an “outperform” rating and a $23.00 price objective on the stock. Citigroup initiated coverage on shares of Diversified Energy in a report on Tuesday, April 29th. They set a “buy” rating and a $16.00 target price on the stock. Finally, Wall Street Zen upgraded shares of Diversified Energy from a “sell” rating to a “hold” rating in a research note on Thursday, May 22nd. One research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $20.75.

Diversified Energy Stock Up 2.5%

The stock has a fifty day simple moving average of $13.17 and a two-hundred day simple moving average of $14.34.

Diversified Energy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Friday, August 29th will be paid a $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a yield of 7.77%. The ex-dividend date of this dividend is Friday, August 29th.

Institutional Trading of Diversified Energy

A number of hedge funds have recently bought and sold shares of the company. Federated Hermes Inc. bought a new stake in shares of Diversified Energy during the 1st quarter valued at about $108,000. Signaturefd LLC grew its stake in Diversified Energy by 181.8% in the 4th quarter. Signaturefd LLC now owns 7,763 shares of the company’s stock worth $130,000 after acquiring an additional 5,008 shares in the last quarter. Summit X LLC purchased a new position in shares of Diversified Energy in the first quarter worth $140,000. AQR Capital Management LLC purchased a new position in Diversified Energy during the first quarter worth approximately $151,000. Finally, Trexquant Investment LP purchased a new stake in Diversified Energy during the 1st quarter valued at about $155,000. Institutional investors own 26.51% of the company’s stock.

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.