Mackenzie Financial Corp Increases Position in Diversified Energy Company PLC (NYSE:DEC)

Mackenzie Financial Corp increased its stake in shares of Diversified Energy Company PLC (NYSE:DEC) by 78.7% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 180,138 shares of the company’s stock after purchasing an additional 79,341 shares during the quarter. Mackenzie Financial Corp owned approximately 0.37% of Diversified Energy worth $2,430,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Diversified Energy by 29.3% in 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 in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in shares of Diversified Energy in the 1st quarter worth approximately $283,000. Bailard Inc. bought a new position in shares of Diversified Energy during the 1st quarter worth approximately $285,000. Summit X LLC bought a new position in shares of Diversified Energy during the 1st quarter worth approximately $140,000. Finally, Mraz Amerine & Associates Inc. lifted its position in Diversified Energy by 16.6% during the first quarter. Mraz Amerine & Associates Inc. now owns 132,341 shares of the company’s stock valued at $1,779,000 after acquiring an additional 18,846 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 several analyst reports. Mizuho started coverage on shares of Diversified Energy in a report on Thursday, April 10th. They issued an “outperform” rating and a $23.00 price target on the stock. Wall Street Zen upgraded Diversified Energy from a “sell” rating to a “hold” rating in a research note on Thursday, May 22nd. KeyCorp lowered their price target on Diversified Energy from $21.00 to $17.00 and set an “overweight” rating for the company in a report on Monday, April 21st. Finally, Citigroup initiated 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. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $20.75.

Diversified Energy Price Performance

Shares of DEC stock opened at $14.31 on Monday. Diversified Energy Company PLC has a fifty-two week low of $10.08 and a fifty-two week high of $17.70. The stock’s 50-day simple moving average is $14.61 and its 200-day simple moving average is $13.98. The company has a debt-to-equity ratio of 3.26, a current ratio of 0.40 and a quick ratio of 0.40.

Diversified Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Friday, August 29th will be paid a $0.29 dividend. The ex-dividend date is Friday, August 29th. This represents a $1.16 dividend on an annualized basis and a dividend yield of 8.1%.

Diversified Energy 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.