Diversified Energy (NYSE:DEC) Shares Gap Up After Dividend Announcement

Shares of Diversified Energy Company PLC (NYSE:DEC) gapped up before the market opened on Tuesday following a dividend announcement from the company. The stock had previously closed at $12.64, but opened at $13.44. Diversified Energy shares last traded at $13.6440, with a volume of 181,455 shares traded.

The newly announced dividend which will be paid on Tuesday, March 31st. Investors of record on Friday, February 27th will be paid a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a yield of 8.5%. The ex-dividend date of this dividend is Friday, February 27th. Diversified Energy’s dividend payout ratio (DPR) is presently 55.10%.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on DEC. Wall Street Zen downgraded Diversified Energy from a “buy” rating to a “hold” rating in a research note on Saturday, October 18th. Citigroup dropped their price target on Diversified Energy from $19.00 to $16.00 and set a “buy” rating on the stock in a research note on Monday, October 20th. Mizuho dropped their price target on Diversified Energy from $27.00 to $26.00 and set an “outperform” rating on the stock in a research note on Monday, September 15th. Finally, Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Diversified Energy in a research report on Wednesday, October 8th. Four research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $21.50.

Diversified Energy Stock Performance

The company’s fifty day moving average price is $14.14 and its 200-day moving average price is $14.23. The stock has a market cap of $661.82 million, a P/E ratio of 9.34 and a beta of 0.62.

Institutional Investors Weigh In On Diversified Energy

Several institutional investors have recently made changes to their positions in the company. Callan Family Office LLC lifted its holdings in Diversified Energy by 5.8% during the 2nd quarter. Callan Family Office LLC now owns 15,639 shares of the company’s stock valued at $229,000 after buying an additional 861 shares in the last quarter. ProShare Advisors LLC raised its holdings in shares of Diversified Energy by 10.9% in the 2nd quarter. ProShare Advisors LLC now owns 11,278 shares of the company’s stock valued at $165,000 after purchasing an additional 1,105 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Diversified Energy by 4.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 27,918 shares of the company’s stock valued at $377,000 after purchasing an additional 1,170 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH raised its holdings in shares of Diversified Energy by 5.6% in the 3rd quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 23,575 shares of the company’s stock valued at $330,000 after purchasing an additional 1,249 shares in the last quarter. Finally, CWM LLC raised its holdings in shares of Diversified Energy by 273.1% in the 2nd quarter. CWM LLC now owns 1,787 shares of the company’s stock valued at $26,000 after purchasing an additional 1,308 shares in the last quarter. 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.