Diversified Energy (NYSE:DEC) Shares Gap Up – Time to Buy?

Diversified Energy Company PLC (NYSE:DEC) shares gapped up before the market opened 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 traded.

Analyst Upgrades and Downgrades

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

Diversified Energy Stock Up 2.5%

The company has a fifty day moving average price of $13.17 and a 200-day moving average price of $14.34.

Diversified Energy Dividend Announcement

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of DEC. Invesco Ltd. lifted its position in Diversified Energy by 1.7% in the fourth quarter. Invesco Ltd. now owns 39,195 shares of the company’s stock valued at $658,000 after acquiring an additional 638 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Diversified Energy by 3.6% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 26,748 shares of the company’s stock valued at $449,000 after purchasing an additional 934 shares during the last quarter. Wells Fargo & Company MN lifted its holdings in Diversified Energy by 4.1% in the 4th quarter. Wells Fargo & Company MN now owns 27,287 shares of the company’s stock valued at $458,000 after purchasing an additional 1,085 shares in the last quarter. MetLife Investment Management LLC lifted its position in Diversified Energy by 5.8% during the 4th quarter. MetLife Investment Management LLC now owns 29,267 shares of the company’s stock worth $492,000 after acquiring an additional 1,597 shares in the last quarter. Finally, Amundi raised its position in shares of Diversified Energy by 4.1% in the 1st quarter. Amundi now owns 50,406 shares of the company’s stock valued at $654,000 after purchasing an additional 1,995 shares in the last quarter. 26.51% of the stock is owned by institutional investors and hedge funds.

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.