Diversified Energy (NYSE:DEC) Shares Up 4.1% Following Analyst Upgrade

Diversified Energy Company PLC (NYSE:DEC)’s stock price rose 4.1% during trading on Tuesday after Zacks Research upgraded the stock from a hold rating to a strong-buy rating. The stock traded as high as $14.66 and last traded at $14.7390. 93,798 shares changed hands during trading, a decline of 90% from the average daily volume of 925,714 shares. The stock had previously closed at $14.16.

Other equities analysts also recently issued research reports about the company. Truist Financial raised their target price on Diversified Energy from $17.00 to $20.00 and gave the company a “buy” rating in a research report on Wednesday, August 12th. Mizuho set a $32.00 price target on Diversified Energy in a research report on Monday, August 10th. Citigroup dropped their price target on Diversified Energy from $19.00 to $16.00 and set a “buy” rating for the company in a research report on Tuesday, July 21st. Weiss Ratings raised Diversified Energy from a “hold (c-)” rating to a “hold (c)” rating in a research note on Tuesday, August 18th. Finally, Jefferies Financial Group upgraded Diversified Energy to a “hold” rating in a report on Friday, July 10th. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Diversified Energy presently has an average rating of “Moderate Buy” and an average price target of $22.50.

Institutional Trading of Diversified Energy

A number of hedge funds have recently bought and sold shares of the business. Bank of America Corp DE increased its holdings in shares of Diversified Energy by 57.8% in the first quarter. Bank of America Corp DE now owns 304,613 shares of the company’s stock valued at $5,312,000 after purchasing an additional 111,625 shares during the last quarter. First Trust Advisors LP acquired a new position in Diversified Energy during the first quarter worth $10,546,000. Walleye Capital LLC boosted its stake in Diversified Energy by 275.1% during the first quarter. Walleye Capital LLC now owns 230,694 shares of the company’s stock worth $4,023,000 after buying an additional 169,198 shares during the last quarter. Artemis Investment Management LLP boosted its stake in Diversified Energy by 8.3% during the third quarter. Artemis Investment Management LLP now owns 6,148,058 shares of the company’s stock worth $82,383,000 after buying an additional 470,823 shares during the last quarter. Finally, California State Teachers Retirement System grew its holdings in Diversified Energy by 1,504.4% in the 1st quarter. California State Teachers Retirement System now owns 61,385 shares of the company’s stock valued at $1,071,000 after buying an additional 57,559 shares in the last quarter. Institutional investors and hedge funds own 26.51% of the company’s stock.

Diversified Energy Stock Performance

The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 2.96. The firm has a fifty day moving average price of $14.40 and a 200 day moving average price of $14.60.

Diversified Energy (NYSE:DEC) last announced its quarterly earnings results on Wednesday, August 5th. The company reported ($0.29) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.20 by ($0.49). The firm had revenue of $442.30 million for the quarter, compared to analyst estimates of $492.98 million. Sell-side analysts expect that Diversified Energy Company PLC will post 2.78 earnings per share for the current fiscal year.

Diversified Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 31st. Investors of record on Wednesday, December 2nd will be given a $0.29 dividend. This represents a $1.16 annualized dividend and a yield of 7.9%. The ex-dividend date is Wednesday, December 2nd. Diversified Energy’s dividend payout ratio is presently 35.91%.

About Diversified Energy

Diversified Energy Company plc is an independent energy company that owns and operates a portfolio of mature, producing oil and natural gas wells in the United States. The company focuses on acquiring long-life conventional assets and managing them through their full operating lifecycle, with activities spanning production, maintenance, infrastructure management and well retirement.

The company’s operations are concentrated in established U.S. onshore producing regions, including the Appalachian, Central and Rockies areas.