Diversified Energy (NYSE:DEC) Shares Gap Down – Here’s What Happened

Shares of Diversified Energy Company PLC (NYSE:DEC) gapped down prior to trading on Wednesday . The stock had previously closed at $15.41, but opened at $14.68. Diversified Energy shares last traded at $14.74, with a volume of 107,901 shares.

Analyst Upgrades and Downgrades

DEC has been the topic of several recent analyst reports. William Blair started coverage on Diversified Energy in a research note on Tuesday. They issued an “outperform” rating on the stock. Weiss Ratings reiterated a “sell (d+)” rating on shares of Diversified Energy in a research report on Wednesday, October 8th. Wall Street Zen lowered shares of Diversified Energy from a “buy” rating to a “hold” rating in a research note on Saturday, October 18th. Citigroup lifted their price target on shares of Diversified Energy from $16.00 to $17.00 and gave the company a “buy” rating in a research note on Thursday, November 13th. Finally, Mizuho dropped their price objective on shares of Diversified Energy from $27.00 to $26.00 and set an “outperform” rating on the stock in a report on Monday, September 15th. Five equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Diversified Energy has an average rating of “Moderate Buy” and an average target price of $21.75.

Diversified Energy Stock Performance

The business has a fifty day moving average of $13.79 and a 200-day moving average of $14.40. The company has a market capitalization of $705.46 million, a P/E ratio of 9.95 and a beta of 0.62.

Diversified Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Friday, February 27th will be issued a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a dividend yield of 7.9%. The ex-dividend date is Friday, February 27th. Diversified Energy’s dividend payout ratio (DPR) is currently 55.10%.

Hedge Funds Weigh In On Diversified Energy

Several large investors have recently added to or reduced their stakes in the business. Pentwater Capital Management LP bought a new position in shares of Diversified Energy in the first quarter valued at approximately $3,245,000. State of Wyoming bought a new stake in Diversified Energy during the first quarter worth $266,000. Walleye Capital LLC raised its position in Diversified Energy by 1,164.0% in the 1st quarter. Walleye Capital LLC now owns 167,984 shares of the company’s stock valued at $2,271,000 after buying an additional 154,694 shares during the last quarter. Russell Investments Group Ltd. raised its position in Diversified Energy by 53.3% in the 1st quarter. Russell Investments Group Ltd. now owns 77,403 shares of the company’s stock valued at $1,046,000 after buying an additional 26,899 shares during the last quarter. Finally, Penn Capital Management Company LLC bought a new position in Diversified Energy during the 1st quarter valued at $805,000. Institutional investors own 26.51% of the company’s stock.

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.