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

Diversified Energy Company PLC (NYSE:DEC - Get Free Report)'s share price gapped up before the market opened on Tuesday . The stock had previously closed at $11.61, but opened at $11.87. Diversified Energy shares last traded at $11.90, with a volume of 58,405 shares trading hands.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the company. Truist Financial decreased their price objective on Diversified Energy from $20.00 to $19.00 and set a "buy" rating for the company in a report on Monday, September 30th. KeyCorp assumed coverage on shares of Diversified Energy in a report on Wednesday, August 28th. They issued an "overweight" rating and a $18.00 price target for the company.

Diversified Energy Price Performance

The business's 50-day moving average price is $11.88 and its 200-day moving average price is $13.50.

Diversified Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, November 29th will be given a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a dividend yield of 9.88%. The ex-dividend date is Friday, November 29th.

Institutional Trading of Diversified Energy

A number of institutional investors have recently made changes to their positions in the business. M&G Plc acquired a new stake in Diversified Energy in the first quarter worth about $20,639,000. Jupiter Asset Management Ltd. boosted its stake in Diversified Energy by 838.5% in the 1st quarter. Jupiter Asset Management Ltd. now owns 1,484,083 shares of the company's stock worth $17,773,000 after purchasing an additional 1,325,948 shares in the last quarter. Bank of New York Mellon Corp purchased a new stake in Diversified Energy during the 2nd quarter worth approximately $1,983,000. Rhumbline Advisers acquired a new position in Diversified Energy during the 2nd quarter valued at approximately $927,000. Finally, Mackenzie Financial Corp purchased a new position in shares of Diversified Energy in the second quarter worth $820,000. Institutional investors and hedge funds 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.