Diversified Energy (NYSE:DEC) Shares Gap Down – Time to Sell?

Diversified Energy Company PLC (NYSE:DEC)’s share price gapped down before the market opened on Wednesday . The stock had previously closed at $13.06, but opened at $12.77. Diversified Energy shares last traded at $12.80, with a volume of 24,668 shares.

Analysts Set New Price Targets

A number of brokerages have recently commented on DEC. Truist Financial lifted their price objective on Diversified Energy from $21.00 to $27.00 and gave the company a “buy” rating in a research report on Monday, January 6th. KeyCorp lifted their price target on Diversified Energy from $18.00 to $19.00 and gave the company an “overweight” rating in a report on Tuesday, January 7th.

Diversified Energy Stock Performance

The stock’s 50 day simple moving average is $15.00 and its two-hundred day simple moving average is $14.08.

Diversified Energy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, May 30th will be given a $0.29 dividend. This represents a $1.16 annualized dividend and a dividend yield of 8.84%. The ex-dividend date of this dividend is Friday, May 30th.

Institutional Investors Weigh In On Diversified Energy

A number of institutional investors have recently added to or reduced their stakes in DEC. The Manufacturers Life Insurance Company lifted its stake in shares of Diversified Energy by 3,058.5% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 717,585 shares of the company’s stock valued at $8,101,000 after purchasing an additional 694,866 shares in the last quarter. Vanguard Group Inc. raised its holdings in Diversified Energy by 20.4% in the fourth quarter. Vanguard Group Inc. now owns 2,768,108 shares of the company’s stock valued at $46,319,000 after buying an additional 468,312 shares during the period. Woodline Partners LP acquired a new position in Diversified Energy during the fourth quarter valued at approximately $6,274,000. Artemis Investment Management LLP purchased a new stake in Diversified Energy during the fourth quarter worth approximately $5,979,000. Finally, Barclays PLC increased its position in shares of Diversified Energy by 166.9% in the third quarter. Barclays PLC now owns 516,535 shares of the company’s stock worth $5,876,000 after acquiring an additional 322,986 shares in the last quarter. Hedge funds and other 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.