Diversified Energy (NYSE:DEC) Shares Gap Down – Should You Sell?

Diversified Energy Company PLC (NYSE:DEC)’s share price gapped down prior to trading on Monday . The stock had previously closed at $16.36, but opened at $15.88. Diversified Energy shares last traded at $15.66, with a volume of 65,433 shares trading hands.

Analyst Upgrades and Downgrades

DEC has been the topic of a number of research analyst reports. KeyCorp initiated coverage on shares of Diversified Energy in a research note on Wednesday, August 28th. They issued an “overweight” rating and a $18.00 price target on the stock. Truist Financial lifted their target price on shares of Diversified Energy from $19.00 to $21.00 and gave the stock a “buy” rating in a research note on Monday, November 18th.

Diversified Energy Trading Down 3.5 %

The firm’s 50 day simple moving average is $12.83 and its 200-day simple moving average is $13.49.

Diversified Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, February 28th will be paid a dividend of $0.29 per share. The ex-dividend date is Friday, February 28th. This represents a $1.16 annualized dividend and a yield of 7.35%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of DEC. Jupiter Asset Management Ltd. boosted its position in shares of Diversified Energy by 77.5% during the 2nd quarter. Jupiter Asset Management Ltd. now owns 2,634,877 shares of the company’s stock valued at $34,973,000 after acquiring an additional 1,150,794 shares during the last quarter. The Manufacturers Life Insurance Company boosted its position in shares of Diversified Energy by 3,058.5% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 717,585 shares of the company’s stock valued at $8,101,000 after acquiring an additional 694,866 shares during the last quarter. Barclays PLC raised its holdings in Diversified Energy by 166.9% in the 3rd quarter. Barclays PLC now owns 516,535 shares of the company’s stock valued at $5,876,000 after buying an additional 322,986 shares during the period. State Street Corp raised its holdings in Diversified Energy by 42.4% in the 3rd quarter. State Street Corp now owns 552,844 shares of the company’s stock valued at $6,291,000 after buying an additional 164,728 shares during the period. Finally, Bank of New York Mellon Corp purchased a new stake in Diversified Energy in the 2nd quarter valued at about $1,983,000. 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.