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

Diversified Energy Company PLC (NYSE:DEC) shares 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 changing hands.

Wall Street Analyst Weigh In

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

Diversified Energy Stock Performance

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

Diversified Energy Announces Dividend

The firm also recently declared 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 of this dividend is Friday, February 28th. This represents a $1.16 dividend on an annualized basis and a yield of 7.35%.

Institutional Trading of Diversified Energy

A number of large investors have recently made changes to their positions in DEC. Jupiter Asset Management Ltd. increased its stake in shares of Diversified Energy by 77.5% during the second quarter. Jupiter Asset Management Ltd. now owns 2,634,877 shares of the company’s stock worth $34,973,000 after buying an additional 1,150,794 shares during the period. The Manufacturers Life Insurance Company boosted its holdings in Diversified Energy by 3,058.5% in the third 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. Barclays PLC boosted its holdings in Diversified Energy by 166.9% in the third quarter. Barclays PLC now owns 516,535 shares of the company’s stock valued at $5,876,000 after purchasing an additional 322,986 shares in the last quarter. State Street Corp boosted its holdings in Diversified Energy by 42.4% in the third quarter. State Street Corp now owns 552,844 shares of the company’s stock valued at $6,291,000 after purchasing an additional 164,728 shares in the last quarter. Finally, Bank of New York Mellon Corp acquired a new position in Diversified Energy in the second quarter valued at approximately $1,983,000. 26.51% of the stock is currently owned by hedge funds and other institutional investors.

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.