Diversified Energy (NYSE:DEC) Trading 4.8% Higher – Here’s What Happened

Diversified Energy Company PLC (NYSE:DEC)’s share price rose 4.8% on Thursday . The company traded as high as $14.05 and last traded at $14.01. Approximately 258,654 shares were traded during trading, a decline of 2% from the average daily volume of 263,960 shares. The stock had previously closed at $13.37.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the company. KeyCorp assumed coverage on Diversified Energy in a report on Wednesday, August 28th. They issued an “overweight” rating and a $18.00 target price on the stock. Truist Financial reduced their target price on shares of Diversified Energy from $20.00 to $19.00 and set a “buy” rating for the company in a research note on Monday, September 30th.

Diversified Energy Stock Up 5.8 %

The firm has a fifty day moving average price of $11.78 and a 200 day moving average price of $13.34.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. M&G PLC increased its stake in Diversified Energy by 5.1% in the 3rd quarter. M&G PLC now owns 1,803,398 shares of the company’s stock valued at $20,523,000 after purchasing an additional 87,775 shares in the last quarter. Jupiter Asset Management Ltd. increased its position in shares of Diversified Energy by 77.5% in the second quarter. Jupiter Asset Management Ltd. now owns 2,634,877 shares of the company’s stock valued at $34,973,000 after buying an additional 1,150,794 shares in the last quarter. M&G Plc acquired a new position in shares of Diversified Energy during the 1st quarter worth $20,639,000. Mackenzie Financial Corp purchased a new stake in shares of Diversified Energy in the 2nd quarter worth about $820,000. Finally, Bank of New York Mellon Corp acquired a new stake in Diversified Energy in the 2nd quarter valued at about $1,983,000. 26.51% of the stock is currently owned by institutional investors and hedge funds.

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.