Diversified Energy (NYSE:DEC) Shares Up 4.8% – Here’s Why

Shares of Diversified Energy Company PLC (NYSE:DEC) shot up 4.8% during mid-day trading on Thursday . The company traded as high as $14.05 and last traded at $14.01. 258,654 shares traded hands during mid-day trading, a decline of 2% from the average session volume of 263,960 shares. The stock had previously closed at $13.37.

Wall Street Analysts Forecast Growth

DEC has been the subject of several recent research reports. Truist Financial dropped their price target on Diversified Energy from $20.00 to $19.00 and set a “buy” rating for the company in a research report on Monday, September 30th. KeyCorp assumed coverage on shares of Diversified Energy in a research note on Wednesday, August 28th. They issued an “overweight” rating and a $18.00 target price for the company.

Diversified Energy Stock Performance

The stock’s 50-day moving average is $11.78 and its 200-day moving average is $13.34.

Institutional Investors Weigh In On Diversified Energy

Several hedge funds have recently made changes to their positions in DEC. MetLife Investment Management LLC lifted its position in Diversified Energy by 129.1% during the third quarter. MetLife Investment Management LLC now owns 27,670 shares of the company’s stock worth $315,000 after buying an additional 15,591 shares during the period. FMR LLC acquired a new position in shares of Diversified Energy during the 3rd quarter valued at about $31,000. The Manufacturers Life Insurance Company lifted its holdings 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 worth $8,101,000 after acquiring an additional 694,866 shares during the period. Charles Schwab Investment Management Inc. boosted its position in shares of Diversified Energy by 1.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 113,408 shares of the company’s stock worth $1,291,000 after acquiring an additional 1,910 shares during the last quarter. Finally, Empowered Funds LLC purchased a new stake in Diversified Energy in the third quarter valued at approximately $1,486,000. 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.