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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Diversified Energy Company Plc | DEC | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 21.00 | 1.89% | 1,134.00 | 16:28:20 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 1,103.00 | 1,103.00 | 1,134.00 | 1,134.00 | 1,113.00 |
| Industry Sector |
|---|
| OIL & GAS PRODUCERS |
| Announcement Date | Type | Currency | Dividend Amount | Ex Date | Record Date | Payment Date |
|---|---|---|---|---|---|---|
| 15/11/2023 | Interim | USD | 0.875 | 29/02/2024 | 01/03/2024 | 28/03/2024 |
| 01/09/2023 | Interim | USD | 0.04375 | 30/11/2023 | 01/12/2023 | 29/12/2023 |
| 09/05/2023 | Interim | USD | 0.04375 | 31/08/2023 | 01/09/2023 | 29/09/2023 |
| 21/03/2023 | Final | USD | 0.04375 | 25/05/2023 | 26/05/2023 | 30/06/2023 |
| 14/11/2022 | Interim | USD | 0.04375 | 02/03/2023 | 03/03/2023 | 28/03/2023 |
| 08/08/2022 | Interim | USD | 0.0425 | 24/11/2022 | 25/11/2022 | 28/12/2022 |
| 16/05/2022 | Interim | USD | 0.0425 | 01/09/2022 | 02/09/2022 | 26/09/2022 |
| 22/03/2022 | Final | USD | 0.0425 | 26/05/2022 | 27/05/2022 | 30/06/2022 |
| 28/10/2021 | Interim | USD | 0.0425 | 03/03/2022 | 04/03/2022 | 28/03/2022 |
| 05/08/2021 | Interim | USD | 0.04 | 25/11/2021 | 26/11/2021 | 17/12/2021 |
| 30/04/2021 | Interim | USD | 0.04 | 02/09/2021 | 03/09/2021 | 24/09/2021 |
| 08/03/2021 | Final | GBP | 0.0281 | 27/05/2021 | 28/05/2021 | 24/06/2021 |
| 29/10/2020 | Interim | USD | 0.04 | 04/03/2021 | 05/03/2021 | 26/03/2021 |
| 10/08/2020 | Interim | USD | 0.0375 | 26/11/2020 | 27/11/2020 | 18/12/2020 |
| 04/05/2020 | Interim | USD | 0.035 | 03/09/2020 | 04/09/2020 | 25/09/2020 |
| 09/03/2020 | Final | USD | 0.035 | 28/05/2020 | 29/05/2020 | 26/06/2020 |
| 10/12/2019 | Interim | USD | 0.035 | 05/03/2020 | 06/03/2020 | 27/03/2020 |
| 08/08/2019 | Interim | USD | 0.035 | 28/11/2019 | 29/11/2019 | 20/12/2019 |
| 13/06/2019 | Interim | USD | 0.0342 | 05/09/2019 | 06/09/2019 | 27/09/2019 |
| Top Posts |
|---|
Posted at 30/4/2024 10:47 by asp5 DEC achieved $543M adjusted EBITDA in 2023. Since then it has sold assets representing ~$35m EBITDA (02 Jan RNS) and made an acquisition of ~$126m EBITDA (19 Mar RNS). So on a pro forma basis DEC is currently running at ~$634m EBITDA level $543m+$126m-$35m).The FCF generated in 2023 was ~$219m. With the increase in EBITDA and the nature of the acquisition (no additional op costs etc.), FCF should increase to around $320m. The average decline rate for DEC is 10%, however 30% of declines can be addressed by workovers (slide 14, 23 FY results presentation) leaving a net 7% of EBITDA needing to be replaced by acquisition. This translates to ~44M EBITDA (7% of ~$634M). If we assume an average x3 multiple of EBITDA to acquire, this would require ~$132M. Assuming 50% is funded via debt, then ~$66M from FCF is required. If we breakdown FCF, ~$55m (for dividends), ~$200M (debt reduction), ~$66M (cash to replace production decline). Total ~320m which consumes the FCF. In order to acquire further assets, let us say another ~$126m EBITDA as per Jan transaction, it would require funds of ~$380m net (assuming a x3 multiple). To complete such a deal, Dec could sell another set of assets representing ~$35m EBITDA for ~$200M (on same terms as the transaction in Jan) leaving the remaining $180m funded via debt. This would result in ~$725m EBITDA (634 – 35 +126). This could be repeated to grow EBITDA in an accretive manner without the need for equity raises. If they sell a little more the funds raised could also be used to fund the share buybacks. Furthermore as DEC have announced they will reduce debt by an average $200m pa for the next 3 years (slide 45, Apr 7 corporate presentation), this translates to a net asset value (NAV) per share increase of ~$4,21 pa (200m/47,5m shares issued) or ~$12,63 increase over 3 years. I would expect this to be reflected in the share price going forward. Rusty & the board has clearly made a strategic decision to drive capital growth. The business model looks sustainable to me and given the ESG improvements DEC have made and continue to make, I see this risk as largely mitigated. It is interesting that there has not been a peep out of the House of Representatives committee since DEC submitted their response letter in Dec 23. While I am still sitting on unrealized capital losses (excluding dividends), I am very positive on the future of DEC. As usual dyor. |
Posted at 30/4/2024 04:33 by leoneobull A Value Proposition Par ExcellencePerhaps the most compelling aspect of the Oaktree deal is the purchase price -set at a strikingly advantageous 3.1x EBITDA. This figure is not just a number; it's a stark indicator of the value DEC is capable of unlocking through diligent portfolio management. To put this into perspective, DEC's recent asset divestment in January 2024 was concluded at 5.7x EBITDA. The contrast between these figures highlights the exceptional value DEC has managed to extract from the Oaktree acquisition, showcasing its adeptness at identifying and capitalising on strategic investment opportunities.Financ |
Posted at 06/4/2024 09:07 by bountyhunter The above includes many interesting points including:10. DEC leases or owns more than eight million acres of land across its footprint. While not all of this acreage is equally suitable for solar project development, certain acreage has become an avenue for DEC to opportunistically participate in renewable energy solutions with third parties via waiving our surface rights on this acreage while reserving access to road and pipeline rights of way that are necessary for its operations. 11. DEC is exploring new technologies to expand the use of renewable and alternative energy in operations, including waste heat recovery and solid oxide fuel cells. Additionally, we are exploring the use of wellbores for mechanical battery energy storage to aid in the energy transition by providing off-peak energy storage. DEC is also exploring using exhausted wells for Carbon capture utilization and storage (CCUS) - why plug it when you can fill it? The Oak Bloke concludes: The fact that DEC could go - is going - from being painted as the public enemy to public saviour is (ironically) an “inconvenient truth” for detractors. As Rusty keeps reminding us, they are the Right Company at the Right Time. Right company… to do what? Right time… for what? I believe the answer is taking an active role in Energy production but also in Net Zero. Where is any of that in the price of DEC? Well, reader, it isn’t. |
Posted at 02/4/2024 13:31 by garycook bluemango, Correct good memory. But to be fair HL have been paying back the 30% reduction,s since 28/12/2022,Only because I keep requesting it every quarter.It seems to be a problem for them, because I have a overseas address.But my. HL Personal details clearly states that. Residency tax status is that I am a Rest of the UK rate taxpayer. Guy called Oli Nevin as been dealing with this problem, and told me 6 months ago it was being sorted ? I even secure messaged him last week to inform of the due DEC dividend and for the dividend to be paid in full .Very complicated ,but you can be sure if I had not requested the 30% being refunded. HL would be pocketing the 30% ? The quality of the Admin over the last 10 years as gone downhill,and HL are taking ages to reply regarding this problem. |
Posted at 02/4/2024 03:21 by garycook Any DEC Shareholder not received their Dividend yet with Hargreaves Lansdown. I have informed them this morning that I require my Dividend plus 4 days of interest on my SIPP DEC dividend, because all other UK Brokers were paid the dividend on 28/03/2024.This as been done purposely. Holding the dividends over the Bank holiday weekend for the Interest. My Son as a £509k Fund and share account Portfolio that I gifted him. He as threatened to transfer it to Interactive Investor. Not good enough HL must be getting desperate doing this. There can be no excuse with all other Brokers paying out on 28/03/2024 ! |
Posted at 20/3/2024 08:45 by fordtin bluemango - I'm one of those angry private investor "I'm cross at the dividend cut so I'm selling now".I was a passive dividend investor content to watch the noise and enjoy the dividend. But as my dividend yield has been cut to around 3%, the only way I'm likely to see a return on my investment is to join the short-term traders. I sold about half of my DEC shares yesterday morning, then bought & sold a few throughout the day. I probably won't be the only 'angry private investor' trying to recover losses by trading the peaks & troughs. With such a huge fall in share price to recoup, the aftermath isn't going away any time soon. |
Posted at 20/3/2024 08:37 by kaos3 SPECULATIONlooking back ... first oak tree deal, then nyse listing plans, then shorting combined with all kinds of environmental concerns, then fin community research notes /sometimes biased/, then obvious divi cut, then oak tree sells dec operated assets to dec ... all that is missing is oak buying huge amount of dec shares to double the assets for the same dollar invested. just wait - no more BBs to let others buy.... and of course no BBs ... they gave all the cash to oak -------------------- was oak tree some how limited in buying dec paper on lse but is not so on nyse.... tia clearly huge trust and friendship rusty - oak... maybe fin cfo got it and did not like the cunning plan... and left as did melanie after the oak deal ..../Diversified Energy Company PLC (LSE:DEC) announced today that, due to other commitments, Melanie Little will resign from the Company's Board of Directors (the "Board") as of 31 December 2022. Little, who has been a member of the board since 2019... / a speculation of course - not reality ... but has a time and facts dots lined up perfectly -------------------- do oak people and rusty have some common prior history .... |
Posted at 19/3/2024 16:56 by monte1 A blow for income investors after Diversified Energy Co DEC rebased its dividend was today softened by a pledge to remain among the best-yielding stocks in the FTSE 350 index.The Alabama-based oil and gas company has recommended a June quarterly dividend of 29 US cents (22.8p), bringing the yield back in line with the historical average of 10%. The shares had been on a market leading 25%-plus prior to today’s annual results. Diversified said the new capital allocation framework, which will enable it to grow via strategic acquisitions as well as reduce debt and carry out share buybacks, should mean longer-term value creation for its shareholder base. Since 2017, the company has paid more than $700 million (£550.7 million) in dividends along with approximately $110 million (£86.5 million) in share repurchases. It said the new fixed quarterly dividend payment of 29 US cents will be sustainable for at least three years and deliver a top-quartile FTSE 350 yield higher than most US listed peers. Chief executive Rusty Hutson said the dividend recalibration took into account current commodity prices and expected future capital requirements. He added: “We understand the importance of this decision to our shareholders and do not take the decision lightly.” Despite the price headwinds in the natural gas market, Diversified grew annual adjusted earnings by about 8% to $543 million (£427.2 million) and generated $219 million (£172.3 million) in free cash flow. The company’s assets primarily consist of long-life, low-decline natural gas wells located within the Appalachian Basin and Central Region of the United States. Examples include the Barnett operating area, which during the early 2000s was the largest natural gas shale play in the US. Diversified achieved record production and lower unit costs during 2023 but a weaker US gas price has impacted its shares, which fell 44% last year. The stock dropped 57p to 866.5p following the results but broker Peel Hunt continues to have a price target of 3,000p. |
Posted at 19/3/2024 11:58 by drk1 For long term holders such as myself, today's news in respect of the divi cut is a bit of a short term shocker. BUT for new investors, insti's etc, today's news echoes opportunity, stabilty and debt reduction which IMO, will drive new money in and the share price North. Waiting for my entry point to add whilst the carnage is in full swing. ;-)"Diversified Energy Co PLC on Tuesday reported a sharply higher dividend amid a swing to a profit on the back of commodity derivative settlements, while revenue edged up. The Alabama, US-based oil and gas production company focused on the Appalachia and central region in the US said it swung to a pretax profit of USD1.00 billion in 2023 from a loss of USD799.5 million in 2022. Diversified Energy shares fell 8.0% to 849.68 pence each on Tuesday morning in London. Revenue, including settled hedges, climbed 2.2% to USD1.05 billion in 2023 from USD1.02 billion. Notably, Diversified Energy reported a net gain of USD178.1 million on commodity derivative settlements in 2023, compared to a USD895.8 million net loss in 2022. Natural gas production edged up 0.3% to 256.4 million cubic feet from 255.6 the year before. Natural gas liquid output jumped 12% to 5.8 million barrels in 2023 from 5.2 million barrels a year prior. The company posted a final dividend of 29 US cents per share, up sharply from 4.38c a year ago. This brings the total dividend to USD1.16, much higher than 17.25c paid for 2022. Diversified Energy added that it is recalibrating its fixed dividend payout to align with the current equity market dynamics, peer trends, prevailing commodity prices and expected future allocations. "We understand the importance of this decision to our shareholders and do not take the decision lightly. By focusing our capital allocation on a fixed dividend level that is competitive with the industry and the market at large, we are prioritizing the acceleration of our balance sheet de-leveraging, with over USD200 million in debt repayments during 2024, creating financial flexibility and a strong foundation to maximize long-term value creation for our shareholder base," it said. Looking ahead, Chief Executive Officer Rusty Hutson said: "Diversified's differentiated stewardship business model will thrive amid the backdrop of rising global energy demand, consolidation in the US. energy markets, and enhanced expectations for sustainably produced energy." By Tom Budszus, Alliance News slot editor" |
Posted at 19/3/2024 10:11 by 1knocker We have recognised for some while that the share price and he dividend were out of kilter. One had to move. Now we know which. Unhappily it has not been the (as we hoped, but now know better) an oversold share price. At the future dividend rate, he share price now looks about right. The market knew better than we did.I was braced for up to a 50% cut at some time, but 66% is a bad blow. A substantially bigger cut than my worst case scenario, and sooner than I had bargained for. Moreover, the business model (substantial hedging), while it lends itself to certainty, also makes special dividends highly unlikely. We should be safe from further dividend cuts for 3 years, but with no prospect held out of any increase. To my eye the reduction of the dividend to 'in line with industry peers (albeit the higher paying industry peers) without any prospect of special dividends or even a progressively increasing dividend from a lower base, means that DEC has lost its USP, which was the very high dividend. There is now no reason to opt for DEC in preference to its peers. I am a little over 50% down on my capital account. I had hopes that in time we would see a return to at least £20 (£1 old money, which not long ago we thought a once in a lifetime buying gift price). A return to that price during the next 3 years would imply a reduction in the yield to 5%. That is not going to happen. Not even close to that price. For those of us who have held for a while, our holdings do not look so bad on a total return basis, but most of us will still be down, albeit by nothing like so much. The fact remain though that for those of us like me with an average purchase price of a bit under £10, our return of that capital is now going to be only about 5%, which is not much more than can be had on a 3 year fixed return Building Society account. For those subject to 30% withholding tax, or even 15% tax, well, do the maths for yourselves. Fortunately I hold DEC in a SIPP. For those who do not, and especially if they bought when the price spiked to about £1.40 old money (£28 after consolidation) the return on their capital will be very poor indeed. Those who bought in the last capital raise must feel absolutely gutted. As for the talk about paying down debt and further share buy backs, that is no comfort if it is not reflected in any increase in the dividend on the shares remaining in issue to reflect the reduced debt servicing cost and smaller number of shares on which the dividend will be paid. There appears to be small prospect of that, as there is not even the hope held out of a progressive dividend policy. It is at least as important to note what company announcements do NOT say as what they do. The only small ray of comfort is the prospect of a strengthened balance sheet to enable further acquisitions when the price of gas (and thus acquisition costs) are depressed. Given the good operational performance reported, this is all deeply, deeply disappointing. I suppose the moral is 'if it looks too good to be true, it generally is'. For us, an old lesson expensively relearned. Make the most of this month's dividend. Its the end of the bonanza times, with no return to the glory days in prospect. |
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