Diversified Energy
Acquires and operates mature U.S. gas, oil, NGL, midstream, and retirement assets.
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Profile
Acquires existing long-life wells and related midstream assets, then produces, transports, markets, and retires them across U.S. operating regions. Revenue is concentrated in natural gas and oil, with smaller NGL and midstream lines, and the model depends on acquisition access, emissions control, and well-retirement execution.
Buys existing long-life natural gas, NGL, oil, midstream, and asset-retirement properties instead of building an exploration-led portfolio. Operations sit entirely in the United States, with Appalachia and the Central Region as the main operating areas and smaller assets elsewhere.
Runs the assets through a full-lifecycle model: acquire producing wells, manage field costs and emissions performance, move volumes through associated midstream systems, and plug wells through its retirement platform when they reach end of life.
The business depends on continued access to mature-well acquisitions, commodity markets, capital markets, trained oil-and-gas crews, emissions controls, and reliable retirement economics.
Company facts
Key statistics
Year to date −0.3% · Average volume (30d) 831.7K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior target | Target |
|---|---|---|---|---|
| Aug 10, 2026 | Mizuho Securities | Target | $26 | $32 |
| Jul 22, 2026 | Truist Financial | Target | $20 | $17 |
| Apr 15, 2026 | Stephens | Target | $24 | |
| Apr 9, 2026 | Truist Financial | Target | $18 | $20 |
| Dec 4, 2025 | Johnson Rice | Target | $23 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 5, 2026Q2 FY26 | $0.20 | −$0.29 | −241.6% | $493.0M | $520.9M | +5.7% | +3.06% |
| May 6, 2026 | $2.02 | $2.05 | +1.5% | $521.4M | $556.2M | +6.7% | +1.43% |
| Mar 17, 2025Q4 FY24 | $1.32 | −$2.12 | −260.6% | $467.5M | $446.2M | −4.6% | 0.00% |
| Nov 12, 2024 | $0.69 | $0.32 | −53.6% | $249.8M | $368.7M | +47.6% | +3.89% |
Financial highlights
| 12 quarters | Q4 FY23 | Q2 FY24 | Q4 FY24 | Q2 FY25 | Q4 FY25 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $350.8M | $348.7M | $446.2M | $738.3M | $873.1M | $811.9M | |
| Gross profit | $167.7M | $172.6M | −$63.1M | $432.5M | −$20.9M | $811.9M | |
| Operating income | $251.4M | $2.4M | −$45.4M | $133.2M | $110.7M | $471.8M | |
| Net income | $128.0M | $15.1M | −$103.3M | −$34.5M | $376.4M | $246.9M | |
| Diluted EPS | $2.74 | $0.32 | −$2.11 | −$0.50 | $5.08 | $3.31 | |
| Gross margin | 47.8% | 49.5% | -14.1% | 58.6% | -2.4% | 100.0% | |
| Operating margin | 71.7% | 0.7% | -10.2% | 18.0% | 12.7% | 58.1% |
Revenue by product · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $8.2M · Total debt $2.96B · Total assets $6.11B · Shareholders' equity $950.7M
Dividends
Last raised to $0.29 from $0.29 in Dec 2025. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Aug 28, 2026 | Aug 28 | Sep 30 | $0.29 | |
| May 29, 2026 | May 29 | Jun 30 | $0.29 | |
| Feb 27, 2026 | Feb 27 | Mar 31 | $0.29 | |
| Dec 1, 2025 | Dec 1 | Dec 31 | $0.29 | raised from $0.29 |
| Aug 28, 2025 | Aug 29 | Sep 30 | $0.29 | cut from $0.29 |
| May 30, 2025 | May 30 | Jun 30 | $0.29 | |
| Feb 28, 2025 | Feb 28 | Mar 31 | $0.29 | |
| Nov 29, 2024 | Nov 29 | Dec 27 | $0.29 | cut from $0.29 |
Ownership
Shares outstanding 72.32M · Float 35.99M · 49.8% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Randall S. Wade · director | 7.50M | 10.37% | Form 4 | Jan 26, 2026 |
| BlackRock, Inc. | 5.77M | 7.98% | 13F | Aug 7, 2026 |
| Artemis Investment Management LLP | 5.68M | 7.85% | 13F | Jul 23, 2026 |
| Ameriprise Financial Inc | 4.57M | 6.32% | 13F | Aug 14, 2026 |
| State Street Corp | 3.13M | 4.33% | 13F | Aug 7, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Jan 9, 2026 | Randall S. Wade | director | −2,100,000 | $13.28 |
Peers
- EQT
Appalachian gas scale with integrated midstream
- Expand Energy
Large gas producer across Appalachia and Haynesville
- Antero Resources
Appalachian gas, NGLs, and transport marketing overlap
- Range Resources
Marcellus gas and NGL producer with direct basin overlap
- CNX Resources
Appalachian gas producer with owned midstream exposure
- Gulfport Energy
Utica/Marcellus and SCOOP gas overlap
- Devon Energy
Current Devon-Coterra vehicle with Marcellus and Anadarko overlap
- Mach Natural Resources
Acquisition-led Anadarko gas/NGL/oil producer
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Diversified Energy | $14.75 | −0.07% | $1.07B | 1.7 | — | 0.6 | — |
| EQT | $54.67 | +0.19% | $34.13B | 12.0 | 16.3 | 3.7 | −29.2% |
| Expand Energy | $98.16 | 0.00% | $22.72B | 8.5 | 12.2 | 1.7 | −19.8% |
| Antero Resources | $38.50 | +0.13% | $11.82B | 11.0 | 9.0 | 2.1 | +29.6% |
| Range Resources | $41.10 | −0.86% | $9.69B | 11.5 | 11.3 | 2.9 | +19.1% |
| CNX Resources | $36.42 | +0.64% | $5.36B | 6.0 | 10.8 | 2.2 | −35.7% |
| Gulfport Energy | $176.37 | +0.01% | $3.17B | 7.1 | 7.0 | 2.1 | +3.8% |
| Devon Energy | $47.48 | +0.26% | $52.09B | 11.2 | 9.5 | 2.6 | +83.2% |
| Mach Natural Resources | $12.58 | +0.60% | $2.09B | 22.3 | 9.2 | 1.4 | +40.7% |
| Median | 11.1 | 10.1 | 2.2 | +11.5% |