Diversified Energy initiated with an Outperform at Mizuho

Mizuho initiated coverage of Diversified Energy (DEC) with an Outperform rating and $23 price target Diversified offers the only public equity market option to play the growing production enhancement program roll-up strategy subsegment in U.S. Shale, the analyst tells investors in a research note. The firm says the company’s focus on optimizing production and cash flows from lower risk, mature wells in five key plays “sets the stage for differentiated cash generation.”