Berry (NASDAQ:BRY) Stock Price Down 8.5%

Posted by on Jun 17th, 2022

Berry Co. (NASDAQ:BRY – Get Rating)’s stock price was down 8.5% on Friday . The company traded as low as $8.55 and last traded at $8.58. Approximately 7,846 shares changed hands during mid-day trading, a decline of 99% from the average daily volume of 1,153,940 shares. The stock had previously closed at $9.38.

A number of analysts recently commented on BRY shares. Wells Fargo & Company lifted their price objective on Berry from $10.00 to $12.00 and gave the stock an “underweight” rating in a research report on Monday, March 14th. Piper Sandler lowered their price objective on Berry to $15.00 and set a “na” rating for the company in a research report on Wednesday, May 18th. Finally, KeyCorp lifted their price objective on Berry from $12.00 to $13.00 and gave the stock an “overweight” rating in a research report on Thursday, April 14th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $13.33.

The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.63. The firm has a market cap of $662.23 million, a P/E ratio of -13.19 and a beta of 2.34. The company has a fifty day moving average price of $11.04 and a two-hundred day moving average price of $9.87.

Berry (NASDAQ:BRY – Get Rating) last released its quarterly earnings data on Wednesday, May 4th. The energy company reported $0.51 earnings per share for the quarter, beating the consensus estimate of $0.45 by $0.06. Berry had a positive return on equity of 8.68% and a negative net margin of 9.37%. The business had revenue of $94.08 million for the quarter, compared to analysts’ expectations of $188.93 million. During the same quarter in the previous year, the business posted $0.07 EPS. As a group, sell-side analysts expect that Berry Co. will post 3.67 EPS for the current year.

The company also recently announced a dividend, which was paid on Wednesday, June 15th. Investors of record on Monday, May 16th were given a $0.13 dividend. The ex-dividend date was Friday, May 13th. Berry’s dividend payout ratio is presently -37.50%.

In other Berry news, major shareholder Benefit Street Partners Llc sold 2,000,000 shares of the business’s stock in a transaction that occurred on Thursday, May 5th. The stock was sold at an average price of $11.38, for a total transaction of $22,760,000.00. Following the transaction, the insider now owns 10,703,275 shares of the company’s stock, valued at approximately $121,803,269.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Oaktree Capital Management Lp sold 191,591 shares of the business’s stock in a transaction that occurred on Thursday, June 2nd. The stock was sold at an average price of $11.30, for a total value of $2,164,978.30. Following the transaction, the insider now directly owns 11,622,000 shares in the company, valued at approximately $131,328,600. The disclosure for this sale can be found here. In the last three months, insiders sold 3,607,222 shares of company stock worth $40,914,098. 2.00% of the stock is owned by insiders.

Several hedge funds have recently bought and sold shares of the stock. BlackRock Inc. increased its holdings in shares of Berry by 5.2% during the 4th quarter. BlackRock Inc. now owns 4,879,432 shares of the energy company’s stock worth $41,085,000 after acquiring an additional 242,008 shares during the last quarter. Vanguard Group Inc. boosted its stake in Berry by 0.4% in the 1st quarter. Vanguard Group Inc. now owns 3,786,472 shares of the energy company’s stock valued at $39,076,000 after purchasing an additional 13,481 shares during the period. Allspring Global Investments Holdings LLC bought a new stake in Berry in the 4th quarter valued at $20,564,000. State Street Corp boosted its stake in Berry by 39.3% in the 4th quarter. State Street Corp now owns 2,360,780 shares of the energy company’s stock valued at $19,980,000 after purchasing an additional 665,533 shares during the period. Finally, Dimensional Fund Advisors LP boosted its stake in Berry by 15.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,823,380 shares of the energy company’s stock valued at $18,818,000 after purchasing an additional 243,867 shares during the period. 92.68% of the stock is currently owned by institutional investors and hedge funds.

About Berry (NASDAQ:BRY)

Berry Petroleum Company, LLC., formerly Berry Petroleum Company, is an independent energy company. The Company is engaged in the production, development, exploitation, and acquisition of oil and natural gas. The Company’s principal reserves and producing properties are located in California (South Midway-Sunset (SMWSS)-Steam Floods, North Midway-Sunset (NMWSS)-Diatomite, NMWSS-New Steam Floods, Texas (Permian and E.

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