Berry Co. (NASDAQ:BRY – Get Rating) – Equities researchers at Jefferies Financial Group reduced their FY2023 earnings per share estimates for Berry in a note issued to investors on Monday, January 23rd. Jefferies Financial Group analyst L. Byrne now expects that the energy company will earn $1.18 per share for the year, down from their previous forecast of $1.19. Jefferies Financial Group has a “Buy” rating and a $10.00 price objective on the stock. The consensus estimate for Berry’s current full-year earnings is $2.08 per share.
BRY has been the topic of a number of other research reports. Piper Sandler lowered their target price on Berry from $12.00 to $11.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 18th. TheStreet upgraded Berry from a “c” rating to a “b-” rating in a research note on Wednesday, November 2nd. One equities research analyst has rated the stock with a sell rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $11.50.
Berry Price Performance
Berry (NASDAQ:BRY – Get Rating) last released its quarterly earnings data on Wednesday, November 2nd. The energy company reported $0.55 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.46 by $0.09. The firm had revenue of $376.45 million for the quarter, compared to analyst estimates of $207.10 million. Berry had a return on equity of 22.21% and a net margin of 20.07%.
Institutional Investors Weigh In On Berry
Several hedge funds have recently modified their holdings of BRY. Point72 Hong Kong Ltd acquired a new stake in shares of Berry during the 1st quarter valued at $31,000. Great West Life Assurance Co. Can acquired a new stake in shares of Berry during the 3rd quarter valued at $33,000. Captrust Financial Advisors boosted its holdings in shares of Berry by 78.2% during the 1st quarter. Captrust Financial Advisors now owns 4,857 shares of the energy company’s stock valued at $50,000 after acquiring an additional 2,131 shares in the last quarter. Barclays PLC lifted its holdings in Berry by 122.7% during the 3rd quarter. Barclays PLC now owns 8,961 shares of the energy company’s stock worth $67,000 after buying an additional 4,938 shares during the period. Finally, Lido Advisors LLC acquired a new position in Berry during the 3rd quarter worth about $75,000. Institutional investors and hedge funds own 97.69% of the company’s stock.
Insider Buying and Selling at Berry
In other Berry news, major shareholder Oaktree Capital Management Lp sold 1,000,000 shares of the firm’s stock in a transaction on Tuesday, November 8th. The stock was sold at an average price of $9.60, for a total value of $9,600,000.00. Following the sale, the insider now owns 6,797,000 shares of the company’s stock, valued at approximately $65,251,200. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, Director Rajath Shourie acquired 20,000 shares of the business’s stock in a transaction that occurred on Tuesday, December 13th. The shares were bought at an average price of $7.82 per share, with a total value of $156,400.00. Following the acquisition, the director now directly owns 20,000 shares in the company, valued at approximately $156,400. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Oaktree Capital Management Lp sold 1,000,000 shares of the firm’s stock in a transaction on Tuesday, November 8th. The shares were sold at an average price of $9.60, for a total value of $9,600,000.00. Following the sale, the insider now directly owns 6,797,000 shares in the company, valued at approximately $65,251,200. The disclosure for this sale can be found here. Company insiders own 2.00% of the company’s stock.
Berry Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Monday, November 28th. Shareholders of record on Tuesday, November 15th were issued a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 2.62%. The ex-dividend date was Monday, November 14th. Berry’s dividend payout ratio is presently 10.62%.
Berry Company Profile
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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