Berry Co. Forecasted to Post Q2 2023 Earnings of $0.14 Per Share (NASDAQ:BRY)

Berry Co. (NASDAQ:BRY – Get Rating) – Investment analysts at Capital One Financial reduced their Q2 2023 earnings per share estimates for shares of Berry in a report released on Thursday, May 18th. Capital One Financial analyst B. Velie now expects that the energy company will post earnings per share of $0.14 for the quarter, down from their prior estimate of $0.21. The consensus estimate for Berry’s current full-year earnings is $0.65 per share. Capital One Financial also issued estimates for Berry’s Q3 2023 earnings at $0.15 EPS, Q4 2023 earnings at $0.16 EPS, Q1 2024 earnings at $0.15 EPS, Q2 2024 earnings at $0.17 EPS, Q3 2024 earnings at $0.18 EPS and Q4 2024 earnings at $0.20 EPS.

Berry (NASDAQ:BRY – Get Rating) last issued its quarterly earnings data on Wednesday, May 3rd. The energy company reported $0.07 EPS for the quarter, missing the consensus estimate of $0.11 by ($0.04). The firm had revenue of $254.90 million during the quarter, compared to the consensus estimate of $174.40 million. Berry had a return on equity of 24.35% and a net margin of 27.90%. The business’s revenue was up 30.9% on a year-over-year basis. During the same period in the previous year, the firm earned $0.51 EPS.

Several other equities analysts also recently commented on BRY. Jefferies Financial Group lowered their price objective on Berry from $11.00 to $9.00 in a research report on Monday, May 15th. TheStreet cut Berry from a “b-” rating to a “c+” rating in a report on Thursday, March 9th. Finally, Piper Sandler reduced their price objective on Berry from $12.00 to $10.00 in a research note on Thursday.

Berry Price Performance

NASDAQ BRY opened at $6.82 on Friday. The business’s fifty day moving average is $7.55 and its 200 day moving average is $8.33. Berry has a fifty-two week low of $6.48 and a fifty-two week high of $11.94. The company has a market capitalization of $525.69 million, a PE ratio of 1.85 and a beta of 2.18. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.82 and a current ratio of 0.82.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Tower Research Capital LLC TRC increased its position in shares of Berry by 525.6% during the first quarter. Tower Research Capital LLC TRC now owns 3,147 shares of the energy company’s stock worth $25,000 after purchasing an additional 2,644 shares in the last quarter. Point72 Hong Kong Ltd acquired a new position in shares of Berry during the 1st quarter worth approximately $31,000. Great West Life Assurance Co. Can acquired a new position in shares of Berry during the 3rd quarter worth approximately $33,000. Metropolitan Life Insurance Co NY raised its holdings in Berry by 35.0% in the 4th quarter. Metropolitan Life Insurance Co NY now owns 4,844 shares of the energy company’s stock valued at $39,000 after acquiring an additional 1,257 shares during the last quarter. Finally, Lazard Asset Management LLC acquired a new position in Berry in the 4th quarter valued at $46,000. 97.69% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Berry

In other Berry news, Chairman Arthur T. Smith sold 100,000 shares of the company’s stock in a transaction on Thursday, March 16th. The stock was sold at an average price of $7.26, for a total transaction of $726,000.00. Following the completion of the sale, the chairman now owns 565,904 shares in the company, valued at $4,108,463.04. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, Chairman Arthur T. Smith sold 100,000 shares of the firm’s stock in a transaction on Thursday, March 16th. The stock was sold at an average price of $7.26, for a total value of $726,000.00. Following the completion of the sale, the chairman now owns 565,904 shares of the company’s stock, valued at approximately $4,108,463.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, President Danielle E. Hunter sold 30,000 shares of the firm’s stock in a transaction on Monday, April 3rd. The stock was sold at an average price of $8.26, for a total value of $247,800.00. Following the completion of the transaction, the president now owns 188,757 shares of the company’s stock, valued at approximately $1,559,132.82. The disclosure for this sale can be found here. Over the last quarter, insiders sold 230,000 shares of company stock worth $1,794,800. Company insiders own 1.00% of the company’s stock.

Berry Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, May 25th. Investors of record on Monday, May 15th will be issued a $0.12 dividend. The ex-dividend date is Friday, May 12th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 7.04%. Berry’s payout ratio is 13.04%.

About Berry

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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.