Berry Co. (NASDAQ:BRY) to Post Q1 2024 Earnings of $0.29 Per Share, Capital One Financial Forecasts

Berry Co. (NASDAQ:BRY) – Stock analysts at Capital One Financial raised their Q1 2024 earnings per share estimates for shares of Berry in a research note issued to investors on Monday, April 15th. Capital One Financial analyst B. Velie now forecasts that the energy company will post earnings of $0.29 per share for the quarter, up from their prior forecast of $0.28. The consensus estimate for Berry’s current full-year earnings is $0.81 per share. Capital One Financial also issued estimates for Berry’s FY2024 earnings at $1.19 EPS.

Berry (NASDAQ:BRY) last posted its quarterly earnings data on Wednesday, March 6th. The energy company reported $0.13 earnings per share for the quarter, missing the consensus estimate of $0.25 by ($0.12). The firm had revenue of $216.40 million for the quarter, compared to the consensus estimate of $190.28 million. Berry had a net margin of 4.14% and a return on equity of 5.27%. The business’s revenue was down 11.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.95 earnings per share.

Separately, TheStreet raised Berry from a “c” rating to a “b-” rating in a research report on Friday, March 8th.

Berry Stock Performance

Berry stock opened at $8.29 on Tuesday. The company has a debt-to-equity ratio of 0.56, a quick ratio of 0.63 and a current ratio of 0.63. The stock’s 50 day simple moving average is $7.47 and its two-hundred day simple moving average is $7.34. Berry has a fifty-two week low of $6.22 and a fifty-two week high of $8.94. The stock has a market cap of $637.83 million, a price-to-earnings ratio of 18.02 and a beta of 1.80.

Berry Increases Dividend

The company also recently disclosed a None dividend, which was paid on Monday, March 25th. Investors of record on Friday, March 15th were issued a $0.26 dividend. This is a positive change from Berry’s previous None dividend of $0.21. This represents a yield of 6.7%. The ex-dividend date was Thursday, March 14th. Berry’s payout ratio is presently 104.35%.

Hedge Funds Weigh In On Berry

A number of hedge funds have recently added to or reduced their stakes in BRY. Bank of New York Mellon Corp raised its stake in Berry by 1.8% during the 1st quarter. Bank of New York Mellon Corp now owns 599,135 shares of the energy company’s stock valued at $6,183,000 after buying an additional 10,668 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in Berry during the 1st quarter valued at $1,061,000. MetLife Investment Management LLC raised its stake in Berry by 55.4% during the 1st quarter. MetLife Investment Management LLC now owns 36,618 shares of the energy company’s stock valued at $378,000 after buying an additional 13,057 shares during the last quarter. Rhumbline Advisers raised its stake in Berry by 6.4% during the 1st quarter. Rhumbline Advisers now owns 101,052 shares of the energy company’s stock valued at $1,043,000 after buying an additional 6,115 shares during the last quarter. Finally, Great West Life Assurance Co. Can raised its stake in Berry by 41.6% during the 1st quarter. Great West Life Assurance Co. Can now owns 4,554 shares of the energy company’s stock valued at $49,000 after buying an additional 1,338 shares during the last quarter. 94.88% of the stock is currently owned by hedge funds and other institutional investors.

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.