Berry Co. (NASDAQ:BRY – Free Report) – Investment analysts at Capital One Financial raised their Q3 2023 earnings estimates for Berry in a research note issued to investors on Tuesday, October 3rd. Capital One Financial analyst B. Velie now expects that the energy company will post earnings per share of $0.25 for the quarter, up from their prior estimate of $0.23. The consensus estimate for Berry’s current full-year earnings is $0.54 per share. Capital One Financial also issued estimates for Berry’s Q4 2023 earnings at $0.28 EPS, FY2023 earnings at $0.74 EPS, Q1 2024 earnings at $0.19 EPS, Q2 2024 earnings at $0.20 EPS, Q3 2024 earnings at $0.22 EPS, Q4 2024 earnings at $0.23 EPS, FY2024 earnings at $0.83 EPS and FY2025 earnings at $0.49 EPS.
Other equities research analysts also recently issued research reports about the stock. TheStreet upgraded shares of Berry from a “c+” rating to a “b” rating in a research report on Wednesday, August 2nd. Jefferies Financial Group lowered shares of Berry from a “buy” rating to a “hold” rating and decreased their target price for the company from $9.00 to $8.00 in a research report on Friday, July 14th. Finally, Piper Sandler lowered shares of Berry from an “overweight” rating to a “neutral” rating and set a $9.00 target price on the stock. in a research report on Monday, August 14th.
Berry Stock Up 2.0 %
BRY stock opened at $7.66 on Friday. Berry has a 12-month low of $6.23 and a 12-month high of $10.74. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.55. The company has a market cap of $579.56 million, a price-to-earnings ratio of 2.19 and a beta of 2.12. The company has a 50 day moving average of $8.25 and a two-hundred day moving average of $7.61.
Berry (NASDAQ:BRY – Get Free Report) last posted its quarterly earnings data on Wednesday, August 2nd. The energy company reported $0.15 EPS for the quarter, topping analysts’ consensus estimates of $0.01 by $0.14. Berry had a net margin of 26.86% and a return on equity of 18.02%. The firm had revenue of $229.40 million during the quarter, compared to analyst estimates of $178.39 million. During the same quarter last year, the business posted $0.64 EPS. The company’s revenue was down 9.4% on a year-over-year basis.
Berry Increases Dividend
The firm also recently announced a quarterly dividend, which was paid on Friday, August 25th. Stockholders of record on Tuesday, August 15th were given a dividend of $0.14 per share. This is a positive change from Berry’s previous quarterly dividend of $0.12. This represents a $0.56 annualized dividend and a dividend yield of 7.31%. The ex-dividend date was Monday, August 14th. Berry’s payout ratio is 13.75%.
Insider Activity at Berry
In related news, Chairman Arthur T. Smith sold 18,635 shares of Berry stock in a transaction dated Thursday, August 17th. The shares were sold at an average price of $8.47, for a total transaction of $157,838.45. Following the completion of the transaction, the chairman now directly owns 595,545 shares of the company’s stock, valued at approximately $5,044,266.15. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Berry news, President Danielle E. Hunter sold 14,800 shares of the business’s stock in a transaction dated Thursday, August 17th. The shares were sold at an average price of $8.50, for a total value of $125,800.00. Following the completion of the transaction, the president now directly owns 173,757 shares of the company’s stock, valued at $1,476,934.50. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Chairman Arthur T. Smith sold 18,635 shares of the business’s stock in a transaction dated Thursday, August 17th. The stock was sold at an average price of $8.47, for a total transaction of $157,838.45. Following the completion of the transaction, the chairman now directly owns 595,545 shares of the company’s stock, valued at $5,044,266.15. The disclosure for this sale can be found here. Insiders sold 48,635 shares of company stock valued at $416,888 in the last ninety days. Insiders own 1.00% of the company’s stock.
Hedge Funds Weigh In On Berry
A number of institutional investors have recently modified their holdings of BRY. Alliancebernstein L.P. raised its stake in shares of Berry by 302.2% during the third quarter. Alliancebernstein L.P. now owns 8,847,928 shares of the energy company’s stock worth $66,360,000 after buying an additional 6,648,164 shares during the last quarter. LSV Asset Management raised its stake in shares of Berry by 1,410.9% during the first quarter. LSV Asset Management now owns 1,305,425 shares of the energy company’s stock worth $10,248,000 after buying an additional 1,219,025 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Berry by 18.5% during the first quarter. Dimensional Fund Advisors LP now owns 3,449,782 shares of the energy company’s stock worth $27,080,000 after buying an additional 538,093 shares during the last quarter. State Street Corp raised its stake in shares of Berry by 21.2% during the third quarter. State Street Corp now owns 3,070,718 shares of the energy company’s stock worth $23,030,000 after buying an additional 537,227 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership raised its stake in shares of Berry by 113.0% during the first quarter. Arrowstreet Capital Limited Partnership now owns 1,009,020 shares of the energy company’s stock worth $7,921,000 after buying an additional 535,199 shares during the last quarter. 88.74% of the stock is owned by institutional investors.
About Berry
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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