Berry (NASDAQ:BRY) Price Target Cut to $7.00 by Analysts at Piper Sandler

Berry (NASDAQ:BRY) had its price target reduced by Piper Sandler from $8.00 to $7.00 in a report released on Thursday, Benzinga reports. Piper Sandler currently has a neutral rating on the energy company’s stock.

Berry Trading Up 0.5 %

NASDAQ:BRY opened at $6.58 on Thursday. Berry has a one year low of $5.63 and a one year high of $8.94. The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.60 and a current ratio of 0.60. The firm has a market cap of $506.26 million, a P/E ratio of 658.00 and a beta of 1.77. The firm has a 50-day simple moving average of $6.44 and a 200-day simple moving average of $7.11.

Berry (NASDAQ:BRY) last released its earnings results on Friday, August 9th. The energy company reported $0.18 earnings per share for the quarter, missing the consensus estimate of $0.20 by ($0.02). The company had revenue of $197.80 million for the quarter, compared to analysts’ expectations of $187.38 million. Berry had a return on equity of 6.15% and a net margin of 0.41%. The firm’s revenue for the quarter was down 13.8% on a year-over-year basis. During the same period in the prior year, the firm posted $0.15 EPS. Equities analysts anticipate that Berry will post 0.84 EPS for the current fiscal year.

Berry Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 30th. Shareholders of record on Friday, August 23rd will be issued a dividend of $0.12 per share. The ex-dividend date is Friday, August 23rd. This represents a $0.48 dividend on an annualized basis and a yield of 7.29%. Berry’s payout ratio is currently 4,800.00%.

Institutional Trading of Berry

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. LSV Asset Management increased its position in shares of Berry by 136.5% in the 4th quarter. LSV Asset Management now owns 1,528,863 shares of the energy company’s stock worth $10,748,000 after purchasing an additional 882,441 shares during the last quarter. HITE Hedge Asset Management LLC acquired a new position in shares of Berry in the 2nd quarter valued at about $5,636,000. Millennium Management LLC boosted its holdings in shares of Berry by 2,821.9% in the 2nd quarter. Millennium Management LLC now owns 649,607 shares of the energy company’s stock valued at $4,196,000 after buying an additional 627,375 shares during the period. Access Investment Management LLC acquired a new position in shares of Berry in the 4th quarter valued at about $3,058,000. Finally, Jacobs Levy Equity Management Inc. boosted its stake in Berry by 36.9% during the 1st quarter. Jacobs Levy Equity Management Inc. now owns 1,323,216 shares of the energy company’s stock valued at $10,652,000 after purchasing an additional 356,525 shares during the period. Institutional investors and hedge funds own 94.88% of the company’s stock.

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.