Berry FY2024 EPS Forecast Reduced by Capital One Financial

Berry Co. (NASDAQ:BRY) – Equities research analysts at Capital One Financial cut their FY2024 earnings per share estimates for Berry in a research report issued to clients and investors on Thursday, November 7th. Capital One Financial analyst B. Velie now expects that the energy company will post earnings of $0.69 per share for the year, down from their prior forecast of $0.75. The consensus estimate for Berry’s current full-year earnings is $0.61 per share.

Separately, Piper Sandler reduced their target price on shares of Berry from $8.00 to $7.00 and set a “neutral” rating for the company in a report on Thursday, August 15th.

Berry Stock Performance

BRY stock opened at $4.53 on Monday. The firm has a market cap of $348.54 million, a PE ratio of 4.19 and a beta of 1.72. The company has a current ratio of 0.62, a quick ratio of 0.62 and a debt-to-equity ratio of 0.64. The business’s 50-day moving average price is $5.30 and its two-hundred day moving average price is $6.23. Berry has a 1-year low of $4.47 and a 1-year high of $8.88.

Berry (NASDAQ:BRY) last released its earnings results on Thursday, November 7th. The energy company reported $0.14 EPS for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.01). The business had revenue of $259.80 million for the quarter, compared to analyst estimates of $186.67 million. Berry had a return on equity of 6.56% and a net margin of 9.40%. Berry’s revenue was up 31.3% on a year-over-year basis. During the same period in the prior year, the firm posted $0.15 EPS.

Berry Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, November 25th. Investors of record on Friday, November 15th will be given a dividend of $0.03 per share. The ex-dividend date of this dividend is Friday, November 15th. This represents a $0.12 annualized dividend and a dividend yield of 2.65%. Berry’s dividend payout ratio is 44.44%.

Insider Transactions at Berry

In other news, CEO Fernando Araujo sold 33,950 shares of the firm’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $6.22, for a total transaction of $211,169.00. Following the completion of the transaction, the chief executive officer now owns 253,045 shares of the company’s stock, valued at approximately $1,573,939.90. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.00% of the stock is owned by insiders.

Institutional Investors Weigh In On Berry

Large investors have recently bought and sold shares of the stock. Dimensional Fund Advisors LP lifted its stake in shares of Berry by 5.1% in the second quarter. Dimensional Fund Advisors LP now owns 4,527,531 shares of the energy company’s stock valued at $29,248,000 after buying an additional 219,468 shares in the last quarter. Vanguard Group Inc. increased its holdings in Berry by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 4,359,786 shares of the energy company’s stock worth $35,096,000 after purchasing an additional 77,487 shares in the last quarter. Allspring Global Investments Holdings LLC raised its stake in shares of Berry by 1.4% in the third quarter. Allspring Global Investments Holdings LLC now owns 2,693,611 shares of the energy company’s stock worth $13,845,000 after purchasing an additional 37,904 shares during the last quarter. LSV Asset Management lifted its stake in Berry by 11.0% during the 2nd quarter. LSV Asset Management now owns 1,696,400 shares of the energy company’s stock valued at $10,959,000 after acquiring an additional 167,537 shares in the last quarter. Finally, American Century Companies Inc. boosted its holdings in Berry by 23.6% during the second quarter. American Century Companies Inc. now owns 1,664,292 shares of the energy company’s stock worth $10,751,000 after purchasing an additional 318,223 shares during the last quarter. 94.88% of the stock is currently owned by institutional investors and hedge funds.

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.