Los Angeles Capital Management LLC Cuts Holdings in Berry Co. (NASDAQ:BRY)

Los Angeles Capital Management LLC trimmed its holdings in Berry Co. (NASDAQ:BRY) by 13.2% in the 3rd quarter, according to its most recent filing with the SEC. The institutional investor owned 233,127 shares of the energy company’s stock after selling 35,590 shares during the quarter. Los Angeles Capital Management LLC’s holdings in Berry were worth $1,198,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Federated Hermes Inc. bought a new position in Berry during the second quarter valued at approximately $25,000. Gladius Capital Management LP bought a new position in shares of Berry during the 2nd quarter valued at $27,000. CWM LLC grew its holdings in shares of Berry by 287.4% in the second quarter. CWM LLC now owns 4,560 shares of the energy company’s stock worth $29,000 after acquiring an additional 3,383 shares during the period. Meeder Asset Management Inc. increased its position in Berry by 43.5% during the second quarter. Meeder Asset Management Inc. now owns 7,212 shares of the energy company’s stock valued at $47,000 after acquiring an additional 2,186 shares during the last quarter. Finally, Innealta Capital LLC bought a new position in Berry in the second quarter valued at about $50,000. 94.88% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

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

Insider Transactions at Berry

In other Berry news, CEO Fernando Araujo sold 33,950 shares of the company’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $6.22, for a total value of $211,169.00. Following the transaction, the chief executive officer now owns 253,045 shares of the company’s stock, valued at $1,573,939.90. This represents a 11.83 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 1.00% of the company’s stock.

Berry Stock Performance

BRY opened at $4.47 on Friday. Berry Co. has a 1-year low of $4.16 and a 1-year high of $8.88. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.80 and a quick ratio of 0.62. The firm has a market cap of $343.92 million, a P/E ratio of 3.96 and a beta of 1.72. The company has a 50 day simple moving average of $5.20 and a two-hundred day simple moving average of $6.16.

Berry (NASDAQ:BRY) last issued its quarterly earnings data on Thursday, November 7th. The energy company reported $0.14 earnings per share for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.01). Berry had a net margin of 9.40% and a return on equity of 6.50%. The firm had revenue of $259.80 million for the quarter, compared to analysts’ expectations of $186.67 million. During the same quarter in the previous year, the business earned $0.15 EPS. The company’s revenue for the quarter was up 31.3% on a year-over-year basis. Equities analysts forecast that Berry Co. will post 0.61 earnings per share for the current fiscal year.

Berry Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, November 25th. Stockholders of record on Friday, November 15th will be paid a dividend of $0.03 per share. The ex-dividend date of this dividend is Friday, November 15th. This represents a $0.12 dividend on an annualized basis and a dividend yield of 2.68%. Berry’s dividend payout ratio is 44.44%.

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.