Berry (NASDAQ:BRY) Given New $5.00 Price Target at Piper Sandler

Berry (NASDAQ:BRY) had its price target cut by Piper Sandler from $7.00 to $5.00 in a report released on Monday,Benzinga reports. They currently have a neutral rating on the energy company’s stock.

Berry Trading Up 1.7 %

Shares of NASDAQ BRY opened at $4.26 on Monday. The business’s 50 day moving average is $5.10 and its two-hundred day moving average is $6.02. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.80 and a quick ratio of 0.80. Berry has a 1-year low of $4.10 and a 1-year high of $8.88. The stock has a market capitalization of $327.76 million, a P/E ratio of 3.88 and a beta of 1.72.

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 the consensus estimate of $0.15 by ($0.01). Berry had a return on equity of 6.50% and a net margin of 9.40%. The company had revenue of $259.80 million for the quarter, compared to the consensus estimate of $186.67 million. During the same period in the previous year, the firm earned $0.15 earnings per share. The company’s revenue was up 31.3% compared to the same quarter last year. As a group, research analysts expect that Berry will post 0.6 EPS for the current year.

Berry Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, November 25th. Shareholders 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 2.82%. Berry’s dividend payout ratio (DPR) is presently 11.11%.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the business. Dimensional Fund Advisors LP boosted its position in shares of Berry by 5.1% during 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 during the period. Vanguard Group Inc. boosted its holdings in shares of Berry by 1.8% in the first quarter. Vanguard Group Inc. now owns 4,359,786 shares of the energy company’s stock valued at $35,096,000 after purchasing an additional 77,487 shares during the period. State Street Corp boosted its holdings in shares of Berry by 0.8% in the third quarter. State Street Corp now owns 3,001,229 shares of the energy company’s stock valued at $15,426,000 after purchasing an additional 25,108 shares during the period. Allspring Global Investments Holdings LLC boosted its holdings 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 valued at $13,845,000 after purchasing an additional 37,904 shares during the period. Finally, Geode Capital Management LLC boosted its holdings in shares of Berry by 10.2% in the third quarter. Geode Capital Management LLC now owns 1,903,951 shares of the energy company’s stock valued at $9,788,000 after purchasing an additional 176,280 shares during the period. Hedge funds and other institutional investors own 94.88% of the company’s stock.

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.