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

Berry (NASDAQ:BRY) had its target price lowered by Piper Sandler from $7.00 to $5.00 in a research note published on Monday morning,Benzinga reports. The firm currently has a neutral rating on the energy company’s stock.

Berry Stock Performance

Shares of BRY stock opened at $4.26 on Monday. The firm has a market capitalization of $327.76 million, a price-to-earnings ratio of 3.88 and a beta of 1.72. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.80 and a quick ratio of 0.80. The business has a fifty day moving average of $5.10 and a 200 day moving average of $6.02. Berry has a 1 year low of $4.10 and a 1 year high of $8.88.

Berry (NASDAQ:BRY) last issued its earnings results on Thursday, November 7th. The energy company reported $0.14 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.01). The firm had revenue of $259.80 million during the quarter, compared to analysts’ expectations of $186.67 million. Berry had a return on equity of 6.50% and a net margin of 9.40%. The business’s revenue was up 31.3% on a year-over-year basis. During the same quarter last year, the business earned $0.15 EPS. As a group, research analysts expect that Berry will post 0.6 earnings per share for the current 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 given a dividend of $0.03 per share. This represents a $0.12 dividend on an annualized basis and a dividend yield of 2.82%. The ex-dividend date of this dividend is Friday, November 15th. Berry’s dividend payout ratio (DPR) is presently 11.11%.

Institutional Investors Weigh In On Berry

Several institutional investors have recently bought and sold shares of the company. Barclays PLC lifted its stake in Berry by 155.2% in the 3rd quarter. Barclays PLC now owns 200,120 shares of the energy company’s stock worth $1,029,000 after purchasing an additional 121,693 shares in the last quarter. McIlrath & Eck LLC purchased a new position in Berry in the 3rd quarter worth approximately $47,000. Geode Capital Management LLC lifted its stake in Berry by 10.2% in the 3rd quarter. Geode Capital Management LLC now owns 1,903,951 shares of the energy company’s stock worth $9,788,000 after purchasing an additional 176,280 shares in the last quarter. Y Intercept Hong Kong Ltd lifted its stake in Berry by 12.9% in the 3rd quarter. Y Intercept Hong Kong Ltd now owns 119,153 shares of the energy company’s stock worth $612,000 after purchasing an additional 13,617 shares in the last quarter. Finally, EP Wealth Advisors LLC purchased a new position in Berry in the 3rd quarter worth approximately $106,000. 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.