Connor Clark & Lunn Investment Management Ltd. Sells 35,392 Shares of Berry Co. (NASDAQ:BRY)

Connor Clark & Lunn Investment Management Ltd. lessened its holdings in shares of Berry Co. (NASDAQ:BRY) by 45.1% during the 3rd quarter, Holdings Channel reports. The firm owned 43,057 shares of the energy company’s stock after selling 35,392 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in Berry were worth $221,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP raised its stake in Berry by 5.1% during the 2nd quarter. Dimensional Fund Advisors LP now owns 4,527,531 shares of the energy company’s stock valued at $29,248,000 after purchasing an additional 219,468 shares during the period. Vanguard Group Inc. increased its stake in Berry by 1.8% in the 1st quarter. Vanguard Group Inc. now owns 4,359,786 shares of the energy company’s stock worth $35,096,000 after acquiring an additional 77,487 shares during the last quarter. Allspring Global Investments Holdings LLC increased its stake in Berry by 1.4% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 2,693,611 shares of the energy company’s stock worth $13,845,000 after acquiring an additional 37,904 shares during the last quarter. LSV Asset Management increased its stake in Berry by 11.0% in the 2nd quarter. LSV Asset Management now owns 1,696,400 shares of the energy company’s stock worth $10,959,000 after acquiring an additional 167,537 shares during the last quarter. Finally, American Century Companies Inc. increased its stake in Berry by 23.6% in the 2nd quarter. American Century Companies Inc. now owns 1,664,292 shares of the energy company’s stock worth $10,751,000 after acquiring an additional 318,223 shares during the last quarter. Institutional investors own 94.88% of the company’s stock.

Analysts Set New Price Targets

Separately, Piper Sandler reduced their price objective on Berry from $7.00 to $5.00 and set a “neutral” rating on the stock in a research note on Monday, November 18th.

Berry Stock Performance

NASDAQ:BRY opened at $4.08 on Monday. The company has a market cap of $313.92 million, a price-to-earnings ratio of 3.78 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 stock’s 50 day simple moving average is $4.91 and its two-hundred day simple moving average is $5.84. Berry Co. has a 1 year low of $3.88 and a 1 year high of $8.88.

Berry (NASDAQ:BRY) last announced 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 company 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%. Berry’s revenue for the quarter was up 31.3% compared to the same quarter last year. During the same quarter last year, the firm posted $0.15 EPS. As a group, equities analysts anticipate that Berry Co. will post 0.6 earnings per share for the current fiscal year.

Berry Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, November 25th. Stockholders of record on Friday, November 15th were issued a $0.03 dividend. This represents a $0.12 dividend on an annualized basis and a dividend yield of 2.94%. The ex-dividend date was Friday, November 15th. Berry’s dividend payout ratio (DPR) is 11.11%.

Berry 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.