Zacks Investment Research Downgrades Berry Petroleum (BRY) to Hold

Zacks Investment Research cut shares of Berry Petroleum (NASDAQ:BRY) from a buy rating to a hold rating in a report issued on Friday, Zacks.com reports.

According to Zacks, “Berry Petroleum Corporation is an energy company. It engaged in the acquisition, exploration, development and production of domestic oil and natural gas reserves primarily located in the San Joaquin Basin in California, the Uinta Basin in Utah, the Piceance Basin in Colorado and the East Texas Basin in Texas. Berry Petroleum Corporation is based in Bakersfield, CA. “

A number of other brokerages have also recently weighed in on BRY. Piper Jaffray Companies restated a buy rating and issued a $12.00 price objective on shares of Berry Petroleum in a report on Wednesday, January 30th. Capital One Financial upgraded shares of Berry Petroleum from an equal weight rating to an overweight rating in a report on Thursday. Finally, ValuEngine cut shares of Berry Petroleum from a sell rating to a strong sell rating in a report on Monday, April 1st. One research analyst has rated the stock with a sell rating, two have issued a hold rating and nine have assigned a buy rating to the company. The stock presently has a consensus rating of Buy and a consensus target price of $17.13.

Shares of BRY opened at $10.81 on Friday. The stock has a market capitalization of $885.11 million and a price-to-earnings ratio of 8.58. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.85 and a current ratio of 0.85. Berry Petroleum has a fifty-two week low of $7.87 and a fifty-two week high of $18.55.

Berry Petroleum (NASDAQ:BRY) last announced its quarterly earnings data on Wednesday, May 8th. The energy company reported $0.30 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.31 by ($0.01). The business had revenue of $76.54 million during the quarter, compared to analysts’ expectations of $146.13 million. Berry Petroleum had a return on equity of 13.15% and a net margin of 18.84%. As a group, equities analysts predict that Berry Petroleum will post 1.53 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Friday, June 14th will be issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 4.44%. The ex-dividend date is Thursday, June 13th. Berry Petroleum’s dividend payout ratio (DPR) is presently 38.10%.

In other Berry Petroleum news, Director Benefit Street Partners Llc sold 76,512 shares of the company’s stock in a transaction dated Wednesday, March 13th. The shares were sold at an average price of $11.59, for a total value of $886,774.08. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. 0.59% of the stock is currently owned by corporate insiders.

Hedge funds and other institutional investors have recently modified their holdings of the company. Legal & General Group Plc bought a new position in shares of Berry Petroleum in the third quarter worth approximately $35,000. Marshall Wace North America L.P. bought a new position in shares of Berry Petroleum in the first quarter worth approximately $63,000. Pearl River Capital LLC lifted its stake in shares of Berry Petroleum by 6,082.0% in the first quarter. Pearl River Capital LLC now owns 6,182 shares of the energy company’s stock worth $72,000 after buying an additional 6,082 shares in the last quarter. NumerixS Investment Technologies Inc bought a new position in shares of Berry Petroleum in the first quarter worth approximately $74,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank bought a new position in shares of Berry Petroleum in the first quarter worth approximately $75,000.

About Berry Petroleum

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.

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