Berry Petroleum (BRY) Shares Up 5.9%
Shares of Berry Petroleum Company LLC (NASDAQ:BRY) shot up 5.9% on Thursday . The stock traded as high as $10.75 and last traded at $10.62. 394,077 shares changed hands during mid-day trading, a decline of 24% from the average session volume of 515,901 shares. The stock had previously closed at $10.03.
Several research firms have recently weighed in on BRY. Zacks Investment Research raised Berry Petroleum from a “hold” rating to a “buy” rating and set a $16.00 target price for the company in a report on Monday, October 29th. BMO Capital Markets reaffirmed a “buy” rating and set a $13.00 price objective on shares of Berry Petroleum in a research note on Monday, January 7th. KeyCorp began coverage on Berry Petroleum in a research note on Thursday, December 20th. They set a “sector weight” rating for the company. Piper Jaffray Companies reaffirmed a “buy” rating and set a $11.00 price objective on shares of Berry Petroleum in a research note on Wednesday, January 9th. Finally, Capital One Financial downgraded Berry Petroleum from an “overweight” rating to an “equal weight” rating in a research note on Thursday, December 20th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have given a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $17.38.
The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.44.
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, January 15th. Shareholders of record on Monday, December 17th were paid a dividend of $0.12 per share. The ex-dividend date was Friday, December 14th. This is an increase from Berry Petroleum’s previous quarterly dividend of $0.09. This represents a $0.48 annualized dividend and a yield of 4.52%.
In other Berry Petroleum news, COO Gary A. Grove bought 20,000 shares of the company’s stock in a transaction on Thursday, December 13th. The shares were bought at an average price of $10.33 per share, for a total transaction of $206,600.00. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Arthur T. Smith bought 5,000 shares of the company’s stock in a transaction on Thursday, December 13th. The shares were acquired at an average price of $10.22 per share, for a total transaction of $51,100.00. The disclosure for this purchase can be found here. Insiders own 2.22% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in BRY. CarVal Investors LLC acquired a new position in Berry Petroleum during the 3rd quarter worth approximately $113,803,000. FMR LLC acquired a new stake in shares of Berry Petroleum in the 3rd quarter worth approximately $86,080,000. Alliancebernstein L.P. acquired a new stake in shares of Berry Petroleum in the 3rd quarter worth approximately $81,686,000. CI Investments Inc. acquired a new stake in shares of Berry Petroleum in the 3rd quarter worth approximately $67,373,000. Finally, Venor Capital Management LP acquired a new stake in shares of Berry Petroleum in the 3rd quarter worth approximately $54,513,000. Institutional investors own 79.12% of the company’s stock.
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About Berry Petroleum (NASDAQ:BRY)
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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