Zacks Investment Research Upgrades Berry Petroleum (BRY) to Buy
Zacks Investment Research upgraded shares of Berry Petroleum (NASDAQ:BRY) from a hold rating to a buy rating in a research report report published on Wednesday morning, Zacks.com reports. They currently have $12.00 target price on the energy company’s stock.
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. “
BRY has been the topic of a number of other reports. ValuEngine raised Berry Petroleum from a strong sell rating to a sell rating in a research note on Wednesday, March 20th. Capital One Financial raised Berry Petroleum from an equal weight rating to an overweight rating in a research note on Thursday, May 23rd. Finally, Piper Jaffray Companies reissued a buy rating and set a $12.00 price target on shares of Berry Petroleum in a research note on Wednesday, January 30th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and ten have given a buy rating to the stock. The company presently has a consensus rating of Buy and a consensus target price of $17.00.
Berry Petroleum (NASDAQ:BRY) last released its earnings results on Wednesday, May 8th. The energy company reported $0.30 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.31 by ($0.01). Berry Petroleum had a net margin of 18.84% and a return on equity of 13.15%. The business had revenue of $76.54 million during the quarter, compared to the consensus estimate of $146.13 million. As a group, equities analysts anticipate that Berry Petroleum will post 1.56 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, June 14th will be paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 4.47%. The ex-dividend date of this dividend is Thursday, June 13th. Berry Petroleum’s dividend payout ratio is currently 38.10%.
In related news, Director Benefit Street Partners Llc sold 76,512 shares of Berry Petroleum stock in a transaction that occurred on Wednesday, March 13th. The stock was sold at an average price of $11.59, for a total value of $886,774.08. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 0.59% of the stock is owned by insiders.
Several institutional investors have recently bought and sold shares of the stock. Marshall Wace North America L.P. acquired a new position in shares of Berry Petroleum in the first quarter worth approximately $63,000. Marshall Wace LLP bought a new stake in Berry Petroleum in the first quarter worth approximately $7,110,000. Benefit Street Partners LLC increased its holdings in Berry Petroleum by 27.9% in the first quarter. Benefit Street Partners LLC now owns 23,771,620 shares of the energy company’s stock worth $274,325,000 after purchasing an additional 5,182,929 shares in the last quarter. Metropolitan Life Insurance Co NY bought a new stake in Berry Petroleum in the first quarter worth approximately $216,000. Finally, FMR LLC increased its holdings in Berry Petroleum by 6.7% in the first quarter. FMR LLC now owns 8,396,001 shares of the energy company’s stock worth $96,890,000 after purchasing an additional 524,838 shares in the last quarter.
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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