Capital One Financial Cuts Earnings Estimates for Berry

Berry Co. (NASDAQ:BRY - Free Report) - Research analysts at Capital One Financial reduced their FY2024 earnings per share (EPS) estimates for shares of Berry in a report released on Monday, November 18th. Capital One Financial analyst B. Velie now forecasts that the energy company will post earnings per share of $0.58 for the year, down from their prior estimate of $0.69. The consensus estimate for Berry's current full-year earnings is $0.61 per share. Capital One Financial also issued estimates for Berry's Q1 2025 earnings at $0.13 EPS, Q2 2025 earnings at $0.14 EPS, Q3 2025 earnings at $0.16 EPS and Q4 2025 earnings at $0.17 EPS.

Berry (NASDAQ:BRY - Get Free Report) last released its quarterly earnings results on Thursday, November 7th. The energy company reported $0.14 EPS for the quarter, missing the consensus estimate of $0.15 by ($0.01). Berry had a return on equity of 6.50% and a net margin of 9.40%. The firm had revenue of $259.80 million for the quarter, compared to analysts' expectations of $186.67 million. During the same quarter in the prior year, the business earned $0.15 earnings per share. The company's quarterly revenue was up 31.3% on a year-over-year basis.

Separately, Piper Sandler decreased their price objective on shares of Berry from $7.00 to $5.00 and set a "neutral" rating for the company in a research report on Monday.

Berry Price Performance

Shares of NASDAQ:BRY traded down $0.06 during trading on Wednesday, hitting $4.14. 544,378 shares of the stock were exchanged, compared to its average volume of 1,069,893. Berry has a 12-month low of $4.10 and a 12-month high of $8.88. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.54. The company has a fifty day moving average price of $5.12 and a two-hundred day moving average price of $6.03. The company has a market cap of $318.53 million, a PE ratio of 3.89 and a beta of 1.72.

Institutional Trading of Berry

Several hedge funds and other institutional investors have recently bought and sold shares of BRY. Arizona State Retirement System boosted its position in Berry by 9.3% in the second quarter. Arizona State Retirement System now owns 20,462 shares of the energy company's stock valued at $132,000 after buying an additional 1,747 shares in the last quarter. Meeder Asset Management Inc. boosted its holdings in shares of Berry by 43.5% in the second quarter. Meeder Asset Management Inc. now owns 7,212 shares of the energy company's stock valued at $47,000 after buying an additional 2,186 shares during the period. SummerHaven Investment Management LLC boosted its holdings in Berry by 2.2% during the second quarter. SummerHaven Investment Management LLC now owns 103,413 shares of the energy company's stock worth $668,000 after purchasing an additional 2,216 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in Berry by 16.1% during the first quarter. Price T Rowe Associates Inc. MD now owns 21,664 shares of the energy company's stock worth $175,000 after purchasing an additional 2,999 shares during the last quarter. Finally, Diversified Trust Co boosted its holdings in Berry by 14.4% during the second quarter. Diversified Trust Co now owns 24,615 shares of the energy company's stock worth $159,000 after purchasing an additional 3,101 shares during the last quarter. 94.88% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, CEO Fernando Araujo sold 33,950 shares of Berry stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $6.22, for a total value of $211,169.00. Following the transaction, the chief executive officer now owns 253,045 shares in the company, valued at $1,573,939.90. This trade represents a 11.83 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 1.00% of the company's stock.

Berry Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, November 25th. Shareholders of record on Friday, November 15th will be given a $0.03 dividend. The ex-dividend date is Friday, November 15th. This represents a $0.12 dividend on an annualized basis and a yield of 2.90%. Berry's payout ratio is 11.11%.

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.