Berry FY2024 EPS Estimate Reduced by Capital One Financial

Berry Co. (NASDAQ:BRY - Free Report) - Equities researchers at Capital One Financial decreased their FY2024 earnings per share (EPS) estimates for shares of Berry in a research note issued to investors on Thursday, November 7th. Capital One Financial analyst B. Velie now anticipates that the energy company will earn $0.69 per share for the year, down from their prior forecast of $0.75. The consensus estimate for Berry's current full-year earnings is $0.63 per share.

Berry (NASDAQ:BRY - Get Free Report) last released its earnings results on Thursday, November 7th. The energy company reported $0.14 earnings per share for the quarter, missing the consensus estimate of $0.15 by ($0.01). The firm had revenue of $259.80 million during the quarter, compared to the consensus estimate of $186.67 million. Berry had a negative net margin of 4.19% and a positive return on equity of 6.69%. Berry's quarterly revenue was up 31.3% compared to the same quarter last year. During the same period in the prior year, the business posted $0.15 earnings per share.

Separately, Piper Sandler dropped their price target on Berry from $8.00 to $7.00 and set a "neutral" rating on the stock in a research note on Thursday, August 15th.

Berry Price Performance

Shares of BRY stock traded up $0.03 during trading on Monday, hitting $4.58. The company had a trading volume of 888,025 shares, compared to its average volume of 1,048,912. The company has a debt-to-equity ratio of 0.64, a quick ratio of 0.62 and a current ratio of 0.62. Berry has a one year low of $4.47 and a one year high of $8.88. The firm has a market capitalization of $352.39 million, a P/E ratio of -10.84 and a beta of 1.72. The stock's 50-day moving average price is $5.30 and its 200 day moving average price is $6.23.

Berry Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 25th. Stockholders of record on Friday, November 15th will be paid a $0.03 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $0.12 dividend on an annualized basis and a dividend yield of 2.62%. Berry's dividend payout ratio (DPR) is presently -111.63%.

Insider Activity at Berry

In other news, CEO Fernando Araujo sold 33,950 shares of the company's stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $6.22, for a total transaction of $211,169.00. Following the transaction, the chief executive officer now owns 253,045 shares of the company's stock, valued at approximately $1,573,939.90. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 1.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Berry

Several hedge funds and other institutional investors have recently added to or reduced their stakes in BRY. Federated Hermes Inc. acquired a new stake in Berry in the second quarter valued at approximately $25,000. Gladius Capital Management LP acquired a new position in shares of Berry during the 2nd quarter worth $27,000. CWM LLC lifted its position in shares of Berry by 287.4% during the 2nd quarter. CWM LLC now owns 4,560 shares of the energy company's stock valued at $29,000 after acquiring an additional 3,383 shares during the period. Meeder Asset Management Inc. boosted its position in Berry by 43.5% during the second quarter. Meeder Asset Management Inc. now owns 7,212 shares of the energy company's stock worth $47,000 after purchasing an additional 2,186 shares in the last quarter. Finally, Innealta Capital LLC purchased a new stake in shares of Berry in the second quarter valued at about $50,000. 94.88% of the stock is owned by hedge funds and other institutional investors.

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.