FY2024 EPS Estimates for Berry Cut by Capital One Financial

Berry Co. (NASDAQ:BRY) – Analysts at Capital One Financial lowered their FY2024 earnings estimates for Berry in a research report issued to clients and investors on Thursday, November 7th. Capital One Financial analyst B. Velie now expects that the energy company will post earnings per share of $0.69 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) last issued its quarterly earnings results on Thursday, November 7th. The energy company reported $0.14 EPS for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.01). The firm had revenue of $259.80 million for 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%. The business’s revenue was up 31.3% compared to the same quarter last year. During the same period last year, the company posted $0.15 EPS.

Separately, Piper Sandler cut their price target on shares of Berry from $8.00 to $7.00 and set a “neutral” rating on the stock in a research report on Thursday, August 15th.

Berry Stock Performance

Shares of BRY opened at $4.55 on Monday. The company has a current ratio of 0.62, a quick ratio of 0.62 and a debt-to-equity ratio of 0.64. The stock has a market capitalization of $350.08 million, a P/E ratio of -10.58 and a beta of 1.72. The firm’s fifty day simple moving average is $5.30 and its two-hundred day simple moving average is $6.25. Berry has a 12 month low of $4.49 and a 12 month high of $8.88.

Berry Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, November 25th. Investors of record on Friday, November 15th will be issued 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 2.64%. Berry’s dividend payout ratio is presently -111.63%.

Insider Buying and Selling

In other Berry news, CEO Fernando Araujo sold 33,950 shares of the stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $6.22, for a total value of $211,169.00. Following the completion of the sale, the chief executive officer now owns 253,045 shares in the company, valued at approximately $1,573,939.90. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 1.00% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Berry

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Federated Hermes Inc. bought a new position in shares of Berry during the 2nd quarter valued at approximately $25,000. Gladius Capital Management LP bought a new position in shares of Berry during the 2nd quarter valued at approximately $27,000. CWM LLC grew 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. grew its position in shares of Berry by 43.5% during the 2nd quarter. Meeder Asset Management Inc. now owns 7,212 shares of the energy company’s stock valued at $47,000 after acquiring an additional 2,186 shares during the period. Finally, Innealta Capital LLC bought a new position in shares of Berry during the 2nd quarter valued at approximately $50,000. Hedge funds and other institutional investors own 94.88% of the company’s stock.

Berry Company Profile

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.