Piper Sandler Cuts Berry (NASDAQ:BRY) Price Target to $5.00

Berry (NASDAQ:BRY) had its price objective cut by analysts at Piper Sandler from $7.00 to $5.00 in a research report issued on Monday,Benzinga reports. The brokerage currently has a “neutral” rating on the energy company’s stock. Piper Sandler’s target price suggests a potential upside of 12.11% from the company’s previous close.

Berry Stock Performance

Shares of BRY stock traded up $0.18 during mid-day trading on Monday, hitting $4.46. The stock had a trading volume of 691,000 shares, compared to its average volume of 1,064,574. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.80 and a quick ratio of 0.62. The firm has a market cap of $343.15 million, a PE ratio of 4.13 and a beta of 1.72. Berry has a fifty-two week low of $4.16 and a fifty-two week high of $8.88. The company’s 50-day simple moving average is $5.16 and its 200-day simple moving average is $6.08.

Berry (NASDAQ:BRY) last announced its earnings results on Thursday, November 7th. The energy company reported $0.14 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.01). Berry had a return on equity of 6.50% and a net margin of 9.40%. The business had revenue of $259.80 million for the quarter, compared to analyst estimates of $186.67 million. During the same quarter in the previous year, the firm posted $0.15 EPS. The business’s revenue was up 31.3% on a year-over-year basis. Sell-side analysts anticipate that Berry will post 0.61 earnings per share for the current year.

Insider Buying and Selling at Berry

In other news, CEO Fernando Araujo sold 33,950 shares of the 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 completion of the transaction, the chief executive officer now directly owns 253,045 shares in the company, valued at approximately $1,573,939.90. This represents a 11.83 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 1.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Berry

Institutional investors and hedge funds have recently bought and sold shares of the business. HITE Hedge Asset Management LLC bought a new position in Berry in the 2nd quarter valued at about $5,636,000. Millennium Management LLC boosted its position in Berry by 2,821.9% during the second quarter. Millennium Management LLC now owns 649,607 shares of the energy company’s stock valued at $4,196,000 after purchasing an additional 627,375 shares during the last quarter. Jacobs Levy Equity Management Inc. increased its holdings in Berry by 36.9% in the first quarter. Jacobs Levy Equity Management Inc. now owns 1,323,216 shares of the energy company’s stock worth $10,652,000 after buying an additional 356,525 shares during the last quarter. American Century Companies Inc. raised its holdings in shares of Berry by 23.6% during the 2nd quarter. American Century Companies Inc. now owns 1,664,292 shares of the energy company’s stock valued at $10,751,000 after purchasing an additional 318,223 shares in the last quarter. Finally, Los Angeles Capital Management LLC acquired a new stake in shares of Berry in the second quarter worth about $1,736,000. Institutional investors and hedge funds 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.