Berry (NASDAQ:BRY) Issues Earnings Results, Misses Estimates By $0.01 EPS

Berry (NASDAQ:BRY) issued its quarterly earnings results on Thursday. The energy company reported $0.14 EPS for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.01), Briefing.com reports. Berry had a negative net margin of 4.19% and a positive return on equity of 6.69%. The firm had revenue of $259.80 million during the quarter, compared to the consensus estimate of $186.67 million. During the same quarter last year, the firm earned $0.15 earnings per share. The business’s revenue for the quarter was up 31.3% on a year-over-year basis.

Berry Stock Performance

Berry stock traded down $0.51 during midday trading on Friday, hitting $4.55. The company’s stock had a trading volume of 1,891,468 shares, compared to its average volume of 1,048,023. The company has a debt-to-equity ratio of 0.64, a current ratio of 0.62 and a quick ratio of 0.62. The company has a market cap of $350.08 million, a price-to-earnings ratio of -10.74 and a beta of 1.72. The company has a 50-day moving average price of $5.33 and a two-hundred day moving average price of $6.29. Berry has a 1-year low of $4.49 and a 1-year high of $8.88.

Berry Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 25th. Shareholders of record on Friday, November 15th will be given a dividend of $0.03 per share. This represents a $0.12 annualized dividend and a yield of 2.64%. The ex-dividend date is Friday, November 15th. Berry’s payout ratio is -111.63%.

Insiders Place Their Bets

In other Berry news, CEO Fernando Araujo sold 33,950 shares of the business’s stock in a transaction that occurred on Friday, August 23rd. The shares were 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 $1,573,939.90. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 1.00% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Piper Sandler cut their price objective 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.

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.