Berry Co. (NASDAQ:BRY) Short Interest Update

Berry Co. (NASDAQ:BRY) was the target of a large drop in short interest in the month of November. As of November 30th, there was short interest totalling 1,540,000 shares, a drop of 27.0% from the November 15th total of 2,110,000 shares. Based on an average daily trading volume, of 1,370,000 shares, the days-to-cover ratio is presently 1.1 days. Approximately 2.1% of the company’s shares are short sold.

Berry Stock Performance

Shares of BRY stock traded down $0.12 on Friday, reaching $4.13. The stock had a trading volume of 827,822 shares, compared to its average volume of 1,121,164. Berry has a 12 month low of $3.87 and a 12 month high of $8.88. The firm’s 50-day moving average is $4.70 and its two-hundred day moving average is $5.64. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.54. The firm has a market capitalization of $317.76 million, a price-to-earnings ratio of 3.82 and a beta of 1.67.

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 the consensus estimate of $0.15 by ($0.01). The business had revenue of $259.80 million for the quarter, compared to analysts’ expectations of $186.67 million. Berry had a net margin of 9.40% and a return on equity of 6.50%. The company’s revenue for the quarter was up 31.3% compared to the same quarter last year. During the same period in the prior year, the business earned $0.15 earnings per share. On average, research analysts expect that Berry will post 0.6 EPS for the current fiscal year.

Berry Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, November 25th. Stockholders of record on Friday, November 15th were paid a dividend of $0.03 per share. The ex-dividend date was Friday, November 15th. This represents a $0.12 annualized dividend and a dividend yield of 2.91%. Berry’s payout ratio is 11.11%.

Institutional Investors Weigh In On Berry

Several institutional investors have recently added to or reduced their stakes in BRY. Arizona State Retirement System grew its position in shares of 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 purchasing an additional 1,747 shares in the last quarter. Meeder Asset Management Inc. increased its position in shares of Berry by 43.5% during 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 lifted its holdings in shares of Berry by 2.2% in the second quarter. SummerHaven Investment Management LLC now owns 103,413 shares of the energy company’s stock worth $668,000 after buying an additional 2,216 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its position in shares of Berry by 16.1% in the first quarter. Price T Rowe Associates Inc. MD now owns 21,664 shares of the energy company’s stock valued at $175,000 after acquiring an additional 2,999 shares during the period. Finally, Diversified Trust Co grew its stake in Berry by 14.4% during the second quarter. Diversified Trust Co now owns 24,615 shares of the energy company’s stock valued at $159,000 after acquiring an additional 3,101 shares in the last quarter. 94.88% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Separately, Piper Sandler lowered 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, November 18th.

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.