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

Berry (NASDAQ:BRY) had its price objective lowered by investment analysts at Piper Sandler from $7.00 to $5.00 in a note issued to investors 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

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

Berry (NASDAQ:BRY) last issued 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). Berry had a return on equity of 6.50% and a net margin of 9.40%. The firm had revenue of $259.80 million during the quarter, compared to analysts’ expectations of $186.67 million. During the same period in the prior year, the company earned $0.15 EPS. The firm’s quarterly revenue was up 31.3% compared to the same quarter last year. On average, equities analysts forecast that Berry will post 0.61 EPS for the current year.

Insider Buying and Selling

In related 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 value of $211,169.00. Following the completion of the transaction, the chief executive officer now owns 253,045 shares of the company’s stock, valued at $1,573,939.90. The trade was a 11.83 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 1.00% of the stock is owned by company insiders.

Institutional Investors Weigh In On Berry

Institutional investors and hedge funds have recently modified their holdings of the company. Federated Hermes Inc. purchased a new stake in shares of Berry in the second quarter valued at approximately $25,000. Gladius Capital Management LP acquired a new stake in shares of Berry during the second quarter valued at about $27,000. CWM LLC lifted its stake in Berry by 287.4% during the second quarter. CWM LLC now owns 4,560 shares of the energy company’s stock worth $29,000 after purchasing an additional 3,383 shares in the last quarter. Meeder Asset Management Inc. boosted its holdings in 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 acquired a new position in shares of Berry in the second quarter valued at approximately $50,000. 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.