Berry (NASDAQ:BRY) Downgraded to Hold Rating by Johnson Rice

Key Points

• Berry (NASDAQ:BRY) has been downgraded from a "buy" to a "hold" rating by Johnson Rice, with a price objective of $4.00, indicating a potential downside of 0.25% from its current price.
• The company exceeded analysts' expectations with $0.66 earnings per share for the last quarter, significantly higher than the consensus estimate of $0.01.
• Institutional investors hold a significant stake in Berry, owning 94.88% of the company, with notable increases in holdings from American Century and Charles Schwab during the first quarter.

Berry (NASDAQ:BRY - Get Free Report) was downgraded by equities researchers at Johnson Rice from a "buy" rating to a "hold" rating in a note issued to investors on Tuesday, Marketbeat reports. They currently have a $4.00 price objective on the energy company's stock. Johnson Rice's price objective indicates a potential downside of 0.25% from the stock's current price.

BRY has been the topic of several other reports. Wall Street Zen downgraded shares of Berry from a "hold" rating to a "sell" rating in a research note on Saturday, August 9th. Piper Sandler decreased their target price on shares of Berry from $5.00 to $4.00 and set a "neutral" rating on the stock in a research note on Thursday, July 17th. Two analysts have rated the stock with a Hold rating, According to data from MarketBeat, Berry presently has a consensus rating of "Hold" and an average target price of $4.00.

Berry Trading Up 21.1%

Shares of BRY opened at $4.01 on Tuesday. The firm has a market cap of $311.18 million, a price-to-earnings ratio of 57.29 and a beta of 1.24. The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.83 and a current ratio of 0.83. Berry has a fifty-two week low of $2.11 and a fifty-two week high of $5.90. The firm has a 50 day moving average price of $3.10 and a 200-day moving average price of $2.94.

Berry (NASDAQ:BRY - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The energy company reported $0.66 earnings per share for the quarter, topping analysts' consensus estimates of $0.01 by $0.65. Berry had a net margin of 0.60% and a return on equity of 5.27%. The firm had revenue of $210.08 million during the quarter, compared to analyst estimates of $155.00 million. As a group, equities research analysts forecast that Berry will post 0.58 earnings per share for the current year.

Hedge Funds Weigh In On Berry

Hedge funds and other institutional investors have recently bought and sold shares of the stock. American Century Companies Inc. lifted its stake in Berry by 9.9% during the 1st quarter. American Century Companies Inc. now owns 2,310,008 shares of the energy company's stock valued at $7,415,000 after acquiring an additional 208,183 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in Berry by 22.5% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,543,544 shares of the energy company's stock valued at $4,955,000 after acquiring an additional 283,940 shares during the period. Russell Investments Group Ltd. lifted its stake in Berry by 119.5% during the 1st quarter. Russell Investments Group Ltd. now owns 267,449 shares of the energy company's stock valued at $859,000 after acquiring an additional 145,582 shares during the period. Jane Street Group LLC lifted its stake in Berry by 357.5% during the 4th quarter. Jane Street Group LLC now owns 187,655 shares of the energy company's stock valued at $775,000 after acquiring an additional 146,634 shares during the period. Finally, Nuveen LLC bought a new position in Berry during the 1st quarter valued at about $724,000. Institutional investors own 94.88% of the company's stock.

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.

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