Piper Sandler Issues Pessimistic Forecast for Berry (NASDAQ:BRY) Stock Price

Berry (NASDAQ:BRY - Free Report) had its target price cut by Piper Sandler from $5.00 to $4.00 in a report released on Thursday morning,Benzinga reports. They currently have a neutral rating on the energy company's stock.

Separately, Johnson Rice upgraded shares of Berry from an "accumulate" rating to a "buy" rating in a research note on Wednesday, May 21st.

Berry Trading Up 2.3%

NASDAQ:BRY traded up $0.07 during midday trading on Thursday, reaching $3.18. 3,936,818 shares of the stock traded hands, compared to its average volume of 1,133,811. The company has a fifty day moving average of $2.89 and a 200 day moving average of $3.34. Berry has a 12 month low of $2.11 and a 12 month high of $6.95. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.88 and a current ratio of 0.88. The stock has a market capitalization of $246.76 million, a P/E ratio of -6.77 and a beta of 1.09.

Berry (NASDAQ:BRY - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The energy company reported $0.12 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.10 by $0.02. The business had revenue of $182.65 million for the quarter, compared to the consensus estimate of $177.00 million. Berry had a negative net margin of 4.51% and a positive return on equity of 7.36%. On average, research analysts predict that Berry will post 0.58 EPS for the current year.

Berry Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 29th. Stockholders of record on Monday, May 19th were issued a dividend of $0.03 per share. The ex-dividend date of this dividend was Monday, May 19th. This represents a $0.12 annualized dividend and a dividend yield of 3.77%. Berry's dividend payout ratio (DPR) is currently -25.53%.

Hedge Funds Weigh In On Berry

Several hedge funds have recently modified their holdings of the stock. Pinnacle Holdings LLC acquired a new stake in shares of Berry during the 1st quarter worth approximately $27,000. Cambridge Investment Research Advisors Inc. acquired a new stake in shares of Berry during the 1st quarter worth approximately $34,000. FORA Capital LLC acquired a new stake in shares of Berry during the 1st quarter worth approximately $38,000. PNC Financial Services Group Inc. grew its stake in shares of Berry by 130.6% during the 1st quarter. PNC Financial Services Group Inc. now owns 11,869 shares of the energy company's stock worth $38,000 after purchasing an additional 6,722 shares during the period. Finally, Meeder Asset Management Inc. grew its stake in shares of Berry by 54.9% during the 4th quarter. Meeder Asset Management Inc. now owns 12,114 shares of the energy company's stock worth $50,000 after purchasing an additional 4,294 shares during the period. Institutional investors and hedge funds 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.