Acadian Asset Management LLC Boosts Stake in Berry Corporation $BRY

Key Points

• Acadian Asset Management LLC increased its stake in Berry Corporation (NASDAQ:BRY) by 82.8%, now owning over 1.16 million shares worth approximately $3.73 million.
• Berry reported earnings of $0.66 per share, significantly surpassing the expected $0.01, with total revenue of $210.08 million for the quarter.
• A recent quarterly dividend of $0.03 per share was issued, reflecting a 3.6% yield, although the company's dividend payout ratio stands at a high 171.43%.

Acadian Asset Management LLC grew its stake in shares of Berry Corporation (NASDAQ:BRY - Free Report) by 82.8% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,164,123 shares of the energy company's stock after buying an additional 527,463 shares during the quarter. Acadian Asset Management LLC owned 1.50% of Berry worth $3,731,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in the stock. Price T Rowe Associates Inc. MD raised its position in Berry by 15.2% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 28,183 shares of the energy company's stock worth $117,000 after purchasing an additional 3,714 shares during the period. Comerica Bank grew its holdings in Berry by 30.1% in the 4th quarter. Comerica Bank now owns 31,223 shares of the energy company's stock worth $129,000 after acquiring an additional 7,219 shares during the last quarter. Jane Street Group LLC grew its holdings in Berry by 357.5% in the 4th quarter. Jane Street Group LLC now owns 187,655 shares of the energy company's stock worth $775,000 after acquiring an additional 146,634 shares during the last quarter. BNP Paribas Financial Markets grew its holdings in Berry by 95.1% in the 4th quarter. BNP Paribas Financial Markets now owns 69,795 shares of the energy company's stock worth $288,000 after acquiring an additional 34,026 shares during the last quarter. Finally, Bank of America Corp DE grew its holdings in Berry by 31.1% in the 4th quarter. Bank of America Corp DE now owns 490,468 shares of the energy company's stock worth $2,026,000 after acquiring an additional 116,220 shares during the last quarter. Hedge funds and other institutional investors own 94.88% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on BRY. Wall Street Zen lowered shares of Berry from a "hold" rating to a "sell" rating in a research note on Saturday, August 9th. Piper Sandler cut 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. Finally, Johnson Rice raised shares of Berry from an "accumulate" rating to a "buy" rating in a research note on Wednesday, May 21st. One research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, Berry currently has an average rating of "Moderate Buy" and a consensus price target of $4.00.

Berry Stock Up 0.6%

BRY opened at $3.31 on Monday. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.55. The firm has a 50 day moving average price of $3.08 and a 200-day moving average price of $2.94. Berry Corporation has a twelve month low of $2.11 and a twelve month high of $5.90. The stock has a market capitalization of $256.84 million, a price-to-earnings ratio of 47.29 and a beta of 1.24.

Berry (NASDAQ:BRY - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The energy company reported $0.66 earnings per share for the quarter, beating the consensus estimate 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 analysts' expectations of $155.00 million. Equities research analysts forecast that Berry Corporation will post 0.58 earnings per share for the current year.

Berry Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 28th. Shareholders of record on Monday, August 18th were issued a dividend of $0.03 per share. This represents a $0.12 dividend on an annualized basis and a yield of 3.6%. The ex-dividend date of this dividend was Monday, August 18th. Berry's dividend payout ratio is currently 171.43%.

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.

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