Victory Capital Management Inc. Lowers Stake in Berry Corporation (NASDAQ:BRY)

Key Points

• Victory Capital Management Inc. has reduced its holdings in Berry Corporation by 30.4%, selling 162,094 shares, which leaves it with 371,949 shares worth approximately $1.19 million.
• Analysts have mixed views on Berry's stock, with Johnson Rice upgrading it to a "buy" and Piper Sandler lowering their price objective from $5.00 to $4.00.
• Berry Corporation recently announced a quarterly dividend of $0.03 per share, resulting in an annualized yield of 3.90%.

Victory Capital Management Inc. decreased its stake in shares of Berry Corporation (NASDAQ:BRY - Free Report) by 30.4% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 371,949 shares of the energy company's stock after selling 162,094 shares during the quarter. Victory Capital Management Inc. owned approximately 0.48% of Berry worth $1,194,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of BRY. Cambridge Investment Research Advisors Inc. purchased a new position in shares of Berry in the 1st quarter valued at about $34,000. Meeder Asset Management Inc. lifted its position in 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 acquiring an additional 4,294 shares during the period. Virtus Fund Advisers LLC acquired a new stake in Berry during the 4th quarter worth approximately $56,000. RPO LLC acquired a new stake in Berry during the 4th quarter worth approximately $62,000. Finally, CWM LLC lifted its position in Berry by 51.1% during the 1st quarter. CWM LLC now owns 16,398 shares of the energy company's stock worth $53,000 after acquiring an additional 5,547 shares during the period. Hedge funds and other institutional investors own 94.88% of the company's stock.

Berry Price Performance

Shares of BRY traded down $0.16 during mid-day trading on Friday, hitting $2.86. The company's stock had a trading volume of 922,335 shares, compared to its average volume of 879,611. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.59. The firm has a 50-day simple moving average of $2.95 and a 200 day simple moving average of $3.24. The firm has a market capitalization of $221.94 million, a P/E ratio of -6.09 and a beta of 1.12. Berry Corporation has a 1-year low of $2.11 and a 1-year high of $6.64.

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, topping the consensus estimate of $0.10 by $0.02. The firm had revenue of $182.65 million during the quarter, compared to analysts' expectations of $177.00 million. Berry had a positive return on equity of 7.36% and a negative net margin of 4.51%. Analysts predict that Berry Corporation will post 0.58 EPS for the current fiscal year.

Berry Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 29th. Investors 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 yield of 4.2%. Berry's payout ratio is currently -25.53%.

Analyst Ratings Changes

A number of research firms have weighed in on BRY. Johnson Rice raised Berry from an "accumulate" rating to a "buy" rating in a research report on Wednesday, May 21st. Piper Sandler reduced their price target on Berry from $5.00 to $4.00 and set a "neutral" rating for the company in a report on Thursday, July 17th.

Berry 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.