Harbor Capital Advisors Inc. Increases Position in Berry Corporation $BRY

Key Points

• Harbor Capital Advisors Inc. significantly increased its stake in Berry Corporation, acquiring an additional 151,204 shares and boosting its ownership to over 152,000 shares, valued at approximately $423,000.
• Wall Street analysts recently downgraded Berry's stock, with target prices falling to $4.00, resulting in a current consensus rating of "Hold."
• Berry Corporation reported solid earnings, with $0.66 EPS for the quarter, surpassing analyst expectations, and announced a dividend of $0.03 per share for a yield of 3.1%.

Harbor Capital Advisors Inc. raised its stake in shares of Berry Corporation (NASDAQ:BRY - Free Report) by 10,449.5% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 152,651 shares of the energy company's stock after buying an additional 151,204 shares during the quarter. Harbor Capital Advisors Inc. owned about 0.20% of Berry worth $423,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Pinnacle Holdings LLC acquired a new stake in Berry during the 1st quarter valued at $27,000. Cambridge Investment Research Advisors Inc. acquired a new stake in Berry during the 1st quarter valued at $34,000. FORA Capital LLC acquired a new stake in Berry during the 1st quarter valued at $38,000. PNC Financial Services Group Inc. lifted 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, Jones Financial Companies Lllp purchased a new position in shares of Berry during the 1st quarter worth $41,000. Institutional investors and hedge funds own 94.88% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on BRY. Piper Sandler reduced their price target on Berry from $5.00 to $4.00 and set a "neutral" rating on the stock in a research note on Thursday, July 17th. Johnson Rice lowered Berry from a "buy" rating to a "hold" rating and set a $4.00 price target on the stock. in a research note on Tuesday, September 16th. Finally, Wall Street Zen lowered Berry from a "hold" rating to a "sell" rating in a research note on Saturday, August 9th. Two equities research analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $4.00.

Berry Stock Up 3.7%

NASDAQ:BRY traded up $0.15 during mid-day trading on Tuesday, hitting $4.03. The company had a trading volume of 350,965 shares, compared to its average volume of 1,170,283. The business has a fifty day simple moving average of $3.18 and a 200-day simple moving average of $2.96. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.55. Berry Corporation has a 1 year low of $2.11 and a 1 year high of $5.90. The firm has a market capitalization of $312.34 million, a price-to-earnings ratio of 57.64 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 EPS for the quarter, beating the consensus estimate of $0.01 by $0.65. Berry had a return on equity of 5.27% and a net margin of 0.60%.The company had revenue of $210.08 million for the quarter, compared to analyst estimates of $155.00 million. Equities analysts forecast that Berry Corporation will post 0.58 earnings per share for the current fiscal year.

Berry Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 28th. Stockholders of record on Monday, August 18th were given a dividend of $0.03 per share. This represents a $0.12 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date of this dividend was Monday, August 18th. Berry's payout ratio is presently 171.43%.

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.