Capital One Financial Comments on Berry Co.'s Q1 2024 Earnings (NASDAQ:BRY)

Berry Co. (NASDAQ:BRY - Free Report) - Capital One Financial increased their Q1 2024 earnings estimates for shares of Berry in a note issued to investors on Monday, April 15th. Capital One Financial analyst B. Velie now anticipates that the energy company will post earnings per share of $0.29 for the quarter, up from their previous estimate of $0.28. The consensus estimate for Berry's current full-year earnings is $0.81 per share. Capital One Financial also issued estimates for Berry's FY2024 earnings at $1.19 EPS.

Separately, TheStreet raised shares of Berry from a "c" rating to a "b-" rating in a research note on Friday, March 8th.

Berry Stock Up 0.5 %

Shares of BRY traded up $0.04 during mid-day trading on Tuesday, hitting $8.33. 539,011 shares of the company's stock were exchanged, compared to its average volume of 997,074. The company has a market cap of $640.91 million, a PE ratio of 18.02 and a beta of 1.80. Berry has a 52 week low of $6.22 and a 52 week high of $8.94. The company has a 50-day simple moving average of $7.47 and a 200 day simple moving average of $7.34. The company has a debt-to-equity ratio of 0.56, a current ratio of 0.63 and a quick ratio of 0.63.

Berry (NASDAQ:BRY - Get Free Report) last issued its quarterly earnings results on Wednesday, March 6th. The energy company reported $0.13 earnings per share for the quarter, missing the consensus estimate of $0.25 by ($0.12). The business had revenue of $216.40 million for the quarter, compared to the consensus estimate of $190.28 million. Berry had a return on equity of 5.27% and a net margin of 4.14%. Berry's revenue was down 11.1% compared to the same quarter last year. During the same period in the prior year, the business earned $0.95 earnings per share.

Berry Increases Dividend

The company also recently announced a None dividend, which was paid on Monday, March 25th. Investors of record on Friday, March 15th were paid a $0.26 dividend. The ex-dividend date of this dividend was Thursday, March 14th. This is a boost from Berry's previous None dividend of $0.21. This represents a dividend yield of 6.7%. Berry's dividend payout ratio (DPR) is currently 104.35%.

Hedge Funds Weigh In On Berry

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in BRY. Bank of New York Mellon Corp boosted its position in Berry by 1.8% during the first quarter. Bank of New York Mellon Corp now owns 599,135 shares of the energy company's stock worth $6,183,000 after purchasing an additional 10,668 shares during the period. Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in shares of Berry during the first quarter worth $1,061,000. MetLife Investment Management LLC lifted its holdings in shares of Berry by 55.4% during the first quarter. MetLife Investment Management LLC now owns 36,618 shares of the energy company's stock worth $378,000 after buying an additional 13,057 shares in the last quarter. Rhumbline Advisers lifted its holdings in shares of Berry by 6.4% during the first quarter. Rhumbline Advisers now owns 101,052 shares of the energy company's stock worth $1,043,000 after buying an additional 6,115 shares in the last quarter. Finally, Great West Life Assurance Co. Can lifted its holdings in shares of Berry by 41.6% during the first quarter. Great West Life Assurance Co. Can now owns 4,554 shares of the energy company's stock worth $49,000 after buying an additional 1,338 shares in the last quarter. 94.88% of the stock is owned by institutional investors.

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.