Q3 2024 EPS Estimates for Berry Co. Cut by Analyst (NASDAQ:BRY)

Berry Co. (NASDAQ:BRY) – Stock analysts at Capital One Financial reduced their Q3 2024 earnings per share estimates for Berry in a report issued on Tuesday, September 17th. Capital One Financial analyst B. Velie now expects that the energy company will earn $0.20 per share for the quarter, down from their previous estimate of $0.23. The consensus estimate for Berry’s current full-year earnings is $0.61 per share. Capital One Financial also issued estimates for Berry’s Q4 2024 earnings at $0.22 EPS, FY2024 earnings at $0.75 EPS, Q1 2025 earnings at $0.22 EPS, Q2 2025 earnings at $0.23 EPS, Q3 2025 earnings at $0.25 EPS and Q4 2025 earnings at $0.26 EPS.

Separately, Piper Sandler dropped their price target on shares of Berry from $8.00 to $7.00 and set a “neutral” rating on the stock in a research note on Thursday, August 15th.

Berry Price Performance

Shares of NASDAQ:BRY opened at $5.41 on Thursday. The firm has a market capitalization of $416.24 million, a PE ratio of 541.00 and a beta of 1.73. The company has a quick ratio of 0.62, a current ratio of 0.62 and a debt-to-equity ratio of 0.64. The company has a 50-day moving average price of $6.15 and a two-hundred day moving average price of $6.93. Berry has a twelve month low of $5.09 and a twelve month high of $8.91.

Berry (NASDAQ:BRY) last posted its quarterly earnings results on Friday, August 9th. The energy company reported $0.18 earnings per share for the quarter, missing the consensus estimate of $0.20 by ($0.02). Berry had a positive return on equity of 6.69% and a negative net margin of 4.19%. The firm had revenue of $197.80 million for the quarter, compared to the consensus estimate of $187.38 million. During the same quarter in the previous year, the company posted $0.15 EPS. The firm’s revenue was down 13.8% compared to the same quarter last year.

Institutional Investors Weigh In On Berry

Several large investors have recently added to or reduced their stakes in BRY. Meros Investment Management LP raised its stake in Berry by 14.5% in the second quarter. Meros Investment Management LP now owns 1,326,707 shares of the energy company’s stock valued at $8,571,000 after purchasing an additional 167,718 shares in the last quarter. Mackenzie Financial Corp raised its position in shares of Berry by 29.0% during the 2nd quarter. Mackenzie Financial Corp now owns 19,311 shares of the energy company’s stock valued at $125,000 after buying an additional 4,343 shares in the last quarter. The Manufacturers Life Insurance Company grew its position in Berry by 12.3% in the second quarter. The Manufacturers Life Insurance Company now owns 30,304 shares of the energy company’s stock worth $196,000 after acquiring an additional 3,329 shares in the last quarter. Millennium Management LLC increased its stake in Berry by 2,821.9% in the second quarter. Millennium Management LLC now owns 649,607 shares of the energy company’s stock valued at $4,196,000 after acquiring an additional 627,375 shares during the last quarter. Finally, AQR Capital Management LLC raised its position in Berry by 15.2% during the second quarter. AQR Capital Management LLC now owns 589,584 shares of the energy company’s stock valued at $3,809,000 after purchasing an additional 77,896 shares in the last quarter. Institutional investors own 94.88% of the company’s stock.

Insider Buying and Selling

In other news, CEO Fernando Araujo sold 33,950 shares of the firm’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $6.22, for a total value of $211,169.00. Following the completion of the transaction, the chief executive officer now directly owns 253,045 shares in the company, valued at $1,573,939.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 1.00% of the stock is currently owned by insiders.

Berry Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Friday, August 23rd were paid a dividend of $0.12 per share. The ex-dividend date of this dividend was Friday, August 23rd. This represents a $0.48 dividend on an annualized basis and a dividend yield of 8.87%. Berry’s payout ratio is 4,800.00%.

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.