Berry FY2024 EPS Forecast Lowered by Capital One Financial

Berry Co. (NASDAQ:BRY) – Investment analysts at Capital One Financial decreased their FY2024 EPS estimates for Berry in a report issued on Monday, November 18th. Capital One Financial analyst B. Velie now anticipates that the energy company will post earnings of $0.58 per share for the year, down from their previous forecast of $0.69. The consensus estimate for Berry’s current full-year earnings is $0.61 per share. Capital One Financial also issued estimates for Berry’s Q1 2025 earnings at $0.13 EPS, Q2 2025 earnings at $0.14 EPS, Q3 2025 earnings at $0.16 EPS and Q4 2025 earnings at $0.17 EPS.

Separately, Piper Sandler cut their target price on shares of Berry from $7.00 to $5.00 and set a “neutral” rating for the company in a research report on Monday.

Berry Stock Down 0.2 %

Shares of Berry stock opened at $4.19 on Wednesday. The company has a 50-day simple moving average of $5.12 and a two-hundred day simple moving average of $6.03. Berry has a 52-week low of $4.10 and a 52-week high of $8.88. The stock has a market capitalization of $322.38 million, a PE ratio of 3.89 and a beta of 1.72. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.80 and a current ratio of 0.80.

Berry (NASDAQ:BRY) last issued its quarterly earnings results on Thursday, November 7th. The energy company reported $0.14 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.01). Berry had a net margin of 9.40% and a return on equity of 6.50%. The business had revenue of $259.80 million for the quarter, compared to analysts’ expectations of $186.67 million. During the same period last year, the business earned $0.15 earnings per share. The company’s revenue was up 31.3% on a year-over-year basis.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. HITE Hedge Asset Management LLC purchased a new position in shares of Berry in the 2nd quarter valued at approximately $5,636,000. Millennium Management LLC increased its holdings in Berry by 2,821.9% in the 2nd quarter. Millennium Management LLC now owns 649,607 shares of the energy company’s stock worth $4,196,000 after buying an additional 627,375 shares during the period. Jacobs Levy Equity Management Inc. increased its holdings in Berry by 36.9% in the 1st quarter. Jacobs Levy Equity Management Inc. now owns 1,323,216 shares of the energy company’s stock worth $10,652,000 after buying an additional 356,525 shares during the period. American Century Companies Inc. increased its holdings in Berry by 23.6% in the 2nd quarter. American Century Companies Inc. now owns 1,664,292 shares of the energy company’s stock worth $10,751,000 after buying an additional 318,223 shares during the period. Finally, Los Angeles Capital Management LLC acquired a new position in Berry in the 2nd quarter worth approximately $1,736,000. 94.88% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Berry

In other news, CEO Fernando Araujo sold 33,950 shares of the company’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $6.22, for a total value of $211,169.00. Following the transaction, the chief executive officer now directly owns 253,045 shares in the company, valued at approximately $1,573,939.90. This represents a 11.83 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 1.00% of the company’s stock.

Berry Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, November 25th. Investors of record on Friday, November 15th will be paid a dividend of $0.03 per share. This represents a $0.12 dividend on an annualized basis and a yield of 2.86%. The ex-dividend date is Friday, November 15th. Berry’s payout ratio is 11.11%.

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.