Berry (NASDAQ:BRY) Upgraded by Zacks Investment Research to “Strong-Buy”

Zacks Investment Research upgraded shares of Berry (NASDAQ:BRY) from a hold rating to a strong-buy rating in a report published on Wednesday, Zacks.com reports. They currently have $9.50 price target on the energy company’s stock.

According to Zacks, “Berry Corporation is an independent upstream energy company which focuses on the conventional, long-lived oil reserves principally in the San Joaquin basin of California. Berry Corporation, formerly known as Berry Petroleum Corporation, is based in Dallas, Texas. “

A number of other equities analysts have also recently commented on BRY. Johnson Rice cut shares of Berry from a buy rating to an accumulate rating in a research note on Monday, October 4th. Seaport Res Ptn reissued a neutral rating on shares of Berry in a research report on Wednesday, August 4th. TheStreet raised shares of Berry from a d rating to a c- rating in a research report on Wednesday, August 4th. Finally, Wells Fargo & Company reissued a sell rating and issued a $7.00 price objective on shares of Berry in a research report on Thursday, July 22nd. One analyst has rated the stock with a sell rating, two have given a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Berry currently has a consensus rating of Buy and an average target price of $7.25.

Shares of NASDAQ:BRY opened at $8.09 on Wednesday. Berry has a 52 week low of $2.52 and a 52 week high of $8.39. The stock has a market capitalization of $651.01 million, a P/E ratio of -5.50 and a beta of 2.71. The firm has a fifty day simple moving average of $6.21 and a two-hundred day simple moving average of $6.21. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.58.

Berry (NASDAQ:BRY) last issued its quarterly earnings data on Tuesday, August 3rd. The energy company reported ($0.08) EPS for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.01). Berry had a positive return on equity of 2.99% and a negative net margin of 33.93%. The business had revenue of $99.25 million during the quarter, compared to analysts’ expectations of $109.27 million. On average, analysts expect that Berry will post 0.37 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Friday, October 15th. Shareholders of record on Wednesday, September 15th will be paid a dividend of $0.06 per share. This is a positive change from Berry’s previous quarterly dividend of $0.04. The ex-dividend date is Tuesday, September 14th. This represents a $0.24 dividend on an annualized basis and a yield of 2.97%. Berry’s dividend payout ratio is presently 42.86%.

Several hedge funds have recently added to or reduced their stakes in the company. Walleye Trading LLC boosted its holdings in shares of Berry by 8.5% in the 1st quarter. Walleye Trading LLC now owns 21,184 shares of the energy company’s stock valued at $117,000 after acquiring an additional 1,662 shares during the last quarter. Royal Bank of Canada boosted its holdings in Berry by 44.8% during the first quarter. Royal Bank of Canada now owns 5,893 shares of the energy company’s stock worth $32,000 after buying an additional 1,823 shares in the last quarter. California State Teachers Retirement System boosted its holdings in Berry by 2.8% during the first quarter. California State Teachers Retirement System now owns 103,843 shares of the energy company’s stock worth $572,000 after buying an additional 2,868 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in Berry by 0.6% during the second quarter. Charles Schwab Investment Management Inc. now owns 468,827 shares of the energy company’s stock worth $3,151,000 after buying an additional 2,876 shares in the last quarter. Finally, Great Lakes Advisors LLC boosted its holdings in Berry by 24.9% during the second quarter. Great Lakes Advisors LLC now owns 17,691 shares of the energy company’s stock worth $119,000 after buying an additional 3,529 shares in the last quarter. 91.44% of the stock is currently owned by institutional investors and hedge funds.

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.

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