Short interest in Berry Co. (NASDAQ:BRY) drops 22.9%

Berry Co. (NASDAQ:BRY – Get Free Report) was the target of a significant drop in short interest rates during the month of May. On May 31, there was short interest totaling 3,940,000 shares, a decrease of 22.9% from the total of 5,110,000 shares on May 15. About 5.3% of the company’s shares are sold short. Based on an average trading volume of 1,120,000 shares, the short interest ratio is currently 3.5 days.

Analysts set new price targets

Additionally, TheStreet upgraded Berry from a “c” rating to a “b-” rating in a research note on Friday, March 8.

Read our latest analysis on BRY

Institutional trading in Berry

Several institutional investors have recently changed their shareholdings. EMC Capital Management acquired a new stake in Berry stock worth approximately $111,000 in the first quarter. Comerica Bank bought a new stake in Berry worth about $146,000 in the first quarter. Jacobs Levy Equity Management Inc. increased its stake in Berry shares by 36.9% in the first quarter. Jacobs Levy Equity Management Inc. now owns 1,323,216 shares of the energy company’s stock worth $10,652,000 after acquiring an additional 356,525 shares during the period. Price T Rowe Associates Inc. MD grew its position in Berry shares by 16.1% during the first quarter. Price T Rowe Associates Inc. MD now owns 21,664 shares of the energy company’s stock worth $175,000, after acquiring an additional 2,999 shares in the last quarter. Finally, Lazard Asset Management LLC grew its holdings in shares of Berry by 123.7% in the first quarter. Lazard Asset Management LLC now owns 17,383 shares of the energy company’s stock worth $139,000 after acquiring an additional 9,612 shares during the period. Hedge funds and other institutional investors own 94.88% of the company’s shares.

Berry shares fell 1.1%

Shares of BRY stock fell $0.07 during trading hours on Friday, hitting $6.18. 747,970 shares of the stock were exchanged, compared to the average volume of 1,221,856. The company’s fifty-day moving average is $7.54 and its two-hundred-day moving average is $7.24. The company has a market cap of $475.48 million, a price-to-earnings ratio of 618.00, and a beta of 1.74. Berry has a 12-month low of $6.12 and a 12-month high of $8.94. The company has a debt-to-equity ratio of 0.65, a current ratio of 0.60 and a quick ratio of 0.60.

Berry (NASDAQ:BRY – Get Free Report) last released its quarterly earnings data on Wednesday, May 1. The energy company reported $0.14 earnings per share for the quarter, missing the consensus estimate of $0.18 by ($0.04). The company had revenue of $202.31 million for the quarter, compared to analyst expectations of $182.65 million. Berry had a return on equity of 6.15% and a net margin of 0.41%. Berry’s revenue for the quarter fell 6.5% year over year. During the same period last year, the company posted earnings per share of $0.07. As a group, research analysts expect Berry to post earnings per share of 0.84 for the current fiscal year.

Berry cuts dividend

The company also recently declared a quarterly dividend, which was paid on Friday, May 24. A dividend of $0.12 was paid to known shareholders on Wednesday, May 15. The ex-dividend date was Tuesday, May 14. This represents a dividend of $0.48 annually and a yield of 7.77%. Berry’s dividend payout ratio currently stands at 4,800.00%.

About Bes

(Get a free report)

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 production 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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