Q1 2024 Earnings Forecast for Berry Co. Issued By Capital One Financial (NASDAQ:BRY)

Berry Co. (NASDAQ:BRY) – Equities researchers at Capital One Financial upped their Q1 2024 earnings estimates for Berry in a report released on Monday, April 15th. Capital One Financial analyst B. Velie now expects that the energy company will earn $0.29 per share for the quarter, up from their previous forecast 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 Performance

Berry stock opened at $8.32 on Tuesday. The company has a current ratio of 0.63, a quick ratio of 0.63 and a debt-to-equity ratio of 0.56. The firm has a 50-day moving average of $7.54 and a 200-day moving average of $7.35. The firm has a market cap of $640.14 million, a P/E ratio of 18.09 and a beta of 1.80. Berry has a 1-year low of $6.22 and a 1-year high of $8.94.

Berry (NASDAQ:BRY) last posted its earnings results on Wednesday, March 6th. The energy company reported $0.13 earnings per share for the quarter, missing analysts’ consensus estimates of $0.25 by ($0.12). The firm had revenue of $216.40 million for the quarter, compared to analysts’ expectations of $190.28 million. Berry had a return on equity of 5.27% and a net margin of 4.14%. The business’s revenue for the quarter was down 11.1% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.95 earnings per share.

Institutional Investors Weigh In On Berry

A number of institutional investors have recently made changes to their positions in BRY. Alliancebernstein L.P. boosted its holdings in Berry by 302.2% in the third quarter. Alliancebernstein L.P. now owns 8,847,928 shares of the energy company’s stock worth $66,360,000 after purchasing an additional 6,648,164 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its holdings in Berry by 2,942.5% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,039,356 shares of the energy company’s stock worth $7,307,000 after purchasing an additional 1,005,195 shares during the last quarter. South Dakota Investment Council boosted its holdings in Berry by 251.0% in the third quarter. South Dakota Investment Council now owns 1,382,476 shares of the energy company’s stock worth $11,336,000 after purchasing an additional 988,653 shares during the last quarter. LSV Asset Management boosted its holdings in Berry by 136.5% in the fourth quarter. LSV Asset Management now owns 1,528,863 shares of the energy company’s stock worth $10,748,000 after purchasing an additional 882,441 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in Berry by 18.5% in the first quarter. Dimensional Fund Advisors LP now owns 3,449,782 shares of the energy company’s stock worth $27,080,000 after purchasing an additional 538,093 shares during the last quarter. Hedge funds and other institutional investors own 94.88% of the company’s stock.

Berry Increases Dividend

The company also recently declared a None dividend, which was paid on Monday, March 25th. Stockholders of record on Friday, March 15th were issued a dividend of $0.26 per share. This is a boost from Berry’s previous None dividend of $0.21. The ex-dividend date of this dividend was Thursday, March 14th. This represents a dividend yield of 6.7%. Berry’s dividend payout ratio is presently 104.35%.

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.