Intech Investment Management LLC Acquires New Stake in Berry Co. (NASDAQ:BRY)

Intech Investment Management LLC acquired a new stake in Berry Co. (NASDAQ:BRY) during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 24,438 shares of the energy company’s stock, valued at approximately $126,000.

Several other institutional investors have also bought and sold shares of the company. HITE Hedge Asset Management LLC purchased a new stake in shares of Berry during the second quarter worth $5,636,000. Millennium Management LLC lifted its position in shares of Berry by 2,821.9% during the second quarter. Millennium Management LLC now owns 649,607 shares of the energy company’s stock worth $4,196,000 after acquiring an additional 627,375 shares in the last quarter. American Century Companies Inc. lifted its position in shares of Berry by 23.6% during the second quarter. American Century Companies Inc. now owns 1,664,292 shares of the energy company’s stock worth $10,751,000 after acquiring an additional 318,223 shares in the last quarter. Los Angeles Capital Management LLC purchased a new stake in shares of Berry during the second quarter worth $1,736,000. Finally, Massachusetts Financial Services Co. MA purchased a new stake in shares of Berry during the second quarter worth $1,719,000. Hedge funds and other institutional investors own 94.88% of the company’s stock.

Analysts Set New Price Targets

Separately, Piper Sandler decreased their price target on shares of Berry from $7.00 to $5.00 and set a “neutral” rating on the stock in a report on Monday, November 18th.

Berry Trading Down 5.8 %

Berry stock opened at $3.90 on Friday. The stock has a market cap of $300.06 million, a P/E ratio of 3.61 and a beta of 1.67. Berry Co. has a fifty-two week low of $3.87 and a fifty-two week high of $8.88. The firm’s fifty day moving average price is $4.80 and its 200-day moving average price is $5.74. 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 released its quarterly earnings results on Thursday, November 7th. The energy company reported $0.14 earnings per share for the quarter, missing the consensus estimate of $0.15 by ($0.01). The firm had revenue of $259.80 million during the quarter, compared to the consensus estimate of $186.67 million. Berry had a return on equity of 6.50% and a net margin of 9.40%. The company’s revenue for the quarter was up 31.3% compared to the same quarter last year. During the same period in the previous year, the company posted $0.15 EPS. Equities research analysts forecast that Berry Co. will post 0.6 earnings per share for the current fiscal year.

Berry Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, November 25th. Investors of record on Friday, November 15th were paid a $0.03 dividend. The ex-dividend date of this dividend was Friday, November 15th. This represents a $0.12 dividend on an annualized basis and a yield of 3.08%. Berry’s dividend payout ratio is presently 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.