Berry Petroleum Company LLC (NASDAQ:BRY) declared a quarterly dividend on Friday, March 1st, Wall Street Journal reports. Stockholders of record on Friday, March 15th will be paid a dividend of 0.12 per share by the energy company on Monday, April 15th. This represents a $0.48 annualized dividend and a dividend yield of 4.00%. The ex-dividend date is Thursday, March 14th.
Berry Petroleum has a payout ratio of 15.0% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Berry Petroleum to earn $1.43 per share next year, which means the company should continue to be able to cover its $0.48 annual dividend with an expected future payout ratio of 33.6%.
NASDAQ BRY opened at $11.99 on Wednesday. Berry Petroleum has a one year low of $7.87 and a one year high of $18.55. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.44.
Several brokerages have issued reports on BRY. Zacks Investment Research upgraded Berry Petroleum from a “strong sell” rating to a “hold” rating in a report on Monday. Piper Jaffray Companies restated a “buy” rating and issued a $11.00 target price on shares of Berry Petroleum in a report on Wednesday, January 9th. BMO Capital Markets restated a “buy” rating and issued a $13.00 target price on shares of Berry Petroleum in a report on Monday, January 7th. KeyCorp assumed coverage on Berry Petroleum in a report on Thursday, December 20th. They issued a “sector weight” rating for the company. Finally, Capital One Financial cut Berry Petroleum from an “overweight” rating to an “equal weight” rating in a report on Thursday, December 20th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and eight have assigned a buy rating to the company’s stock. Berry Petroleum has a consensus rating of “Buy” and an average target price of $17.50.
In other news, CEO Arthur T. Smith bought 5,000 shares of the stock in a transaction that occurred on Thursday, December 13th. The stock was bought at an average cost of $10.22 per share, for a total transaction of $51,100.00. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. Also, COO Gary A. Grove purchased 20,000 shares of Berry Petroleum stock in a transaction on Thursday, December 13th. The stock was bought at an average cost of $10.33 per share, for a total transaction of $206,600.00. The disclosure for this purchase can be found here. Company insiders own 2.22% of the company’s stock.
A hedge fund recently raised its stake in Berry Petroleum stock. Geode Capital Management LLC raised its stake in Berry Petroleum Company LLC (NASDAQ:BRY) by 10.4% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 228,827 shares of the energy company’s stock after purchasing an additional 21,612 shares during the quarter. Geode Capital Management LLC owned 0.28% of Berry Petroleum worth $2,002,000 at the end of the most recent reporting period. 81.56% of the stock is owned by hedge funds and other institutional investors.
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About Berry Petroleum
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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