HITE Hedge Asset Management LLC Sells 789,782 Shares of Berry Co. (NASDAQ:BRY)

HITE Hedge Asset Management LLC trimmed its position in Berry Co. (NASDAQ:BRY) by 90.5% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 82,665 shares of the energy company’s stock after selling 789,782 shares during the quarter. HITE Hedge Asset Management LLC’s holdings in Berry were worth $425,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Federated Hermes Inc. purchased a new position in Berry during the 2nd quarter valued at about $25,000. Gladius Capital Management LP acquired a new stake in shares of Berry during the 2nd quarter worth approximately $27,000. CWM LLC increased its position in shares of Berry by 287.4% during the 2nd quarter. CWM LLC now owns 4,560 shares of the energy company’s stock valued at $29,000 after purchasing an additional 3,383 shares during the period. Meeder Asset Management Inc. boosted its position in Berry by 43.5% during the second quarter. Meeder Asset Management Inc. now owns 7,212 shares of the energy company’s stock valued at $47,000 after purchasing an additional 2,186 shares during the last quarter. Finally, Innealta Capital LLC acquired a new stake in Berry during the second quarter worth about $50,000. 94.88% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Separately, Piper Sandler reduced their target price on shares of Berry from $7.00 to $5.00 and set a “neutral” rating for the company in a research note on Monday, November 18th.

Berry Stock Up 1.0 %

Shares of NASDAQ:BRY opened at $4.12 on Tuesday. The company has a market cap of $316.99 million, a price-to-earnings ratio of 3.81 and a beta of 1.68. The firm has a fifty day moving average price of $4.88 and a two-hundred day moving average price of $5.81. Berry Co. has a one year low of $3.88 and a one year high of $8.88. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.80 and a quick ratio of 0.80.

Berry (NASDAQ:BRY) last released its quarterly earnings data on Thursday, November 7th. The energy company reported $0.14 EPS for the quarter, missing the consensus estimate of $0.15 by ($0.01). The business had revenue of $259.80 million for the quarter, compared to the consensus estimate of $186.67 million. Berry had a net margin of 9.40% and a return on equity of 6.50%. Berry’s revenue for the quarter was up 31.3% compared to the same quarter last year. During the same quarter last year, the business earned $0.15 EPS. Analysts anticipate that Berry Co. will post 0.6 EPS 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 issued a $0.03 dividend. The ex-dividend date was Friday, November 15th. This represents a $0.12 annualized dividend and a yield of 2.91%. Berry’s dividend payout ratio (DPR) is 11.11%.

Berry Profile

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.