Berry Co. to Issue Quarterly Dividend of $0.03 (NASDAQ:BRY)

Berry Co. (NASDAQ:BRY) announced a quarterly dividend on Thursday, October 24th,Zacks Dividends reports. Stockholders of record on Friday, November 15th will be paid a dividend of 0.03 per share by the energy company on Monday, November 25th. This represents a $0.12 annualized dividend and a dividend yield of 2.82%. The ex-dividend date is Friday, November 15th.

Berry has raised its dividend by an average of 51.8% annually over the last three years. Berry has a payout ratio of 21.8% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Berry to earn $0.59 per share next year, which means the company should continue to be able to cover its $0.12 annual dividend with an expected future payout ratio of 20.3%.

Berry Price Performance

Shares of NASDAQ:BRY traded down $0.07 on Thursday, hitting $4.26. The stock had a trading volume of 242,728 shares, compared to its average volume of 1,058,367. Berry has a twelve month low of $4.16 and a twelve month high of $8.88. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.62 and a current ratio of 0.80. The firm’s 50 day moving average price is $5.23 and its 200-day moving average price is $6.17. The company has a market capitalization of $327.76 million, a price-to-earnings ratio of 4.00 and a beta of 1.72.

Berry (NASDAQ:BRY) last released its quarterly earnings results 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 company 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 period last year, the company earned $0.15 earnings per share. On average, equities research analysts predict that Berry will post 0.61 earnings per share for the current year.

Analysts Set New Price Targets

Separately, Piper Sandler reduced their price objective on shares of Berry from $8.00 to $7.00 and set a “neutral” rating on the stock in a research note on Thursday, August 15th.

Insider Buying and Selling at Berry

In related news, CEO Fernando Araujo sold 33,950 shares of the stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $6.22, for a total value of $211,169.00. Following the sale, the chief executive officer now owns 253,045 shares in the company, valued at approximately $1,573,939.90. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 1.00% of the company’s stock.

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.