Cornercap Investment Counsel Inc. Has $369,000 Stock Holdings in Berry Co. (NASDAQ:BRY)

Cornercap Investment Counsel Inc. trimmed its holdings in Berry Co. (NASDAQ:BRY) by 53.3% during the third quarter, Holdings Channel reports. The firm owned 71,774 shares of the energy company’s stock after selling 82,003 shares during the quarter. Cornercap Investment Counsel Inc.’s holdings in Berry were worth $369,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Arizona State Retirement System raised its stake in Berry by 9.3% during the 2nd quarter. Arizona State Retirement System now owns 20,462 shares of the energy company’s stock worth $132,000 after buying an additional 1,747 shares during the period. Meeder Asset Management Inc. raised its stake in Berry by 43.5% during the 2nd quarter. Meeder Asset Management Inc. now owns 7,212 shares of the energy company’s stock worth $47,000 after buying an additional 2,186 shares during the period. SummerHaven Investment Management LLC raised its stake in Berry by 2.2% during the 2nd quarter. SummerHaven Investment Management LLC now owns 103,413 shares of the energy company’s stock worth $668,000 after buying an additional 2,216 shares during the period. Price T Rowe Associates Inc. MD raised its stake in Berry by 16.1% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 21,664 shares of the energy company’s stock worth $175,000 after buying an additional 2,999 shares during the period. Finally, Diversified Trust Co raised its stake in Berry by 14.4% during the 2nd quarter. Diversified Trust Co now owns 24,615 shares of the energy company’s stock worth $159,000 after buying an additional 3,101 shares during the period. 94.88% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Berry

In related news, CEO Fernando Araujo sold 33,950 shares of the company’s stock in a transaction that occurred 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 transaction, the chief executive officer now owns 253,045 shares in the company, valued at approximately $1,573,939.90. This represents a 11.83 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 1.00% of the stock is owned by company insiders.

Berry Stock Performance

Shares of BRY opened at $4.28 on Monday. 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 stock has a 50 day moving average price of $5.16 and a two-hundred day moving average price of $6.10. The firm has a market capitalization of $329.30 million, a P/E ratio of 3.96 and a beta of 1.72. Berry Co. has a 52 week low of $4.16 and a 52 week high of $8.88.

Berry (NASDAQ:BRY) last issued its quarterly earnings data on Thursday, November 7th. The energy company reported $0.14 EPS for the quarter, missing analysts’ consensus estimates 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 return on equity of 6.50% and a net margin of 9.40%. The business’s revenue for the quarter was up 31.3% on a year-over-year basis. During the same period in the prior year, the firm posted $0.15 earnings per share. Equities analysts forecast that Berry Co. will post 0.61 earnings per share for the current fiscal year.

Berry Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, November 25th. Stockholders of record on Friday, November 15th will be issued a $0.03 dividend. This represents a $0.12 annualized dividend and a dividend yield of 2.80%. The ex-dividend date of this dividend is Friday, November 15th. Berry’s dividend payout ratio is presently 44.44%.

Analysts Set New Price Targets

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

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.