Berry Petroleum Company LLC’s Lock-Up Period Will Expire Tomorrow (NASDAQ:BRY)
Berry Petroleum’s (NASDAQ:BRY) lock-up period will expire on Tuesday, January 22nd. Berry Petroleum had issued 13,043,479 shares in its IPO on July 26th. The total size of the offering was $182,608,706 based on an initial share price of $14.00. After the expiration of the company’s lock-up period, company insiders and major shareholders will be able to sell their shares of the company.
Several brokerages have recently commented on BRY. Piper Jaffray Companies restated a “buy” rating and issued a $11.00 target price on shares of Berry Petroleum in a research note 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 research note on Monday, January 7th. Capital One Financial downgraded shares of Berry Petroleum from an “overweight” rating to an “equal weight” rating in a research note on Thursday, December 20th. KeyCorp began coverage on shares of Berry Petroleum in a research note on Thursday, December 20th. They issued a “sector weight” rating on the stock. Finally, ValuEngine downgraded shares of Berry Petroleum from a “sell” rating to a “strong sell” rating in a research note on Thursday, November 8th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and eight have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $17.38.
Berry Petroleum stock opened at $10.94 on Monday. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.44. Berry Petroleum has a 12-month low of $7.87 and a 12-month high of $18.55.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, January 15th. Investors of record on Monday, December 17th were issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 4.39%. This is a boost from Berry Petroleum’s previous quarterly dividend of $0.09. The ex-dividend date of this dividend was Friday, December 14th.
In other news, COO Gary A. Grove acquired 20,000 shares of the company’s stock in a transaction on Thursday, December 13th. The stock was purchased at an average cost of $10.33 per share, with a total value of $206,600.00. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Arthur T. Smith acquired 5,000 shares of the company’s stock in a transaction on Thursday, December 13th. The shares were purchased at an average cost of $10.22 per share, with a total value of $51,100.00. The disclosure for this purchase can be found here. Insiders own 2.22% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in the business. Legal & General Group Plc acquired a new position in Berry Petroleum during the 3rd quarter valued at about $35,000. American International Group Inc. acquired a new position in Berry Petroleum during the 3rd quarter valued at about $154,000. Rhumbline Advisers acquired a new position in Berry Petroleum during the 3rd quarter valued at about $189,000. Teachers Advisors LLC acquired a new position in Berry Petroleum during the 3rd quarter valued at about $302,000. Finally, Brown Advisory Inc. acquired a new position in Berry Petroleum during the 3rd quarter valued at about $315,000. Institutional investors own 79.12% of the company’s stock.
Berry Petroleum Company 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.
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