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While the top- and bottom-line numbers for Berry Petroleum (BRY) give a sense of how the business performed in the quarter ended December 2023, it could be worth looking at how some of its key metrics compare to Wall Street estimates and year-ago values.
Berry Petroleum (BRY) came out with quarterly earnings of $0.13 per share, missing the Zacks Consensus Estimate of $0.22 per share. This compares to earnings of $0.95 per share a year ago.
In October, Civitas signed an agreement with Vencer Energy to acquire oil-producing assets in the Midland Basin of west Texas for a total consideration of approximately $2.1 billion, subject to customary terms, conditions, and closing price adjustments.
As we return Mariah Carey to the ocean depths for another year, we turn our attention to our next seasonal siren—double-digit dividend stocks.
Berry averaged 25,300 BOEPD in Q3 2023 production, along with generating $35 million in adjusted free cash flow. Berry's Macpherson acquisition may have contributed around 300 BOEPD in Q3 production with its mid-September close. Macpherson's production is expected to be 2,400 BOEPD in 2024, and this should meaningfully help Berry's Q4 2023 results as well.
Berry Petroleum (BRY) is technically in oversold territory now, so the heavy selling pressure might have exhausted. This along with strong agreement among Wall Street analysts in raising earnings estimates could lead to a trend reversal for the stock.
Favorable commodity prices are likely to have aided Berry (BRY) in Q3.
Berry Petroleum (BRY) shares have started gaining and might continue moving higher in the near term, as indicated by solid earnings estimate revisions.
Berry Petroleum (BRY) could be a great choice for investors looking to buy stocks that have gained strong momentum recently but are still trading at reasonable prices. It is one of the several stocks that made it through our 'Fast-Paced Momentum at a Bargain' screen.