Saturday, June 25, 2022

Berry Corporation [BRY] stock for 6,135,680 USD was sold by Benefit Street Partners LLC

The buying and selling of stock by a company’s insider give investors a sense that the stock will rise or fall in the future. Berry Corporation shares valued at $6,135,680 were sold by Benefit Street Partners LLC on Jun 08. At $11.39 per share, Benefit Street Partners LLC sold 538,761 shares. The insider’s holdings dropped to 7,739,398 shares worth approximately $61.53 million following the completion of this transaction.

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Also, Benefit Street Partners LLC sold 650,000 shares, netting a total of over 7,343,570 in proceeds. Following the sale of shares at $11.30 each, the insider now holds 8,278,159 shares.

Before that, Benefit Street Partners LLC had sold 234,116 shares from its account. In a trade valued at $2,616,808, the 10% Owner traded Berry Corporation shares for $11.18 each. Upon closing the transaction, the insider’s holdings decreased to 234,116 shares, worth approximately $70.98 million.

As published in a research note from Piper Sandler on April 07, 2022, Berry Corporation [BRY] has been rated up from a Neutral to an Overweight and the price target has been revised to $14 from $11. This represents a 43.21% premium over Wednesday’s closing price. Analysts at KeyBanc Capital Markets upgraded the stock from ‘”a Sector weight”‘ to ‘”an Overweight”‘ outlook in a report released in mid April. As of March 09, 2021, Johnson Rice has increased its “Accumulate” rating to a “Buy” for BRY. Earlier on December 16, 2020, Wells Fargo downgraded its rating. Their new recommendation was “an Underweight” for BRY stock which previously was a “an Equal weight”.

Analyzing BRY’s Price Performance

On Wednesday, Berry Corporation [NASDAQ: BRY] plunged -9.41% to $7.95. The stock’s lowest price that day was $7.8825, but it reached a high of $8.47 in the same session. During the last five days, there has been a drop of approximately -19.91%. Over the course of the year, Berry Corporation shares have dropped approximately -4.36%. Shares of the company reached a 52-week high of $12.85 on 04/21/22 and a 52-week low of $7.88 on 06/22/22. A 50-day SMA is recorded $10.83, while a 200-day SMA reached $9.38. Nevertheless, trading volume fell to 1.24 million shares from 1.65 million shares the previous day.

Support And Resistance Levels for Berry Corporation (BRY)

According to the 24-hour chart, there is a support level at 7.73, which, if violated, would cause prices to drop to 7.51. In the upper region, resistance lies at 8.32. The next price resistance is at 8.69. RSI (Relative Strength Index) is 25.12 on the 14-day chart, showing oversold technical sentiment. Moving Average Convergence Divergence (MACD) is at -1.81, which suggests the price will decrease in the coming days. Percent R is at 98.25%, indicating bearish price movement. Stochastics %K at buying indicates that the stock is to be held.

Is Berry Corporation subject to short interest?

Stocks of Berry Corporation saw a sharp steep in short interest on Apr 28, 2022 dropping by -0.44 million shares to 1.06 million. Data from Yahoo Finance shows that the short interest on Mar 30, 2022 was 1.5 million shares. A decline of -41.51% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 2.52 of the overall float, the days-to-cover ratio (short ratio) decline to 2.52.

Which companies own the most shares of Berry Corporation (BRY)?

According to Oaktree Capital Management LP filings, the company currently owns 11,600,404 shares, which is about 14.36% of the total BRY shares outstanding. The investor’s shares have plunged by -1,312,909 from its previous 13-F filing of 12913313.0 shares. With the completion of the sale, Benefit Street Partners LLC’s stake is now worth $86,139,500. Hotchkis & Wiley Capital Manageme acquire a 43.81% interest valued at $55.45 million while BlackRock Fund Advisors sold a -145,653 stake. A total of -530,100 shares of Berry Corporation were sold by CarVal Investors LP during the quarter, and -7,800 were sold by AllianceBernstein LP. In its current portfolio, The Vanguard Group, Inc. holds 3,644,332 shares valued at $40.56 million.

In terms of Berry Corporation share price expectations, FactSet research, analysts set an average price target of $15.60 in the next 12 months, up nearly 71.04% from the previous closing price of $8.77. Analysts anticipate Berry Corporation stock to reach $20.00 by 2022, with the lowest price target being $12.00. In spite of this, 6 analysts ranked Berry Corporation stock as a Hold at the end of 2022.

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