Overview
Berry reports Q3 net loss of $26 mln vs yr-ago profit
Company says registration statement related to merger agreement with California Resources went live on Nov 3
Berry paid down $11 mln of debt in Q3, total debt reduction $34 mln year-to-date
Outlook
Berry has discontinued providing guidance due to pending merger with CRC
Result Drivers
STABLE PRODUCTION - Berry maintained production at 23.9 MBoe/d, consistent with the previous quarter
DERIVATIVE LOSSES - Losses on oil and gas sales derivatives negatively impacted financial results
DEBT REDUCTION - Berry reduced total debt by $11 mln in Q3, focusing on financial stability
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q3 Adjusted EPS | Miss | -$0.08 | $0.06 (3 Analysts) |
Q3 EPS | -$0.34 | ||
Q3 Adjusted Net Income | -$6 mln | ||
Q3 Net Income | -$26 mln | ||
Q3 Adjusted EBITDA | $49 mln | ||
Q3 Capex | $17 mln | ||
Q3 Dividend | $0.03 | ||
Q3 Free Cash Flow | $38 mln |
Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 3 "strong buy" or "buy", 3 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the oil & gas exploration and production peer group is "buy"
Wall Street's median 12-month price target for Berry Corporation (Bry) is $4.50, about 26.2% above its November 4 closing price of $3.32
The stock recently traded at 56 times the next 12-month earnings vs. a P/E of 31 three months ago
Press Release: ID:nGNX8TWvW
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)