Global Hunter Securities Downgrades Berry Petroleum (BRY) to Neutral; Production Estimates Missed Again

August 3, 2012 8:47 AM EDT
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Price: $47.25 --0%

Rating Summary:
    3 Buy, 11 Hold, 1 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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Global Hunter Securities downgraded Berry Petroleum (NYSE: BRY) from Accumulate to Neutral with a price target of $40.00 (from $62.00).

Analyst, Philip McPherson, said, "Berry Petroleum missed production estimates again, a reoccurring theme lately. It appears management has been too optimistic as they finally brought down 2012 guidance. However, we are not confident it was brought down far enough. The second half of 2012 will likely have to be seamless for the company to hit its 37.0 Mboepd average production target for 2012."

For an analyst ratings summary and ratings history on Berry Petroleum click here. For more ratings news on Berry Petroleum click here.

Shares of Berry Petroleum closed at $36.73 yesterday.

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