KeyBanc Initiates Coverage on Berry Petroleum (BRY) with a Buy; Attractive Valuation
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KeyBanc initiates coverage on Berry Petroleum (NYSE: BRY) with a Buy. Price target $26.
KeyBanc analyst says, "Berry Petroleum a small cap E&P Company with a focus on long-lived, heavy oil in California, natural gas in the Piceance and Uinta Basins of the Rockies, and natural gas in East Texas. The Company's heavy oil assets generate a steady free cash flow stream allowing BRY to internally finance growth prospects such as the Diatomite heavy oil asset and East Texas natural gas play. Over the past six months, the Company has significantly improved its liquidity position through asset divestitures and debt restructuring. BRY's liquidity under its credit facility has increased to approx. $407 million vs. $63 million as of September 30, 2008, and we calculate the current long-term debt-to-total capitalization at 56.7% vs. 65.0% as of September 30, 2008."
To see more analyst ratings on BRY Click Here.
Berry Petroleum Company (Berry) is an energy company engaged in the production, development, acquisition, exploitation and exploration of crude oil and natural gas.
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