KeyBanc Downgrades Berry Petroleum (BRY) to Hold; Valuation Call
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KeyBanc downgrades Berry Petroleum Company (NYSE: BRY) from Buy to Hold.
KeyBanc analyst says, "We are downgrading our rating on shares of Berry Petroleum to HOLD based on valuation and a lack of near-term catalysts. Since we initiated coverage of the Company on June 25, 2009 at a price of $16.74 per share, BRY's share price has increased by 79.75% compared to our universe's average increase of 64.8% and the S&P 500's increase of 20.03% over the same period...Despite the downgrade, we continue to like the fundamentals of the Company. We believe BRY has the ability and the inventory of projects to increase production by a CAGR of 14% over the next four years while operating with a low cost structure. Furthermore, the Company has taken concerns of liquidity off the table and has enough dry powder to acquire additional bolt-on type properties without straining the balance sheet."
To see more analyst ratings on BRY Click Here.
Berry Petroleum Company engages in the production, development, acquisition, exploitation, and exploration of crude oil and natural gas in the United States.
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