Wells Fargo Upgrades Berry Petroleum (BRY) to Outperform, Boosts NAV as Outlook Becomes Clear

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BRY Hot Sheet

Rating Summary:
11 Buy, 2 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
Up: 16 | Down: 7 | New: 23

Wells Fargo upgraded shares of Berry Petroleum (NYSE: BRY) to an Outperform rating from its previous rating of Market Perform. The firm also raised its price valuation range on the company from $$37-$39 to $56-$60.

The firm also raised its NAV on BRY from $50.88 to $60.25 as they believe the environment in California is improving and because of the expansion of oil focused programs in the Permian and Uinta Basins.

An analyst at highlights that the Uinta Basin has the potential to become a multi-year growth story for the company. "We believe that horizontal exploitation in the Basin looks promising and could provide a nice production growth engine for BRY outside of California and Texas. As upside potential to the company’s position, we believe Berry could also go back into the vertically developed Brundage Canyon acreage and potentially approach the Green River and Wasatch horizontally, reports Wells Fargo.

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 $45.51 yesterday, with a 52 week range of $30.59-$61.17.

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