Berry Petroleum (BRY) AI Stock Analysis

• Market Cap: $262.29M
• Dividend Yield: 3.45%
• Average Volume (3M): 2.11M
• Price to Earnings (P/E): 54.0
• Beta (1Y): 0.73
• Revenue Growth: -16.08%
• EPS Growth: N/A
• Country: US
• Employees: 1,070
• Sector: Energy
• Sector Strength: 52
• Industry: Oil & Gas Exploration & Production
• EPS (TTM): 0.00
• Shares Outstanding: 77,601,845
• 10 Day Avg. Volume: 855,961
• 30 Day Avg. Volume: 2,110,787
• PEG Ratio: -0.34
• Price to Book (P/B): 0.43
• Price to Sales (P/S): 0.41
• P/FCF Ratio: 2.95
• Enterprise Value/Market Cap: 2.31
• Enterprise Value/Revenue: 0.79
• Enterprise Value/Gross Profit: 1.46
• Enterprise Value/Ebitda: 4.09
• 1Y Price Target: $4.63
• Price Target Upside: 36.58% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 4

• Rating: 63 Neutral
• Price Target: $3.50 ▲(3.24% Upside)

Berry Petroleum's overall stock score is driven by its stable financial position and strong cash flow management, as well as positive sentiment from the recent earnings call. However, technical analysis indicates potential short-term weakness, and the high P/E ratio suggests overvaluation. The company's focus on debt reduction and operational efficiencies are positive, but profitability challenges remain.

Berry Petroleum Business Overview & Revenue Model

Company Description

Berry Corporation, an independent upstream energy company, engages in the development and production of conventional oil reserves located in the western United States. It operates in two segments, Development and Production, and Well Servicing and Abandonment. The company's properties are located in the San Joaquin and Ventura basins, California; and Uinta basin, Utah. As of December 31, 2021, it had a total of 3,417 net productive wells. The company was formerly known as Berry Petroleum Corporation and changed its name to Berry Corporation in February 2020. Berry Corporation was founded in 1909 and is headquartered in Dallas, Texas.

How the Company Makes Money

Berry Petroleum generates revenue primarily through the sale of crude oil, natural gas, and natural gas liquids (NGLs). The company’s revenue model is largely dependent on the pricing of these commodities, which can fluctuate based on market conditions. Key revenue streams include direct sales of produced hydrocarbons to refiners and marketers, as well as potential hedging activities to mitigate price volatility. Additionally, Berry Petroleum may engage in joint ventures and partnerships with other companies to enhance its operational capabilities and expand its asset base, which can further contribute to its earnings. The company’s focus on efficient production techniques and cost management also plays a vital role in maintaining profitability in a competitive market.

Berry Petroleum Financial Statement Overview

Summary

Berry Petroleum demonstrates a stable financial position with strong cash flow management. While revenue growth is promising, profitability remains a concern, as reflected in declining margins and ROE. The balance sheet is solid, with manageable leverage. The company should focus on enhancing operational efficiency to improve profitability.

Income Statement

Berry Petroleum's income statement shows a mixed performance. The TTM (Trailing-Twelve-Months) gross profit margin is strong at 54.18%, indicating efficient cost management. However, the net profit margin is low at 0.66%, reflecting challenges in converting revenue into profit. Revenue growth is positive at 84.6% TTM, but historical volatility is evident with previous declines. EBIT and EBITDA margins have decreased significantly in the TTM, suggesting operational inefficiencies.

Balance Sheet

The balance sheet is relatively stable, with a debt-to-equity ratio of 0.55 TTM, indicating moderate leverage. The equity ratio is healthy, suggesting a solid asset base. However, return on equity has decreased to 0.73% TTM, reflecting lower profitability on shareholder investments. Overall, the company maintains a balanced financial structure but faces profitability challenges.

Cash Flow

Cash flow analysis reveals a robust operating cash flow to net income ratio of 0.98 TTM, indicating strong cash generation relative to earnings. Free cash flow growth is positive at 6% TTM, showing improvement. The free cash flow to net income ratio is 0.65 TTM, suggesting effective cash utilization. Despite past fluctuations, current cash flow metrics are favorable.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	765.12M	783.84M	863.45M	1.06B	701.35M	406.05M
Gross Profit	414.52M	444.77M	237.34M	431.62M	269.32M	63.92M
EBITDA	148.30M	239.12M	251.38M	401.10M	163.58M	-96.64M
Net Income	5.03M	19.25M	37.40M	250.17M	-15.54M	-262.89M
Balance Sheet
Total Assets	1.33B	1.52B	1.59B	1.63B	1.46B	1.42B
Cash, Cash Equivalents and Short-Term Investments	19.73M	15.34M	4.83M	46.25M	15.28M	80.56M
Total Debt	364.60M	435.18M	436.06M	397.40M	394.57M	393.48M
Total Liabilities	669.18M	787.05M	836.18M	830.54M	763.83M	705.77M
Stockholders Equity	664.94M	730.64M	757.98M	800.49M	692.65M	714.04M
Cash Flow
Free Cash Flow	120.93M	107.87M	117.59M	222.31M	-10.63M	102.73M
Operating Cash Flow	186.57M	210.22M	198.66M	360.94M	122.49M	196.53M
Investing Cash Flow	-98.34M	-105.56M	-175.27M	-164.55M	-168.79M	-93.62M
Financing Cash Flow	-74.94M	-79.46M	-64.80M	-165.42M	-18.98M	-22.35M

Berry Petroleum Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 3.39
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BRY, the sentiment is Negative. The current price of 3.39 is below the 20-day moving average (MA) of 3.57, below the 50-day MA of 3.48, and above the 200-day MA of 3.28, indicating a neutral trend. The MACD of -0.06 indicates Positive momentum. The RSI at 42.84 is Neutral, neither overbought nor oversold. The STOCH value of 37.76 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for BRY.

Berry Petroleum Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
PNRG	70 Outperform	$255.22M	10.75	18.75%	―	22.97%	-19.37%
Sector *	65 Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%
BRY	63 Neutral	$262.29M	54.04	0.75%	3.45%	-16.08%	―
SJT	61 Neutral	$243.76M	―	-6.27%	―	-99.72%	-101.28%
WTI	58 Neutral	$311.51M	―	―	1.79%	-11.53%	-342.58%
EP	42 Neutral	$129.33M	―	-30.24%	―	-10.49%	17.74%
TBN	39 Underperform	$437.50M	―	―	―	―	―

Berry Petroleum Corporate Events

Berry Petroleum Merges with California Resources

On September 14, 2025, Berry Corporation entered into a merger agreement with California Resources Corporation and Dornoch Merger Sub, LLC, which will result in Berry becoming a wholly-owned subsidiary of California Resources. The merger, which involves an exchange of shares and cash payments for fractional shares, has been deemed advisable and in the best interests of Berry’s stockholders by its board of directors. The completion of the merger is subject to various conditions, including stockholder approval and regulatory clearances. The agreement includes provisions for the treatment of equity awards and retention agreements for key employees, and outlines potential termination scenarios and associated fees.

The most recent analyst rating on (BRY) stock is a Hold with a $4.50 price target. To see the full list of analyst forecasts on Berry Petroleum stock, see the BRY Stock Forecast page.

Berry Petroleum Announces Merger with California Resources

On September 14, 2025, Berry Corporation announced a merger agreement with California Resources Corporation, creating a stronger entity in the California energy market. The all-stock transaction values Berry at approximately $717 million, with CRC shareholders expected to own 94% of the combined company. The merger is anticipated to enhance financial metrics, achieve significant synergies, and maintain a strong balance sheet, positioning the company for long-term growth and operational efficiency.

The most recent analyst rating on (BRY) stock is a Buy with a $7.50 price target. To see the full list of analyst forecasts on Berry Petroleum stock, see the BRY Stock Forecast page.

Berry Corporation’s Earnings Call Highlights Positive Outlook

Berry Corporation’s recent earnings call exuded a positive sentiment, underscored by robust free cash flow projections, substantial cost savings, and encouraging regulatory developments. The company emphasized its dedication to safety and enhancing shareholder value through debt reduction and dividends. Despite some concerns regarding elevated capital expenditures and reliance on regulatory outcomes, the overall outlook remains optimistic.

Berry Corporation Reports Q2 2025 Earnings and Debt Reduction

Berry Corporation, a publicly traded independent upstream energy company, operates primarily in the exploration and production of oil and gas reserves in the western United States, with a focus on California and Utah. The company also provides well servicing and abandonment services.