Berry Petroleum (BRY) AI Stock Analysis

• Market Cap: $256.88M
• Dividend Yield: 3.63%
• Average Volume (3M): 910.79K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.86
• Revenue Growth: -15.69%
• EPS Growth: -207.52%
• Country: US
• Employees: 1,070
• Sector: Energy
• Sector Strength: 52
• Industry: Oil & Gas Exploration & Production
• EPS (TTM): -0.08
• Shares Outstanding: 77,607,090
• 10 Day Avg. Volume: 598,382
• 30 Day Avg. Volume: 910,794
• 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: 2.66
• Enterprise Value/Revenue: 1.00
• Enterprise Value/Gross Profit: 2.90
• Enterprise Value/Ebitda: 17.21
• 1Y Price Target: $4.83
• Price Target Upside: 47.26% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 3
• EPS Forecast (FY): 0.24
• Revenue Forecast (FY): $675.25M

• Rating: 54 Neutral
• Price Target: $3.50 ▲(6.71% Upside)

Berry Petroleum's overall stock score is primarily impacted by its financial performance challenges, including declining revenue and profitability. Technical analysis indicates bearish momentum, while valuation is mixed with a negative P/E ratio but a reasonable dividend yield. The earnings call provided some positive insights, such as debt reduction and operational efficiencies, which slightly offset the negative financial trends.

Berry Petroleum Business Overview & Revenue Model

Company Description

Berry Petroleum Company, LLC (NASDAQ: BRY) is a leading independent oil and natural gas exploration and production company based in the United States. The company primarily operates in the onshore regions of California and Utah, focusing on the acquisition, development, and production of crude oil and natural gas. Berry Petroleum utilizes advanced technologies and operational efficiencies to optimize production from its diverse asset portfolio, which includes both conventional and unconventional resources.

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 faces challenges with declining revenue and profitability, as evidenced by negative margins and revenue contraction. The balance sheet remains stable with low leverage, but the negative return on equity indicates inefficiencies. Cash flow generation has weakened, with significant declines in free cash flow. Overall, the company needs to address operational inefficiencies and improve cash flow management to enhance financial performance.

Income Statement

Berry Petroleum's income statement shows a declining trend in revenue and profitability. The TTM data indicates a negative net profit margin of -13.45%, reflecting significant losses. The gross profit margin has decreased to 29.41% from previous years, indicating pressure on cost management. The EBIT and EBITDA margins have also declined, with EBIT margin turning negative, highlighting operational challenges. Revenue growth has been negative, showing a contraction in sales.

Balance Sheet

The balance sheet reflects a relatively stable financial position with a low debt-to-equity ratio of 0.07 in the TTM period, indicating low leverage. However, the return on equity is negative at -13.63%, suggesting inefficiencies in generating returns on shareholders' equity. The equity ratio remains healthy, showing a strong equity base relative to total assets.

Cash Flow

Cash flow analysis reveals a significant decline in free cash flow growth, down by 59.09% in the TTM period, which is concerning. The operating cash flow to net income ratio is close to 1, indicating that operating cash flows are almost covering net losses. The free cash flow to net income ratio is positive but low, suggesting limited cash generation relative to net income.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	680.16M	783.84M	863.45M	1.06B	701.35M	406.05M
Gross Profit	235.57M	272.77M	237.34M	431.62M	269.32M	63.92M
EBITDA	39.69M	239.12M	251.38M	401.10M	163.58M	-96.64M
Net Income	-90.85M	19.25M	37.40M	250.17M	-15.54M	-262.89M
Balance Sheet
Total Assets	1.39B	1.52B	1.59B	1.63B	1.46B	1.42B
Cash, Cash Equivalents and Short-Term Investments	13.36M	15.34M	4.83M	46.25M	15.28M	80.56M
Total Debt	45.00M	435.18M	436.06M	397.40M	394.57M	393.48M
Total Liabilities	748.02M	787.05M	836.18M	830.54M	763.83M	705.77M
Stockholders Equity	638.98M	730.64M	757.98M	800.49M	692.65M	714.04M
Cash Flow
Free Cash Flow	23.96M	107.87M	117.59M	222.31M	-10.63M	102.73M
Operating Cash Flow	171.28M	210.22M	198.66M	360.94M	122.49M	196.53M
Investing Cash Flow	-121.04M	-105.56M	-175.27M	-164.55M	-168.79M	-93.62M
Financing Cash Flow	-46.10M	-79.46M	-64.80M	-165.42M	-18.98M	-22.35M

Berry Petroleum Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 3.28
• 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 3.28 is below the 20-day moving average (MA) of 3.37, below the 50-day MA of 3.54, and above the 200-day MA of 3.21, indicating a neutral trend. The MACD of -0.07 indicates Positive momentum. The RSI at 37.82 is Neutral, neither overbought nor oversold. The STOCH value of 20.51 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
Sector *	65 Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%
PNRG	62 Neutral	$219.86M	9.25	18.75%	―	22.97%	-19.37%
SJT	61 Neutral	$279.65M	―	-6.27%	―	-99.72%	-101.28%
BRY	54 Neutral	$256.88M	―	-13.25%	3.63%	-15.69%	-207.52%
WTI	49 Neutral	$289.26M	―	―	2.05%	-6.92%	-126.24%
EP	43 Neutral	$107.38M	―	-30.24%	―	-10.49%	17.74%
TBN	39 Underperform	$472.41M	―	―	―	―	―

Berry Petroleum Corporate Events

Berry Corporation Announces Merger with California Resources Corporation

Berry Corporation announced a proposed merger with California Resources Corporation (CRC), with the agreement signed on September 14, 2025. The merger will result in Berry becoming a wholly-owned subsidiary of CRC. Berry stockholders are invited to a virtual special meeting on December 15, 2025, to vote on the merger agreement and related proposals. The merger consideration involves Berry stockholders receiving CRC shares, with the value subject to market fluctuations. The Berry Board has unanimously recommended approval of the merger, citing it as fair and in the best interests of the company and its shareholders.

The most recent analyst rating on (BRY) stock is a Hold with a $3.50 price target. To see the full list of analyst forecasts on Berry Petroleum stock, see the BRY Stock Forecast page.

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.