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Fly News Breaks for February 7, 2020
BRY
Feb 7, 2020 | 07:34 EDT
KeyBanc analyst Leo Mariani upgraded Berry Petroleum to Sector Weight from Underweight as a result of increased permit issuance in California, which reduces the likelihood of a major impact on Berry's production. Additionally, Mariani says that an assembly bill was passed in California that may give more leeway to setback discussions vs. the prior potential distance of 2,500 ft. The analyst now thinks the extreme bear case on the impact of regulation to Berry's operations is likely off the table.
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