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Hot Stocks
Berry Petroleum says has 'ample liquidity' with no-near term debt maturities » 09:36
04/01/20
04/01
09:36
04/01/20
09:36
BRY

Berry Petroleum

$2.44 /

+0.18 (+7.96%)

"We believe Berry…

"We believe Berry has the balance sheet and operational flexibility to successfully manage through the current oil price environment and we have taken immediate and decisive action to protect our cash flow and liquidity position. We have a track-record of generating free cash flow and delivering value to our shareholders, and our long-term business model remains based on living within Levered Free Cash Flow while protecting our base production and our balance sheet, generating value from capital investments, and returning capital to our shareholders," stated Trem Smith, Berry board chair and chief executive officer. "Our current near-term plans anticipate a significantly challenging couple of years, which we are confident Berry will successfully weather. We have a strong balance sheet; we are well hedged through 2020 and into 2021; we can scale up and down quickly with no long-term operational commitments; and, most importantly, we are committed and able to live within Levered Free Cash Flow. Our priority is on maximizing our cash position and maintaining substantial liquidity, which are tremendously valuable in these times. We will continue to judiciously manage ours to ensure Berry is strongly positioned to capitalize on the eventual market improvements. We will continue to seek additional, sustainable cost savings and efficiency improvements, thus managing the risk of an extended period of weaker commodity prices, while maintaining our sharp focus on safety and mechanical integrity."

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Hot Stocks
Berry Petroleum sees 2020 year-end cash balance $90M-$110M  09:35
04/01/20
04/01
09:35
04/01/20
09:35
BRY

Berry Petroleum

$2.44 /

+0.18 (+7.96%)

 
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Hot Stocks
Berry Petroleum reports total hedge book worth over $187M » 09:35
04/01/20
04/01
09:35
04/01/20
09:35
BRY

Berry Petroleum

$2.44 /

+0.18 (+7.96%)

Enhanced its hedge…

Enhanced its hedge portfolio with nearly 100% of California oil hedged in 2020 and additional 2021 hedge positions, resulting in a total hedge book worth more than $187M.

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Hot Stocks
Berry Petroleum reduces non-employee G&A expenses by over $5M » 09:34
04/01/20
04/01
09:34
04/01/20
09:34
BRY

Berry Petroleum

$2.44 /

+0.18 (+7.96%)

Reduced non-employee…

Reduced non-employee annualized General and Administrative expenses by more than $5 million

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Hot Stocks
Berry Petroleum temporarily suspends regulary quarterly dividend  09:34
04/01/20
04/01
09:34
04/01/20
09:34
BRY

Berry Petroleum

$2.44 /

+0.18 (+7.96%)

 
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Hot Stocks
Berry Petroleum targets 2020 production flat to down 2%  09:33
04/01/20
04/01
09:33
04/01/20
09:33
BRY

Berry Petroleum

$2.44 /

+0.18 (+7.96%)

 
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Hot Stocks
Berry Petroleum reduces planned 2020 capex » 09:33
04/01/20
04/01
09:33
04/01/20
09:33
BRY

Berry Petroleum

$2.44 /

+0.18 (+7.96%)

Reduced planned 2020…

Reduced planned 2020 capital expenditures by approximately 50% from original 2020 budget midpoint of guidance, which is a nearly 70% reduction from 2019 actual

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Over a week ago
Recommendations
Berry Petroleum assumed with an Equal Weight rating at Wells Fargo » 06:17
03/10/20
03/10
06:17
03/10/20
06:17
BRY

Berry Petroleum

$4.00 /

-1.27 (-24.10%)

Wells Fargo analyst Tom…

Wells Fargo analyst Tom Hughes assumed coverage of Berry Petroleum with an Equal Weight rating and a price target of $5, lower than the previous $10 price target. While Berry's beta to oil prices is clearly significant with a ~89% oil mix on 4Q19 production, the company recently announced it had added Brent hedges to its portfolio, which brings guided oil volumes protected by hedging up to ~82%, Hughes says. He adds that 2020 growth will likely be 2H20 weighted as sandstone development didn't become the commanding force in drilling efforts until 4Q19, putting peak production from these wells in the 3Q20 time frame.

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On The Fly
Oil-linked stocks see mass of downgrades on potential 'Energy Armageddon' » 11:23
03/09/20
03/09
11:23
03/09/20
11:23
HAL

Halliburton

$8.50 /

-4.56 (-34.92%)

, SLB

Schlumberger

$17.38 /

-6.47 (-27.13%)

, HP

Helmerich & Payne

$21.96 /

-5.69 (-20.58%)

, HLX

Helix Energy

$3.40 /

-1.75 (-33.98%)

, CLB

Core Laboratories

$16.29 /

-7.54 (-31.64%)

, FET

Forum Energy

$0.37 /

-0.177 (-32.17%)

, WHD

Cactus

$15.07 /

-7.69 (-33.79%)

, AMNA

Alerian Midstream Energy Index

$0.00 /

+ (+0.00%)

, APA

Apache

$12.14 /

-8.555 (-41.34%)

, CHK

Chesapeake

$0.16 /

-0.0578 (-26.59%)

, DVN

Devon Energy

$9.13 /

-4.23 (-31.66%)

, OVV

Ovintiv

$4.09 /

-3.86 (-48.55%)

, EOG

EOG Resources

$39.09 /

-16.2 (-29.30%)

, MRO

Marathon Oil

$4.01 /

-2.815 (-41.25%)

, OXY

Occidental Petroleum

$17.60 /

-7.67 (-30.35%)

, CDEV

Centennial Resource Development

$0.62 /

-0.8912 (-59.02%)

, CPE

Callon Petroleum

$0.44 /

-0.8512 (-65.98%)

, ESTE

Earthstone Energy

$2.03 /

-1.4 (-40.82%)

, FANG

Diamondback Energy

$25.34 /

-23.23 (-47.83%)

, MTDR

Matador

$2.27 /

-4.27 (-65.29%)

, PE

Parsley Energy

$6.39 /

-4.07 (-38.91%)

, PXD

Pioneer Natural

$68.59 /

-36.54 (-34.76%)

, REI

Ring Energy

$0.83 /

-0.2349 (-22.06%)

, ROSE

Rosehill Resources

$0.60 /

-0.2546 (-29.68%)

, WPX

WPX Energy

$3.88 /

-2.61 (-40.22%)

, XEC

Cimarex Energy

$14.45 /

-9.99 (-40.88%)

, CLR

Continental Resources

$8.90 /

-5.95 (-40.07%)

, ERF

Enerplus

$2.65 /

-0.85 (-24.29%)

, NOG

Northern Oil and Gas

$1.01 /

-0.285 (-22.09%)

, WLL

Whiting Petroleum

$0.84 /

-0.4887 (-36.88%)

, MGY

Magnolia Oil & Gas

$4.12 /

-2.14 (-34.19%)

, WTI

W&T Offshore

$1.67 /

-0.325 (-16.29%)

, SM

SM Energy

$1.25 /

-2.575 (-67.41%)

, PDCE

PDC Energy

$8.45 /

-5.64 (-40.03%)

, NBL

Noble Energy

$8.79 /

-4.52 (-33.96%)

, BCEI

Bonanza Creek

$11.70 /

-3.83 (-24.66%)

, AXAS

Abraxas Petroleum

$0.13 /

-0.0205 (-13.67%)

, VET

Vermilion Energy

$5.34 /

-2.395 (-30.96%)

, AM

Antero Midstream

$3.81 /

-0.375 (-8.97%)

, ENLC

EnLink Midstream

$2.18 /

-0.955 (-30.51%)

, ET

Energy Transfer LP

$8.25 /

-1.97 (-19.28%)

, OKE

Oneok

$39.00 /

-22.21 (-36.28%)

, PAA

Plains All American

$8.68 /

-3.32 (-27.67%)

, PAGP

Plains GP Holdings

$8.93 /

-3.26 (-26.74%)

, TELL

Tellurian

$0.90 /

-0.3 (-25.00%)

, TRGP

Targa Resources

$15.99 /

-11.82 (-42.50%)

, BRY

Berry Petroleum

$4.23 /

-1.04 (-19.73%)

, GPOR

Gulfport Energy

$0.58 /

+0.0795 (+15.90%)

, QEP

QEP Resources

$0.63 /

-0.8081 (-56.31%)

Oil exploration and…

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Downgrade
Berry Petroleum downgraded to Neutral from Overweight at Piper Sandler » 06:38
03/09/20
03/09
06:38
03/09/20
06:38
BRY

Berry Petroleum

$5.27 /

-0.61 (-10.37%)

Piper Sandler analyst…

Piper Sandler analyst Kashy Harrison downgraded Berry Petroleum to Neutral from Overweight with a price target of $4.50, down from $12. The analyst downgraded Exploration and Production names due to the uncertainty surrounding oil prices. At some point, there will be buying opportunities for E&Ps, but investors are likely to "shoot first and ask questions later when oil ultimately finds a bottom," Harrison tells investors in a research note.

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