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Fly News Breaks for November 20, 2019
BRY
Nov 20, 2019 | 04:58 EDT
BMO Capital analyst Phillip Jungwirth downgraded Berry Petroleum to Market Perform from Outperform with a price target of $10, down from $13. The analyst cites regulatory overhang for the downgrade after the California Department of Conservation's Division of Oil, Gas, and Geothermal Resources announced that effective January 1, 2020, it will halt approvals of new oil wells that use high-pressure steam. Berry noted the moratorium won't impact 2019 and that it would only potentially impact future diatomite wells, Jungwirth tells investors in a research note. The analyst, however, thinks increased regulatory uncertainty will be an overhang to the share price and valuation multiples.
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