UPDATE: Barrington Research Downgrades Berry Petroleum to Market Perform Post Q3 Results
Barrington Research lowered its rating on Berry Petroleum (NYSE: BRY) from Outperform to Market Perform and reduced its price target from $57 to $39.
Barrington Research commented, "We are downgrading Berry Petroleum to a MARKET PERFORM following their Q3 results. While the company continues to have significant assets, the market is likely to postpone appreciation until it is more evident that both the Diatomite and Permian operations will get on track in 2013. Our price target for BRY by the end of 2013 is now $39 per share, down from a preliminary target of $57 when we presumed they would have total production growth of 15% next year and that issues in the Permian and Diatomite plays would be generally resolved by now."
Berry Petroleum closed at $34.00 on Thursday.
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Tags: Barrington Research