Berry Petroleum Upgraded to Positive at Susquehanna, Sees Standalone Value Around $51/Share

Berry Petroleum

shares have tumbled more than 5 percent following a report late Monday the SEC is inquiring into the potential Berry, LinnCo

deal. Despite the inquiry, Susquehanna analyst Duane Grubert issued a mid-day upgrade on Berry. The analyst now rates Berry shares a Positive; Grubert maintains a $51 price target on the stock. Grubert believes Berry shares are "very well supported" at the $40 level should the deal turn sour. Barry could be worth $51/share as a "standalone" exploration and production company, according to Grubert. Shares of LinnCo and Linn Energy are down 12 percent and nearly 15 percent, respectively.