UPDATE: Global Hunter Securities Downgrades Berry Petroleum to Neutral, Lowers PT

In a report published Friday, Global Hunter Securities downgraded its rating on Berry Petroleum Company

from Accumulate to Neutral, and lowered its price target from $62.00 to $40.00. Global Hunter noted, “Berry Petroleum (BRY) missed production estimates again, a reoccurring theme lately. It appears management has been too optimistic as they finally brought down 2012 guidance. However, we are not confident it was brought down far enough. The second half of 2012 will likely have to be seamless for the company to hit its 37.0 Mboepd average production target for 2012. As such, we are lowering our rating from Accumulate to Neutral and our price target from $62 to $40. Our new price target reflects 5x our updated EBITDA estimate, as we believe it will take several quarters for the company to be rewarded with multiple expansion.” Berry Petroleum Company closed on Thursday at $36.73.