Berry Corporation price target lowered to $5 from $7 at Piper Sandler

Piper Sandler analyst Mark Lear lowered the firm’s price target on Berry Corporation (BRY) to $5 from $7 and keeps a Neutral rating on the shares. The firm adjusted estimates and price targets across its exploration and production coverage coming out of the Q3 results. The analyst continues to see a trend of upstream “doing more with less” and projects pro-forma low single-digit oil growth in fiscal 2025, driven by mid-single-digit lower spending. While the macro outlook and investor sentiment is leaning toward gas equities, valuations remain more favorable for oil equities discounting a median $65 per barrel oil price compared to gas at $3.40, the analyst tells investors in a research note.