Berry Corporation Reports Q3 2025 Financial and Operational Performance, Ongoing Debt Reduction, and Quarterly Dividend
Written by Emily J. Thompson, Senior Investment Analyst
Source: Newsfilter
Updated: Nov 05 20250mins
Financial Performance: Berry Corporation reported a net loss of $26 million for Q3 2025, with production of 23.9 MBoe/d and an operating cash flow of $55 million. The company also generated a Free Cash Flow of $38 million and paid down approximately $11 million in debt.
Merger Announcement: Berry announced a pending merger with California Resources Corporation (CRC), with a special shareholder meeting scheduled for December 15, 2025, to approve the merger. Due to this, Berry will not host a conference call or provide supplemental slides for its quarterly results.
Operational Highlights: The company achieved a peak production rate of 4,000 Boe/d from a new 4-well horizontal Uinta pad and reported zero recordable or lost-time incidents in its exploration and production operations.
Dividend Declaration: Berry's Board of Directors approved a quarterly cash dividend of $0.03 per share, representing a 4% annual yield, payable on December 4, 2025, to shareholders of record as of November 18, 2025.
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Analyst Views on BRY
Wall Street analysts forecast BRY stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for BRY is 5.17 USD with a low forecast of 4.00 USD and a high forecast of 7.50 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
3 Analyst Rating
1 Buy
2 Hold
0 Sell
Moderate Buy
Current: 3.440
Low
4.00
Averages
5.17
High
7.50
Current: 3.440
Low
4.00
Averages
5.17
High
7.50
Johnson Rice
Buy
to
Hold
downgrade
$4
2025-09-15
Reason
Johnson Rice
Price Target
$4
2025-09-15
downgrade
Buy
to
Hold
Reason
Johnson Rice downgraded Berry Corporation to Hold from Buy with a $4 price target.
Mizuho
Outperform
maintain
$65 -> $71
2025-09-15
Reason
Mizuho
Price Target
$65 -> $71
2025-09-15
maintain
Outperform
Reason
Mizuho raised the firm's price target on California Resources (CRC) to $71 from $65 and keeps an Outperform rating on the shares. The combination with Berry (BRY) and progress on the California regulations are positive, the analyst tells investors in a research note. the deal bolsters the legacy oil & gas business, while progress on regulations should support development of the carbon management segment, the firm argues.
Piper Sandler
Neutral
downgrade
$5 -> $4
2025-07-17
Reason
Piper Sandler
Price Target
$5 -> $4
2025-07-17
downgrade
Neutral
Reason
Piper Sandler lowered the firm's price target on Berry Corporation to $4 from $5 and keeps a Neutral rating on the shares. The firm says the E&P investing environment remains challenging coming out of Q2, marked by a volatile oil price environment with increased geopolitical risk offset by higher OPEC+ supplies, while strong secular gas-demand trends have been offset by stubbornly high supplies and strong inventory builds. The long-term gas demand story, driven by power generation and data center buildout, got a shot in the arm earlier this week on the back of the PA Power and Innovation Summit, with $90B of announcement investment in power and data center buildout, Piper says. The firm prefers more defensive positioning in oil.
Johnson Rice
Charles Meade
Accumulate -> Buy
upgrade
2025-05-21
Reason
Johnson Rice
Charles Meade
Price Target
2025-05-21
upgrade
Accumulate -> Buy
Reason
Johnson Rice analyst Charles Meade upgraded Berry Corporation to Buy from Accumulate.
See All Ratings
About BRY
Berry Corporation (Bry) is an independent upstream energy company with a focus on onshore, low geologic risk, low decline, long-lived oil and gas reserves. The Company operates in two business segments: exploration and production (E&P) and well servicing and abandonment services. The E&P assets are located in California and Utah, are characterized by high oil content and are predominantly located in rural areas with a low population. The California assets are in the San Joaquin Basin (100% oil), and its Utah assets are in the Uinta Basin (65% oil). It provides its well servicing and abandonment services to third-party operators in California and its California E&P operations through C&J Well Services (CJWS). Its California operating area consists of properties located in Midway-Sunset, South Belridge, McKittrick and Poso Creek fields in the San Joaquin basin in Kern County. The Company’s properties in this region are primarily mature, low-decline oil wells.
About the author
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Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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