Berry Petroleum: Slips on tougher fracking rules in California
20/11/2019 14:14
** Shares of oil driller Berry Petroleum Corp BRY.O down
10.5% at $7.96 premarket
** Multiple brokerages cut ratings and PT on stock after
California Department of Conservation on Tuesday unveiled new
regulations for drillers urn:newsml:reuters.com:*:nL2N27Z1MD
** New measures include a moratorium on an extraction
technique that uses high-pressure steam to break up oil
formations underground, which has been linked to a spill at the
Cymric oil field in Kern County this year
** BMO downgrades shares to "market perform" from
"outperform", cites increased regulatory uncertainty that will
be an overhang to share price
** KeyBanc cuts to "underweight" from "sector weight", says
regulations could result in loss of production volume in future
** Piper Jaffray lowers PT to $12 from $15; Capital One
Securities cuts PT to $12 from $14
** Five of nine brokerages rate the stock "buy" or higher,
three "hold" and one "sell"; their median PT is $12
** BRY up 1.7% this year through Tuesday's close
(Reporting by Shradha Singh in Bengaluru)
((Shradha.Singh@thomsonreuters.com; within U.S. +1 646 223 8780
Ext: 2439, outside U.S. +91 80 6749 2439;))