Berry Petroleum Corporation: Panic Was Exaggerated

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About: Berry Corporation (BRY)
by: Vasily Zyryanov
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Vasily Zyryanov
Long/Short Equity
Summary

BRY was severely hit by a moratorium on new permits for steam-injected oil drilling in California.

Yet, the management assured "2020 growth initiatives do not require well stimulation permits."

The stock is trading at a discount to its peer CRC.

BRY is unjustifiably undervalued.

Berry Petroleum Corporation (BRY) was severely hit by California Gov. Gavin Newsom's decision to stop the approval of new hydraulic fracturing in the state "until the permits for those projects can be reviewed