Berry Petroleum Merges with California Resources
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Berry Petroleum has entered a merger agreement with California Resources Corporation, making it a wholly-owned subsidiary. The merger requires stockholder approval and regulatory clearances. The board deems it in the best interest of stockholders. Analyst ratings for BRY stock are mixed, with a Hold rating and a $4.50 price target. Berry's financial position is stable, but caution is advised due to a high P/E ratio and regulatory challenges. The company focuses on oil and gas exploration and production, with a market cap of $311.2M.
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