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Berry Petroleum Gets $500 Mil Credit Line.(B)(NYSE STOCKS IN THE NEWS)
Byline: Katharine Stalter
Berry Petroleum has been shaping a third-stage base for nearly four months. On March 8, it reached a high of 66.11, having run up more than 100% since September, when it cleared its 32.08 buy point in low volume. It's held above its 50-day moving average since June 1.
The Bakersfield, Calif.-based oil and gas producer said Wednesday that it had gotten a five-year, $500 million line of credit from Wells Fargo Bank. Chief Financial Officer Ralph Goehring said the firm entered into the new credit line "to take advantage of the lower interest rates available to us in today's market environment."
Earnings grew in the triple digits the past ...
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