Baytex Energy (TSE:BTE) Stock Price Down 12.6% on Analyst Downgrade

Baytex Energy Corp. (TSE:BTE) (NYSE:BTE) was down 12.6% during trading on Thursday after CIBC lowered their price target on the stock from C$5.00 to C$4.25. The stock traded as low as C$2.16 and last traded at C$2.22. Approximately 8,775,947 shares traded hands during mid-day trading, an increase of 83% from the average daily volume of 4,806,035 shares. The stock had previously closed at C$2.54.

A number of other brokerages have also weighed in on BTE. BMO Capital Markets decreased their price target on shares of Baytex Energy from C$5.00 to C$4.00 in a research note on Wednesday, March 5th. Scotiabank upgraded Baytex Energy to a “hold” rating in a research report on Wednesday, March 19th. Atb Cap Markets cut Baytex Energy from a “strong-buy” rating to a “hold” rating in a research report on Thursday, January 30th. TD Securities reduced their price objective on Baytex Energy from C$5.50 to C$5.00 in a research note on Wednesday, March 5th. Finally, Royal Bank of Canada lowered their target price on shares of Baytex Energy from C$5.50 to C$5.00 in a research note on Tuesday, January 14th. Four investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of C$5.33.

Baytex Energy Trading Down 12.6 %

The company has a fifty day simple moving average of C$3.13 and a 200-day simple moving average of C$3.65. The company has a market capitalization of C$1.75 billion, a PE ratio of -5.05, a PEG ratio of 0.12 and a beta of 2.61. The company has a current ratio of 0.69, a quick ratio of 0.77 and a debt-to-equity ratio of 57.38.

Baytex Energy Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Tuesday, April 1st were given a $0.0225 dividend. The ex-dividend date of this dividend was Friday, March 14th. This represents a $0.09 annualized dividend and a yield of 4.05%. Baytex Energy’s payout ratio is -20.48%.

Baytex Energy Company Profile

Baytex Energy Corp., an energy company, engages in the acquisition, development, and production of crude oil and natural gas in the Western Canadian Sedimentary Basin and in the Eagle Ford, the United States. The company offers light oil and condensate, heavy oil, natural gas liquids, and natural gas.