Baytex Energy (TSE:BTE) Trading Down 13% Following Analyst Downgrade

Shares of Baytex Energy Corp. (TSE:BTE) (NYSE:BTE) fell 13% on Thursday after CIBC lowered their price target on the stock from C$5.00 to C$4.25. The company traded as low as C$2.16 and last traded at C$2.21. 10,479,806 shares changed hands during trading, an increase of 117% from the average session volume of 4,833,076 shares. The stock had previously closed at C$2.54.

Other equities research analysts have also issued reports about the company. Scotiabank raised Baytex Energy to a “hold” rating in a research report on Wednesday, March 19th. Raymond James dropped their price target on Baytex Energy from C$5.00 to C$4.00 in a research report on Wednesday. Atb Cap Markets downgraded Baytex Energy from a “strong-buy” rating to a “hold” rating in a research report on Thursday, January 30th. BMO Capital Markets reduced their price objective on shares of Baytex Energy from C$5.00 to C$4.00 in a research note on Wednesday, March 5th. Finally, TD Securities dropped their price target on Baytex Energy from C$5.50 to C$5.00 in a research report on Wednesday, March 5th. Four equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, Baytex Energy has a consensus rating of “Hold” and an average price target of C$5.33.

Baytex Energy Stock Performance

The company has a quick ratio of 0.77, a current ratio of 0.69 and a debt-to-equity ratio of 57.38. The stock has a market cap of C$1.74 billion, a PE ratio of -5.03, a P/E/G ratio of 0.12 and a beta of 2.61. The company has a fifty day moving average price of C$3.13 and a 200 day moving average price of C$3.65.

Baytex Energy Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Tuesday, April 1st were given a dividend of $0.0225 per share. The ex-dividend date of this dividend was Friday, March 14th. This represents a $0.09 annualized dividend and a yield of 4.07%. Baytex Energy’s payout ratio is currently -20.48%.

About Baytex Energy

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.