Baytex Energy (TSE:BTE) Stock Price Down 1.9% Following Analyst Downgrade

Baytex Energy Corp. (TSE:BTE) (NYSE:BTE) fell 1.9% during mid-day trading on Wednesday after CIBC lowered their price target on the stock from C$5.00 to C$4.25. The company traded as low as C$1.91 and last traded at C$2.04. 1,644,930 shares traded hands during trading, a decline of 64% from the average session volume of 4,549,071 shares. The stock had previously closed at C$2.08.

Other equities analysts have also issued research reports about the company. TD Securities decreased their price target on Baytex Energy from C$5.50 to C$5.00 in a research note on Wednesday, March 5th. BMO Capital Markets decreased their price objective on shares of Baytex Energy from C$5.00 to C$4.00 in a report on Wednesday, March 5th. Royal Bank of Canada decreased their price target on Baytex Energy from C$5.50 to C$5.00 in a research note on Tuesday, January 14th. Scotiabank upgraded Baytex Energy to a “hold” rating in a report on Wednesday, March 19th. Finally, Atb Cap Markets lowered shares of Baytex Energy from a “strong-buy” rating to a “hold” rating in a research note on Thursday, January 30th. Four equities research 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 company currently has an average rating of “Hold” and a consensus price target of C$5.33.

Baytex Energy Price Performance

The company has a debt-to-equity ratio of 57.38, a current ratio of 0.69 and a quick ratio of 0.77. The stock has a market capitalization of C$1.74 billion, a PE ratio of -5.03, a price-to-earnings-growth ratio of 0.12 and a beta of 2.61. The stock’s 50 day moving average is C$3.11 and its two-hundred day moving average is C$3.64.

Baytex Energy Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Tuesday, April 1st were issued a $0.0225 dividend. The ex-dividend date of this dividend was Friday, March 14th. This represents a $0.09 dividend on an annualized basis and a dividend yield of 4.07%. Baytex Energy’s payout ratio is currently -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.