Baytex Energy (NYSE:BTE) Shares Gap Down – Time to Sell?

Baytex Energy Corp (NYSE:BTE) (TSE:BTE) shares gapped down prior to trading on Monday . The stock had previously closed at $4.32, but opened at $4.14. Baytex Energy shares last traded at $4.25, with a volume of 952,955 shares.

Analyst Ratings Changes

A number of research analysts have weighed in on the company. Scotiabank reissued an “outperform” rating on shares of Baytex Energy in a report on Tuesday, April 21st. Canadian Imperial Bank of Commerce restated a “neutral” rating on shares of Baytex Energy in a research note on Friday, July 10th. Weiss Ratings lowered shares of Baytex Energy from a “sell (d+)” rating to a “sell (d)” rating in a research report on Wednesday, June 24th. TD Securities reaffirmed a “hold” rating on shares of Baytex Energy in a research report on Monday, May 11th. Finally, Royal Bank Of Canada reiterated a “sector perform” rating on shares of Baytex Energy in a research note on Monday, May 11th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, five have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold”.

Baytex Energy Price Performance

The firm has a market cap of $2.86 billion, a PE ratio of -5.74 and a beta of 0.40. The firm’s fifty day simple moving average is $4.39 and its two-hundred day simple moving average is $4.16. The company has a quick ratio of 2.12, a current ratio of 2.15 and a debt-to-equity ratio of 0.06.

Baytex Energy (NYSE:BTE) (TSE:BTE) last announced its quarterly earnings data on Thursday, May 7th. The oil and gas producer reported ($0.08) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.01 by ($0.09). The firm had revenue of $325.64 million during the quarter, compared to analysts’ expectations of $228.04 million. Baytex Energy had a negative return on equity of 10.85% and a negative net margin of 24.25%. As a group, research analysts expect that Baytex Energy Corp will post 0.26 EPS for the current year.

Baytex Energy Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, July 2nd. Investors of record on Monday, June 15th were issued a $0.0225 dividend. The ex-dividend date of this dividend was Monday, June 15th. This represents a $0.09 annualized dividend and a yield of 2.2%. Baytex Energy’s dividend payout ratio is currently -10.00%.

Hedge Funds Weigh In On Baytex Energy

Several large investors have recently made changes to their positions in the business. Goldman Sachs Group Inc. boosted its stake in shares of Baytex Energy by 110.6% in the first quarter. Goldman Sachs Group Inc. now owns 7,127,074 shares of the oil and gas producer’s stock worth $15,893,000 after acquiring an additional 3,743,234 shares during the period. Jane Street Group LLC grew its position in shares of Baytex Energy by 446.3% during the first quarter. Jane Street Group LLC now owns 2,646,885 shares of the oil and gas producer’s stock worth $5,903,000 after purchasing an additional 2,162,346 shares in the last quarter. Geode Capital Management LLC raised its stake in Baytex Energy by 19.0% during the 2nd quarter. Geode Capital Management LLC now owns 1,802,016 shares of the oil and gas producer’s stock valued at $3,226,000 after purchasing an additional 287,454 shares during the period. Russell Investments Group Ltd. raised its stake in Baytex Energy by 10.7% during the 2nd quarter. Russell Investments Group Ltd. now owns 144,757 shares of the oil and gas producer’s stock valued at $261,000 after purchasing an additional 14,050 shares during the period. Finally, Invesco Ltd. lifted its holdings in Baytex Energy by 18.4% in the 2nd quarter. Invesco Ltd. now owns 465,450 shares of the oil and gas producer’s stock worth $833,000 after purchasing an additional 72,431 shares in the last quarter. 46.15% of the stock is currently owned by hedge funds and other institutional investors.

Baytex Energy Company Profile

Baytex Energy Corp. is an oil & gas exploration and production company. The firm engages in the acquisition, development and production of crude oil and natural gas in the Western Canadian Sedimentary Basin and in the Eagle Ford in the United States. The company was founded on June 3, 1993 and is headquartered in Calgary, Canada.