Baytex Energy (NYSE:BTE) Upgraded to “Buy” at Wall Street Zen

Wall Street Zen upgraded shares of Baytex Energy (NYSE:BTE) (TSE:BTE) from a hold rating to a buy rating in a report published on Saturday morning,Wall Street Zen reports.

Several other research firms have also recently issued reports on BTE. Raymond James Financial reaffirmed a “strong-buy” rating on shares of Baytex Energy in a research note on Wednesday, September 16th. Zacks Research upgraded shares of Baytex Energy from a “hold” rating to a “strong-buy” rating in a report on Monday, October 5th. TD Securities reissued a “hold” rating on shares of Baytex Energy in a research report on Monday, August 3rd. Canadian Imperial Bank of Commerce reissued a “neutral” rating on shares of Baytex Energy in a research report on Friday, October 9th. Finally, Weiss Ratings raised shares of Baytex Energy from a “sell (d+)” rating to a “hold (c)” rating in a research note on Thursday, October 8th. Three investment analysts have rated the stock with a Strong Buy rating, two have given a Buy rating and six have given a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy”.

Baytex Energy Stock Up 2.8%

BTE opened at $5.30 on Friday. The company has a quick ratio of 2.79, a current ratio of 2.82 and a debt-to-equity ratio of 0.06. The firm has a market cap of $3.66 billion, a P/E ratio of -7.92 and a beta of 0.40. Baytex Energy has a 52 week low of $2.18 and a 52 week high of $5.36. The business’s fifty day simple moving average is $4.76 and its 200 day simple moving average is $4.57.

Baytex Energy (NYSE:BTE) (TSE:BTE) last posted its quarterly earnings data on Thursday, July 30th. The oil and gas producer reported $0.17 EPS for the quarter, topping analysts’ consensus estimates of $0.08 by $0.09. Baytex Energy had a negative return on equity of 7.77% and a negative net margin of 26.43%. The firm had revenue of $449.32 million during the quarter, compared to analysts’ expectations of $218.10 million. As a group, equities research analysts anticipate that Baytex Energy will post 0.42 EPS for the current fiscal year.

Baytex Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 1st. Stockholders of record on Tuesday, September 15th were issued a dividend of C$0.02 per share. The ex-dividend date was Tuesday, September 15th. This represents a $0.09 annualized dividend and a dividend yield of 1.7%. Baytex Energy’s dividend payout ratio (DPR) is -8.96%.

Hedge Funds Weigh In On Baytex Energy

Large investors have recently added to or reduced their stakes in the business. Capula Management Ltd acquired a new stake in Baytex Energy in the 1st quarter worth about $57,000. Commerce Bank acquired a new position in shares of Baytex Energy during the 2nd quarter valued at about $60,000. Bank of New York Mellon Corp acquired a new position in shares of Baytex Energy during the 2nd quarter valued at about $60,000. Cetera Investment Advisers increased its stake in shares of Baytex Energy by 31.5% during the 1st quarter. Cetera Investment Advisers now owns 21,120 shares of the oil and gas producer’s stock valued at $94,000 after acquiring an additional 5,060 shares during the last quarter. Finally, Blue Trust Inc. purchased a new position in shares of Baytex Energy during the 1st quarter worth about $95,000. 46.15% of the stock is currently owned by hedge funds and other institutional investors.

About Baytex Energy

Baytex Energy Corp. (NYSE: BTE) is a Canadian oil and gas exploration and production company headquartered in Calgary, Alberta. The company’s operations are focused on the development and production of crude oil, condensate, natural gas liquids and natural gas.

Baytex’s asset base is concentrated in Western Canada, including the Clearwater and Viking oil plays in Alberta and Saskatchewan, and in the Eagle Ford shale region of South Texas. The company sells its production into North American markets through established pipeline, processing and transportation infrastructure.

Baytex traces its history to the Canadian energy sector in the 1990s and has expanded through a combination of exploration, development and acquisitions.