Baytex Energy (NYSE:BTE) Stock Dropped to Hold by Wall Street Zen

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

Several other research firms have also issued reports on BTE. Scotiabank reiterated an “outperform” rating on shares of Baytex Energy in a research note on Monday, October 19th. Canadian Imperial Bank of Commerce reaffirmed a “neutral” rating on shares of Baytex Energy in a report on Friday, October 9th. ATB Cormark Capital Markets upgraded shares of Baytex Energy from a “hold” rating to a “moderate buy” rating in a research report on Friday, November 6th. Jefferies Financial Group started coverage on shares of Baytex Energy in a research note on Tuesday, October 27th. They issued a “buy” rating on the stock. Finally, TD Securities raised shares of Baytex Energy from a “hold” rating to a “strong-buy” rating in a report on Friday, November 6th. Four equities research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Buy”.

Baytex Energy Stock Performance

BTE traded up $0.03 on Friday, hitting $4.36. 12,177,267 shares of the stock traded hands, compared to its average volume of 19,906,652. The firm has a market capitalization of $2.95 billion, a PE ratio of -8.06 and a beta of 0.37. The company has a current ratio of 2.61, a quick ratio of 2.79 and a debt-to-equity ratio of 0.06. Baytex Energy has a 52 week low of $2.96 and a 52 week high of $5.61. The business has a fifty day moving average price of $4.84 and a two-hundred day moving average price of $4.44.

Baytex Energy (NYSE:BTE) (TSE:BTE) last issued its earnings results on Thursday, November 5th. The oil and gas producer reported $0.16 EPS for the quarter, topping the consensus estimate of $0.13 by $0.03. The firm had revenue of $426.40 million during the quarter, compared to analysts’ expectations of $309.71 million. Baytex Energy had a negative return on equity of 3.87% and a negative net margin of 25.82%. On average, research analysts predict that Baytex Energy will post 0.42 EPS for the current fiscal year.

Baytex Energy Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, January 4th. Shareholders of record on Tuesday, December 15th will be issued a dividend of C$0.02 per share. This represents a $0.09 annualized dividend and a yield of 2.1%. The ex-dividend date is Tuesday, December 15th. Baytex Energy’s dividend payout ratio (DPR) is -11.11%.

Institutional Trading of Baytex Energy

A number of institutional investors have recently modified their holdings of BTE. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its stake in Baytex Energy by 16.9% in the 3rd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 906,927 shares of the oil and gas producer’s stock valued at $4,098,000 after acquiring an additional 131,424 shares in the last quarter. Private Advisor Group LLC acquired a new stake in Baytex Energy during the 3rd quarter valued at $48,000. Cibc World Market Inc. boosted its holdings in shares of Baytex Energy by 78.7% during the 3rd quarter. Cibc World Market Inc. now owns 4,209,416 shares of the oil and gas producer’s stock worth $19,023,000 after buying an additional 1,853,751 shares during the period. HighTower Advisors LLC bought a new stake in shares of Baytex Energy during the third quarter worth approximately $79,000. Finally, Russell Investments Group Ltd. boosted its stake in Baytex Energy by 116.5% in the 3rd quarter. Russell Investments Group Ltd. now owns 750,949 shares of the oil and gas producer’s stock valued at $3,399,000 after purchasing an additional 404,014 shares during the period. 46.15% of the stock is currently owned by institutional investors.

Baytex Energy Company Profile

Baytex Energy Corp. is a Canadian oil and gas company headquartered in Calgary, Alberta. It explores for, develops and produces crude oil and natural gas, with a focus on oil-weighted assets. The company’s operations are concentrated in Western Canada, including Alberta and Saskatchewan, and in the Eagle Ford shale region of Texas. Its production includes heavy and light crude oil, natural gas and natural gas liquids. Baytex expanded its U.S. presence through its 2023 acquisition of Ranger Oil Corporation, adding Eagle Ford assets to its portfolio.