Baytex Energy (TSE:BTE) Shares Down 13% After Analyst Downgrade

Baytex Energy Corp. (TSE:BTE) (NYSE:BTE)’s stock price dropped 13% on Friday 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. Approximately 10,479,806 shares traded hands during mid-day trading, an increase of 117% from the average daily volume of 4,833,076 shares. The stock had previously closed at C$2.54.

A number of other brokerages have also recently weighed in on BTE. Royal Bank of Canada cut their price objective on shares of Baytex Energy from C$5.50 to C$5.00 in a report on Tuesday, January 14th. Scotiabank upgraded shares of Baytex Energy to a “hold” rating in a research note on Wednesday, March 19th. Atb Cap Markets downgraded shares of Baytex Energy from a “strong-buy” rating to a “hold” rating in a research report on Thursday, January 30th. BMO Capital Markets lowered their price objective on Baytex Energy from C$5.00 to C$4.00 in a research report on Wednesday, March 5th. Finally, TD Securities reduced their target price on Baytex Energy from C$5.50 to C$5.00 in a report on Wednesday, March 5th. Four research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of C$5.33.

Baytex Energy Stock Performance

The business’s fifty day moving average is C$3.08 and its 200-day moving average is C$3.62. 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 company has a market cap of C$1.78 billion, a PE ratio of -5.14, a P/E/G ratio of 0.12 and a beta of 2.61.

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 given a dividend of $0.0225 per share. This represents a $0.09 dividend on an annualized basis and a dividend yield of 3.98%. The ex-dividend date of this dividend was Friday, March 14th. Baytex Energy’s payout ratio is -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.