Baytex Energy (TSE:BTE) Shares Down 5.7% Following Analyst Downgrade

Shares of Baytex Energy Corp. (TSE:BTE) (NYSE:BTE) traded down 5.7% during mid-day trading on Wednesday after TD Securities lowered their price target on the stock from C$5.50 to C$5.00. The stock traded as low as C$2.74 and last traded at C$2.82. 2,514,573 shares traded hands during mid-day trading, a decline of 38% from the average session volume of 4,062,773 shares. The stock had previously closed at C$2.99.

A number of other research analysts also recently issued reports on BTE. Atb Cap Markets downgraded Baytex Energy from a “strong-buy” rating to a “hold” rating in a report on Thursday, January 30th. Royal Bank of Canada lowered their target price on shares of Baytex Energy from C$5.50 to C$5.00 in a research note on Tuesday, January 14th. 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. ATB Capital dropped their target price on shares of Baytex Energy from C$5.50 to C$5.20 in a report on Wednesday, December 4th. Finally, CIBC decreased their target price on shares of Baytex Energy from C$6.00 to C$5.00 in a research note on Friday, January 17th. Four analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of C$5.59.

Insider Activity at Baytex Energy

In related news, Senior Officer Nicole Marie Frechette bought 8,200 shares of the business’s stock in a transaction dated Monday, December 9th. The shares were purchased at an average price of C$3.67 per share, with a total value of C$30,094.00. 0.83% of the stock is owned by corporate insiders.

Baytex Energy Price Performance

The company has a debt-to-equity ratio of 57.38, a quick ratio of 0.77 and a current ratio of 0.69. The firm has a market capitalization of C$2.30 billion, a P/E ratio of -6.62, a P/E/G ratio of 0.12 and a beta of 2.61. The stock’s 50 day simple moving average is C$3.56 and its 200 day simple moving average is C$3.95.

Baytex Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, January 2nd. Investors of record on Thursday, January 2nd were issued a $0.023 dividend. The ex-dividend date was Friday, December 13th. This represents a $0.09 annualized dividend and a dividend yield of 3.16%. 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.