Baytex Energy (TSE:BTE) Shares Down 5% – Here’s Why

Baytex Energy Corp. (TSE:BTE) (NYSE:BTE) dropped 5% on Monday . The stock traded as low as C$2.29 and last traded at C$2.30. Approximately 1,442,303 shares traded hands during mid-day trading, a decline of 70% from the average daily volume of 4,832,704 shares. The stock had previously closed at C$2.42.

Wall Street Analyst Weigh In

Several analysts have recently commented on BTE shares. BMO Capital Markets lowered their price objective on Baytex Energy from C$5.00 to C$4.00 in a research note on Wednesday, March 5th. Atb Cap Markets lowered shares of Baytex Energy from a “strong-buy” rating to a “hold” rating in a research note on Thursday, January 30th. Scotiabank raised shares of Baytex Energy to a “hold” rating in a research report on Wednesday, March 19th. CIBC cut their target price on Baytex Energy from C$5.00 to C$4.25 in a research note on Thursday, April 10th. Finally, TD Securities decreased their price target on Baytex Energy from C$5.50 to C$5.00 in a research report on Wednesday, March 5th. Four analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of C$5.33.

Baytex Energy Price Performance

The firm has a market cap of C$1.82 billion, a P/E ratio of -5.23, a price-to-earnings-growth ratio of 0.12 and a beta of 2.61. The business has a 50-day simple moving average of C$2.96 and a 200 day simple moving average of C$3.55. The company has a debt-to-equity ratio of 57.38, a quick ratio of 0.77 and a current ratio of 0.69.

Baytex Energy Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders 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 yield of 3.91%. The ex-dividend date of this dividend was Friday, March 14th. 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.