Baytex Energy (TSE:BTE) Shares Up 22.1% – Here’s Why

Baytex Energy Corp. (TSE:BTE) (NYSE:BTE) shot up 22.1% during mid-day trading on Thursday . The company traded as high as C$2.58 and last traded at C$2.54. 14,022,296 shares traded hands during trading, an increase of 195% from the average session volume of 4,751,239 shares. The stock had previously closed at C$2.08.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on BTE. TD Securities reduced their price target on Baytex Energy from C$5.50 to C$5.00 in a research report on Wednesday, March 5th. BMO Capital Markets cut their price objective on Baytex Energy from C$5.00 to C$4.00 in a report on Wednesday, March 5th. Scotiabank raised Baytex Energy to a “hold” rating in a report on Wednesday, March 19th. Atb Cap Markets cut Baytex Energy from a “strong-buy” rating to a “hold” rating in a research report on Thursday, January 30th. Finally, CIBC lowered their price objective on Baytex Energy from C$6.00 to C$5.00 in a research report 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, the company has a consensus rating of “Hold” and a consensus target price of C$5.41.

Baytex Energy Stock Up 22.1 %

The firm has a 50 day moving average of C$3.13 and a two-hundred day moving average of C$3.65. The firm has a market capitalization of C$2.01 billion, a price-to-earnings ratio of -5.78, a price-to-earnings-growth ratio of 0.12 and a beta of 2.61. The company has a quick ratio of 0.77, a current ratio of 0.69 and a debt-to-equity ratio of 57.38.

Baytex Energy Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Tuesday, April 1st were paid a $0.0225 dividend. This represents a $0.09 annualized dividend and a yield of 3.54%. The ex-dividend date was Friday, March 14th. Baytex Energy’s dividend payout ratio (DPR) is presently -20.48%.

About Baytex Energy

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.