Baytex Energy (TSE:BTE) Trading 22.1% Higher – Here’s Why

Baytex Energy Corp. (TSE:BTEGet Free Report) (NYSE:BTE)’s share price traded up 22.1% during trading on Thursday . The stock traded as high as C$2.58 and last traded at C$2.54. 14,022,296 shares changed 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.

Analysts Set New Price Targets

Several analysts have commented on BTE shares. CIBC dropped their price objective on Baytex Energy from C$6.00 to C$5.00 in a report on Friday, January 17th. Raymond James dropped their price objective on Baytex Energy from C$5.00 to C$4.00 in a report on Wednesday. Atb Cap Markets lowered Baytex Energy from a “strong-buy” rating to a “hold” rating in a report on Thursday, January 30th. BMO Capital Markets dropped their price objective on Baytex Energy from C$5.00 to C$4.00 in a report on Wednesday, March 5th. Finally, Scotiabank raised Baytex Energy to a “hold” rating in a report on Wednesday, March 19th. Four investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of C$5.41.

Read Our Latest Stock Report on BTE

Baytex Energy Price Performance

The company has a debt-to-equity ratio of 57.38, a current ratio of 0.69 and a quick ratio of 0.77. The stock has a 50 day moving average price of C$3.13 and a 200-day moving average price of C$3.65. The stock 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.

Baytex Energy Cuts Dividend

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

About Baytex Energy

(Get Free Report)

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.

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