Baytex Energy (TSE:BTE) Trading Down 13% Following Analyst Downgrade

Baytex Energy Corp. (TSE:BTE) (NYSE:BTE) shares dropped 13% during mid-day trading on Thursday 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 changed 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.

Several other research firms have also issued reports on BTE. Royal Bank of Canada reduced their target price on shares of Baytex Energy from C$5.50 to C$5.00 in a report on Tuesday, January 14th. TD Securities dropped their price target on shares of Baytex Energy from C$5.50 to C$5.00 in a research report on Wednesday, March 5th. Raymond James lowered their target price on shares of Baytex Energy from C$5.00 to C$4.00 in a research note on Wednesday. BMO Capital Markets dropped their target price on shares of 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 research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, Baytex Energy presently has a consensus rating of “Hold” and a consensus target price of C$5.33.

Baytex Energy Stock Performance

The business’s fifty day moving average is C$3.11 and its two-hundred day moving average is C$3.64. 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 stock has a market capitalization of C$1.74 billion, a PE ratio of -5.03, a price-to-earnings-growth ratio of 0.12 and a beta of 2.61.

Baytex Energy Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Tuesday, April 1st were given a $0.0225 dividend. The ex-dividend date was Friday, March 14th. This represents a $0.09 annualized dividend and a yield of 4.07%. Baytex Energy’s dividend 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.