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

Baytex Energy Corp. (TSE:BTE) (NYSE:BTE)’s share price dropped 13% on Friday after CIBC lowered their price target on the stock from C$5.00 to C$4.25. The stock traded as low as C$2.16 and last traded at C$2.21. Approximately 10,479,806 shares changed hands during trading, an increase of 117% from the average daily volume of 4,833,076 shares. The stock had previously closed at C$2.54.

A number of other research firms have also commented on BTE. 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. Raymond James decreased their target price on Baytex Energy from C$5.00 to C$4.00 in a report on Wednesday. Atb Cap Markets cut Baytex Energy from a “strong-buy” rating to a “hold” rating in a report on Thursday, January 30th. Royal Bank of Canada reduced their price target on shares of Baytex Energy from C$5.50 to C$5.00 in a research report on Tuesday, January 14th. Finally, Scotiabank upgraded shares of Baytex Energy to a “hold” rating in a research report on Wednesday, March 19th. Four analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Baytex Energy has an average rating of “Hold” and an average target price of C$5.33.

Baytex Energy Stock Performance

The firm has a fifty day moving average of C$3.11 and a 200-day moving average of 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 firm has a market cap of C$1.74 billion, a P/E ratio of -5.03, a PEG ratio of 0.12 and a beta of 2.61.

Baytex Energy Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Tuesday, April 1st were paid a $0.0225 dividend. This represents a $0.09 annualized dividend and a dividend yield of 4.07%. The ex-dividend date of this dividend was Friday, March 14th. Baytex Energy’s dividend payout ratio (DPR) is presently -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.