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

Baytex Energy Corp. (TSE:BTE) (NYSE:BTE)’s stock price dropped 13% during trading 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 traded 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.

A number of other equities analysts have also commented on BTE. TD Securities reduced their price target on shares of Baytex Energy from C$5.50 to C$5.00 in a research report on Wednesday, March 5th. Scotiabank raised Baytex Energy to a “hold” rating in a report on Wednesday, March 19th. Royal Bank of Canada decreased their price target on Baytex Energy from C$5.50 to C$5.00 in a research report on Tuesday, January 14th. Atb Cap Markets downgraded Baytex Energy from a “strong-buy” rating to a “hold” rating in a research report on Thursday, January 30th. Finally, Raymond James decreased their target price on Baytex Energy from C$5.00 to C$4.00 in a report on Wednesday. Four investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of C$5.33.

Baytex Energy Price Performance

The stock has a 50-day simple moving average of C$3.08 and a 200 day simple moving average of C$3.62. The stock has a market capitalization of C$1.78 billion, a P/E ratio of -5.14, a price-to-earnings-growth ratio of 0.12 and a beta of 2.61. 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 company also recently disclosed 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 of this dividend was Friday, March 14th. This represents a $0.09 dividend on an annualized basis and a yield of 3.98%. Baytex Energy’s payout ratio is -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.