Baytex Energy (TSE:BTE) Trading Up 2.6% – Time to Buy?

Baytex Energy Corp. (TSE:BTE) (NYSE:BTE)’s stock price shot up 2.6% during mid-day trading on Thursday . The stock traded as high as C$2.41 and last traded at C$2.37. 1,070,615 shares were traded during trading, a decline of 78% from the average session volume of 4,831,580 shares. The stock had previously closed at C$2.31.

Analyst Ratings Changes

Several equities analysts have commented on the company. Raymond James cut their price target on Baytex Energy from C$5.00 to C$4.00 in a report on Wednesday, April 9th. Royal Bank of Canada reduced their target price on Baytex Energy from C$5.50 to C$5.00 in a research report on Tuesday, January 14th. TD Securities lowered their price target on shares of Baytex Energy from C$5.50 to C$5.00 in a report on Wednesday, March 5th. Atb Cap Markets downgraded shares of Baytex Energy from a “strong-buy” rating to a “hold” rating in a report on Thursday, January 30th. Finally, Scotiabank raised shares of Baytex Energy to a “hold” rating in a research 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 stock. Based on data from MarketBeat.com, Baytex Energy has an average rating of “Hold” and an average price target of C$5.33.

Baytex Energy Price Performance

The company’s 50 day simple moving average is C$2.96 and its two-hundred day simple moving average is C$3.56. 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 market capitalization of C$1.91 billion, a P/E ratio of -5.51, a PEG ratio of 0.12 and a beta of 2.61.

Baytex Energy Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders 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 3.72%. 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.