Baytex Energy (TSE:BTE) Shares Down 1.9% – Here’s Why

Baytex Energy Corp. (TSE:BTE) (NYSE:BTE)’s stock price was down 1.9% during mid-day trading on Wednesday . The company traded as low as C$1.91 and last traded at C$2.04. Approximately 1,644,930 shares were traded during trading, a decline of 64% from the average daily volume of 4,549,071 shares. The stock had previously closed at C$2.08.

Wall Street Analyst Weigh In

BTE has been the topic of several research reports. CIBC cut their price target on shares of Baytex Energy from C$6.00 to C$5.00 in a report on Friday, January 17th. BMO Capital Markets dropped their price objective on shares of Baytex Energy from C$5.00 to C$4.00 in a research report on Wednesday, March 5th. TD Securities reduced their target price on shares of Baytex Energy from C$5.50 to C$5.00 in a report on Wednesday, March 5th. Atb Cap Markets downgraded Baytex Energy from a “strong-buy” rating to a “hold” rating in a report on Thursday, January 30th. Finally, Royal Bank of Canada cut their price objective on Baytex Energy from C$5.50 to C$5.00 in a research report on Tuesday, January 14th. Five equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of C$5.59.

Baytex Energy Stock Performance

The firm has a market capitalization of C$1.66 billion, a price-to-earnings ratio of -4.78, 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. The stock’s fifty day moving average is C$3.17 and its two-hundred day moving average is C$3.66.

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 dividend of $0.0225 per share. The ex-dividend date was Friday, March 14th. This represents a $0.09 annualized dividend and a dividend yield of 4.29%. Baytex Energy’s dividend payout ratio is presently -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.