Baytex Energy (TSE:BTE) Shares Down 13% After Analyst Downgrade

Baytex Energy Corp. (TSE:BTE) (NYSE:BTE)’s stock price fell 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 stock traded as low as C$2.16 and last traded at C$2.21. 10,479,806 shares were traded during trading, an increase of 117% from the average session volume of 4,833,076 shares. The stock had previously closed at C$2.54.

BTE has been the subject of several other research reports. BMO Capital Markets cut their target price on Baytex Energy from C$5.00 to C$4.00 in a research report on Wednesday, March 5th. 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 decreased their price target on Baytex Energy from C$5.50 to C$5.00 in a report on Wednesday, March 5th. Scotiabank raised shares of Baytex Energy to a “hold” rating in a research note on Wednesday, March 19th. Finally, Atb Cap Markets downgraded Baytex Energy from a “strong-buy” rating to a “hold” rating in a research report on Thursday, January 30th. Four investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of C$5.33.

Baytex Energy Stock Performance

The firm has a fifty day moving average price of C$3.13 and a 200 day moving average price of C$3.65. 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 has a market cap 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 company also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Tuesday, April 1st were paid 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 4.07%. Baytex Energy’s dividend payout ratio (DPR) is -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.