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

Baytex Energy Corp. (TSE:BTE) (NYSE:BTE)’s share price dropped 13% 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. Approximately 10,479,806 shares changed 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.

Several other equities research analysts also recently commented on BTE. Royal Bank of Canada decreased their price objective on Baytex Energy from C$5.50 to C$5.00 in a report on Tuesday, January 14th. TD Securities decreased their price objective on shares of Baytex Energy from C$5.50 to C$5.00 in a report on Wednesday, March 5th. BMO Capital Markets cut their target price on shares of Baytex Energy from C$5.00 to C$4.00 in a research report on Wednesday, March 5th. Scotiabank upgraded shares of Baytex Energy to a “hold” rating in a research note on Wednesday, March 19th. Finally, Raymond James decreased their price target on shares of Baytex Energy from C$5.00 to C$4.00 in a report on Wednesday. Four research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of C$5.33.

Baytex Energy Price Performance

The stock has a fifty day simple moving average of C$3.13 and a 200-day simple moving average of C$3.65. The company has a market capitalization of C$1.74 billion, a price-to-earnings ratio of -5.03, a P/E/G ratio of 0.12 and a beta of 2.61. The company has a debt-to-equity ratio of 57.38, a current ratio of 0.69 and a quick ratio of 0.77.

Baytex Energy Cuts Dividend

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