Baytex Energy (TSE:BTE) Trading Up 22.1% – Here’s What Happened

Shares of Baytex Energy Corp. (TSE:BTE) (NYSE:BTE) were up 22.1% during mid-day trading on Wednesday . The stock traded as high as C$2.58 and last traded at C$2.54. Approximately 14,022,296 shares were traded during trading, an increase of 195% from the average daily volume of 4,751,239 shares. The stock had previously closed at C$2.08.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the stock. BMO Capital Markets lowered their price target on shares of Baytex Energy from C$5.00 to C$4.00 in a research note on Wednesday, March 5th. TD Securities decreased their price objective on Baytex Energy from C$5.50 to C$5.00 in a report on Wednesday, March 5th. Raymond James decreased their target price on shares of Baytex Energy from C$5.00 to C$4.00 in a report on Wednesday. Atb Cap Markets lowered shares of Baytex Energy from a “strong-buy” rating to a “hold” rating in a research report on Thursday, January 30th. Finally, CIBC lowered their price objective on Baytex Energy from C$6.00 to C$5.00 in a research report on Friday, January 17th. Five equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of C$5.41.

Baytex Energy Price Performance

The stock has a 50 day moving average of C$3.17 and a 200-day moving average of C$3.66. The company has a current ratio of 0.69, a quick ratio of 0.77 and a debt-to-equity ratio of 57.38. The stock has a market capitalization of C$2.01 billion, a P/E ratio of -5.78, a price-to-earnings-growth ratio of 0.12 and a beta of 2.61.

Baytex Energy Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Tuesday, April 1st were paid a $0.0225 dividend. This represents a $0.09 annualized dividend and a yield of 3.54%. The ex-dividend date was Friday, March 14th. 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.