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

Baytex Energy Corp. (TSE:BTE) (NYSE:BTE) shares 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 traded hands 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 topic of several other reports. Scotiabank raised shares of Baytex Energy to a “hold” rating in a research note on Wednesday, March 19th. BMO Capital Markets lowered their target price on Baytex Energy from C$5.00 to C$4.00 in a research note 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. Atb Cap Markets lowered shares of Baytex Energy from a “strong-buy” rating to a “hold” rating in a report on Thursday, January 30th. Finally, TD Securities cut their price target on Baytex Energy from C$5.50 to C$5.00 in a research note on Wednesday, March 5th. Four analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of C$5.33.

Baytex Energy Stock Down 13.0 %

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 firm has a market capitalization of C$1.74 billion, a price-to-earnings ratio of -5.03, a PEG ratio of 0.12 and a beta of 2.61. The business’s fifty day moving average price is C$3.13 and its 200 day moving average price is C$3.65.

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 issued a dividend of $0.0225 per share. This represents a $0.09 annualized dividend and a dividend yield of 4.07%. The ex-dividend date of this dividend was Friday, March 14th. Baytex Energy’s dividend payout ratio is presently -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.