Baytex Energy (NYSE:BTE) (TSE:BTE) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday. The firm presently has a $3.25 price objective on the oil and gas producer’s stock. Zacks Investment Research‘s price objective would suggest a potential downside of 0.31% from the company’s previous close.
According to Zacks, “Baytex Energy Trust is a conventional oil and gas income trust focused on maintaining its production and asset base through internal property development and delivering consistent returns to its unitholders. “
Other analysts have also issued reports about the company. GMP Securities lowered Baytex Energy from a “buy” rating to a “hold” rating in a report on Monday, December 11th. AltaCorp Capital lowered Baytex Energy from an “outperform” rating to a “sector perform” rating in a report on Friday, October 6th. Canaccord Genuity reiterated a “buy” rating and set a $4.25 price target on shares of Baytex Energy in a report on Thursday, November 2nd. ValuEngine lowered Baytex Energy from a “sell” rating to a “strong sell” rating in a report on Sunday. Finally, Barclays lowered Baytex Energy from an “equal weight” rating to an “underweight” rating in a report on Monday, October 30th. Five equities research analysts have rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $3.75.
Shares of Baytex Energy (NYSE:BTE) traded up $0.16 during trading on Tuesday, reaching $3.26. The company had a trading volume of 2,106,100 shares, compared to its average volume of 1,930,600. The company has a market capitalization of $730.05, a price-to-earnings ratio of -2.72 and a beta of 3.42. Baytex Energy has a 1-year low of $2.13 and a 1-year high of $5.13. The company has a quick ratio of 0.74, a current ratio of 0.74 and a debt-to-equity ratio of 0.92.
A number of large investors have recently added to or reduced their stakes in BTE. Bank of Nova Scotia increased its position in Baytex Energy by 26.2% in the second quarter. Bank of Nova Scotia now owns 104,076 shares of the oil and gas producer’s stock worth $253,000 after buying an additional 21,587 shares during the last quarter. ING Groep NV purchased a new stake in Baytex Energy in the third quarter worth $271,000. Van ECK Associates Corp increased its position in Baytex Energy by 46.3% in the second quarter. Van ECK Associates Corp now owns 168,906 shares of the oil and gas producer’s stock worth $410,000 after buying an additional 53,451 shares during the last quarter. CIBC World Markets Inc. increased its position in Baytex Energy by 22.1% in the second quarter. CIBC World Markets Inc. now owns 200,663 shares of the oil and gas producer’s stock worth $488,000 after buying an additional 36,361 shares during the last quarter. Finally, Commerzbank Aktiengesellschaft FI increased its position in Baytex Energy by 7.9% in the second quarter. Commerzbank Aktiengesellschaft FI now owns 268,930 shares of the oil and gas producer’s stock worth $653,000 after buying an additional 19,635 shares during the last quarter. 16.47% of the stock is owned by institutional investors and hedge funds.
Baytex Energy Company Profile
Baytex Energy Corp. (Baytex) is engaged in the business of acquiring, developing, exploiting and holding interests in petroleum and natural gas properties and related assets in Canada (Alberta and Saskatchewan) and in the United States (Texas). The Company’s crude oil and natural gas operations are organized into four business units: Lloydminster, Peace River, Conventional and United States.
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