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

Shares of Baytex Energy Corp. (TSE:BTE) (NYSE:BTE) traded down 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. 9,558,569 shares were traded during trading, an increase of 99% from the average session volume of 4,811,536 shares. The stock had previously closed at C$2.54.

BTE has been the topic of several other reports. Scotiabank raised Baytex Energy to a “hold” rating in a research report on Wednesday, March 19th. BMO Capital Markets lowered their price objective on Baytex Energy from C$5.00 to C$4.00 in a research report on Wednesday, March 5th. Atb Cap Markets lowered Baytex Energy from a “strong-buy” rating to a “hold” rating in a research note on Thursday, January 30th. Raymond James reduced their price objective on shares of Baytex Energy from C$5.00 to C$4.00 in a research report on Wednesday. Finally, Royal Bank of Canada lowered their price target on Baytex Energy from C$5.50 to C$5.00 in a research note on Tuesday, January 14th. Four equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of C$5.33.

Baytex Energy Stock Performance

The company has a quick ratio of 0.77, a current ratio of 0.69 and a debt-to-equity ratio of 57.38. The stock has a market capitalization 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. The stock has a fifty day moving average of C$3.13 and a 200-day moving average of C$3.65.

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 issued a $0.0225 dividend. 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 -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.