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

Baytex Energy Corp. (TSE:BTE) (NYSE:BTE)’s stock price fell 13% on Friday after CIBC lowered their price target on the stock from C$5.00 to C$4.25. The company traded as low as C$2.16 and last traded at C$2.21. 10,479,806 shares were traded during mid-day trading, an increase of 117% from the average session volume of 4,833,076 shares. The stock had previously closed at C$2.54.

A number of other equities analysts also recently issued reports on BTE. TD Securities dropped their price objective on shares of Baytex Energy from C$5.50 to C$5.00 in a research note on Wednesday, March 5th. Scotiabank upgraded Baytex Energy to a “hold” rating in a research note on Wednesday, March 19th. Raymond James cut their target price on Baytex Energy from C$5.00 to C$4.00 in a research note on Wednesday. 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. Finally, Atb Cap Markets cut shares of Baytex Energy from a “strong-buy” rating to a “hold” rating in a report on Thursday, January 30th. Four research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of C$5.33.

Baytex Energy Stock Down 13.0 %

The company’s 50-day moving average is C$3.11 and its 200 day moving average is C$3.64. 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 company has a current ratio of 0.69, a quick ratio of 0.77 and a debt-to-equity ratio of 57.38.

Baytex Energy Cuts Dividend

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