Baytex Energy (TSE:BTE) Trading Down 1.9% After Analyst Downgrade

Baytex Energy Corp. (TSE:BTE) (NYSE:BTE) shares traded down 1.9% during trading on Wednesday after CIBC lowered their price target on the stock from C$5.00 to C$4.25. The stock traded as low as C$1.91 and last traded at C$2.04. 1,644,930 shares traded hands during trading, a decline of 64% from the average session volume of 4,549,071 shares. The stock had previously closed at C$2.08.

Several other equities analysts also recently weighed in on BTE. Raymond James dropped their target price on Baytex Energy from C$5.00 to C$4.00 in a research report on Wednesday. Scotiabank upgraded shares of Baytex Energy to a “hold” rating in a research note on Wednesday, March 19th. Royal Bank of Canada decreased their target price on Baytex Energy from C$5.50 to C$5.00 in a report on Tuesday, January 14th. TD Securities cut their price target on Baytex Energy from C$5.50 to C$5.00 in a report on Wednesday, March 5th. Finally, 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. Four investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of C$5.33.

Baytex Energy Stock Down 13.0 %

The firm has a 50-day moving average price of C$3.11 and a two-hundred day moving average price of C$3.64. The firm has a market cap of C$1.74 billion, a price-to-earnings ratio of -5.03, a price-to-earnings-growth ratio of 0.12 and a beta of 2.61. The company has a debt-to-equity ratio of 57.38, a quick ratio of 0.77 and a current ratio of 0.69.

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 given a dividend of $0.0225 per share. The ex-dividend date of this dividend was Friday, March 14th. This represents a $0.09 annualized dividend and a dividend yield of 4.07%. 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.