Baytex Energy (TSE:BTE) Trading 22.1% Higher – Here’s Why

Baytex Energy Corp. (TSE:BTE) (NYSE:BTE)’s share price traded up 22.1% during trading on Wednesday . The stock traded as high as C$2.58 and last traded at C$2.54. 14,022,296 shares traded hands during trading, an increase of 195% from the average session volume of 4,751,239 shares. The stock had previously closed at C$2.08.

Wall Street Analyst Weigh In

A number of analysts have recently commented on BTE shares. Royal Bank of Canada dropped their target price on shares of Baytex Energy from C$5.50 to C$5.00 in a report on Tuesday, January 14th. 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. CIBC decreased their target price on shares of Baytex Energy from C$5.00 to C$4.25 in a research note on Thursday. Raymond James dropped their price target on Baytex Energy from C$5.00 to C$4.00 in a research report on Wednesday. Finally, BMO Capital Markets reduced their price objective on Baytex Energy from C$5.00 to C$4.00 in a research report on Wednesday, March 5th. Four research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of C$5.33.

Baytex Energy Price Performance

The firm has a market capitalization of C$1.78 billion, a P/E ratio of -5.14, a PEG ratio of 0.12 and a beta of 2.61. The firm has a 50-day moving average of C$3.08 and a 200-day moving average of C$3.62. 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 firm also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Tuesday, April 1st were given a $0.0225 dividend. This represents a $0.09 dividend on an annualized basis and a yield of 3.98%. The ex-dividend date of this dividend was Friday, March 14th. 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.