Baytex Energy (NYSE:BTE) Stock Rating Upgraded by Zacks Research

Baytex Energy (NYSE:BTE) (TSE:BTE) was upgraded by equities research analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a report issued on Thursday,Zacks.com reports.

BTE has been the subject of several other reports. Royal Bank Of Canada reissued a “sector perform” rating on shares of Baytex Energy in a research report on Monday, May 11th. Weiss Ratings raised shares of Baytex Energy from a “sell (d)” rating to a “sell (d+)” rating in a research report on Tuesday, July 28th. TD Securities reiterated a “hold” rating on shares of Baytex Energy in a research note on Monday, August 3rd. Finally, Canadian Imperial Bank of Commerce reissued a “neutral” rating on shares of Baytex Energy in a research note on Friday, July 10th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, six have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold”.

Baytex Energy Price Performance

Shares of BTE opened at $4.80 on Thursday. The business’s fifty day moving average is $4.21 and its 200 day moving average is $4.29. Baytex Energy has a 12-month low of $2.02 and a 12-month high of $5.36. The company has a quick ratio of 2.79, a current ratio of 2.82 and a debt-to-equity ratio of 0.06. The stock has a market cap of $3.35 billion, a P/E ratio of -7.16 and a beta of 0.39.

Baytex Energy (NYSE:BTE) (TSE:BTE) last announced its quarterly earnings results on Thursday, July 30th. The oil and gas producer reported $0.17 EPS for the quarter, beating analysts’ consensus estimates of $0.08 by $0.09. Baytex Energy had a negative net margin of 26.43% and a negative return on equity of 7.77%. The business had revenue of $449.32 million during the quarter, compared to analyst estimates of $218.10 million. Sell-side analysts anticipate that Baytex Energy will post 0.41 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in BTE. Bank of Nova Scotia purchased a new position in Baytex Energy during the third quarter worth about $26,000. Magnetar Financial LLC purchased a new stake in Baytex Energy in the 4th quarter valued at about $35,000. Jump Financial LLC bought a new position in shares of Baytex Energy during the 4th quarter worth approximately $39,000. Caitong International Asset Management Co. Ltd lifted its position in shares of Baytex Energy by 98.4% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 13,490 shares of the oil and gas producer’s stock worth $44,000 after buying an additional 6,691 shares in the last quarter. Finally, WINTON GROUP Ltd purchased a new position in shares of Baytex Energy in the 4th quarter worth approximately $47,000. 46.15% of the stock is owned by institutional investors.

About Baytex Energy

Baytex Energy Corp. is an oil & gas exploration and production company. The firm engages in the acquisition, development and production of crude oil and natural gas in the Western Canadian Sedimentary Basin and in the Eagle Ford in the United States. The company was founded on June 3, 1993 and is headquartered in Calgary, Canada.