Baytex Energy (TSE:BTE) Shares Down 3% – Here’s What Happened

Baytex Energy Corp. (TSE:BTE) (NYSE:BTE)’s share price traded down 3% on Tuesday . The stock traded as low as C$2.25 and last traded at C$2.26. 3,990,325 shares were traded during mid-day trading, a decline of 12% from the average session volume of 4,520,996 shares. The stock had previously closed at C$2.33.

Analysts Set New Price Targets

A number of analysts have weighed in on the stock. Scotiabank upgraded Baytex Energy to a “hold” rating in a research report on Wednesday, March 19th. BMO Capital Markets lowered their price target on shares of Baytex Energy from C$5.00 to C$4.00 in a research report on Wednesday, March 5th. CIBC cut their price objective on shares of Baytex Energy from C$6.00 to C$5.00 in a research report on Friday, January 17th. Royal Bank of Canada reduced their target price on shares of Baytex Energy from C$5.50 to C$5.00 in a research note on Tuesday, January 14th. Finally, TD Securities dropped their price target on shares of Baytex Energy from C$5.50 to C$5.00 in a research note on Wednesday, March 5th. Five analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of C$5.59.

Baytex Energy Stock Down 10.7 %

The stock’s fifty day moving average is C$3.23 and its two-hundred day moving average is C$3.69. The stock has a market capitalization of C$1.64 billion, a P/E ratio of -4.73, a PEG ratio of 0.12 and a beta of 2.61. The company has a debt-to-equity ratio of 57.38, a current ratio of 0.69 and a quick ratio of 0.77.

Baytex Energy Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Tuesday, April 1st were issued a $0.0225 dividend. This represents a $0.09 annualized dividend and a dividend yield of 4.33%. The ex-dividend date of this dividend was Friday, March 14th. Baytex Energy’s payout ratio is -20.48%.

About Baytex Energy

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.