Cibc World Market Inc. Acquires Shares of 2,355,665 Baytex Energy Corp $BTE

Cibc World Market Inc. bought a new position in shares of Baytex Energy Corp (NYSE:BTE) (TSE:BTE) during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund bought 2,355,665 shares of the oil and gas producer’s stock, valued at approximately $9,443,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Goldman Sachs Group Inc. lifted its stake in shares of Baytex Energy by 110.6% in the first quarter. Goldman Sachs Group Inc. now owns 7,127,074 shares of the oil and gas producer’s stock worth $15,893,000 after buying an additional 3,743,234 shares in the last quarter. Jane Street Group LLC grew its stake in Baytex Energy by 446.3% during the 1st quarter. Jane Street Group LLC now owns 2,646,885 shares of the oil and gas producer’s stock valued at $5,903,000 after acquiring an additional 2,162,346 shares in the last quarter. Geode Capital Management LLC grew its stake in Baytex Energy by 19.0% during the 2nd quarter. Geode Capital Management LLC now owns 1,802,016 shares of the oil and gas producer’s stock valued at $3,226,000 after acquiring an additional 287,454 shares in the last quarter. Russell Investments Group Ltd. raised its holdings in Baytex Energy by 10.7% in the 2nd quarter. Russell Investments Group Ltd. now owns 144,757 shares of the oil and gas producer’s stock valued at $261,000 after acquiring an additional 14,050 shares during the last quarter. Finally, Invesco Ltd. raised its holdings in Baytex Energy by 18.4% in the 2nd quarter. Invesco Ltd. now owns 465,450 shares of the oil and gas producer’s stock valued at $833,000 after acquiring an additional 72,431 shares during the last quarter. Institutional investors and hedge funds own 46.15% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. Canadian Imperial Bank of Commerce reissued a “neutral” rating on shares of Baytex Energy in a research note on Friday, July 10th. Weiss Ratings raised Baytex Energy from a “sell (d)” rating to a “sell (d+)” rating in a report on Tuesday, July 28th. Royal Bank Of Canada reissued a “sector perform” rating on shares of Baytex Energy in a research note on Monday, May 11th. Zacks Research upgraded Baytex Energy from a “strong sell” rating to a “hold” rating in a report on Thursday, August 20th. Finally, TD Securities restated a “hold” rating on shares of Baytex Energy in a report on Monday, August 3rd. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold”.

Baytex Energy Price Performance

Shares of BTE stock opened at $4.72 on Tuesday. The company has a debt-to-equity ratio of 0.06, a current ratio of 2.82 and a quick ratio of 2.79. The firm’s 50-day moving average is $4.22 and its two-hundred day moving average is $4.31. Baytex Energy Corp has a 12 month low of $2.10 and a 12 month high of $5.36. The company has a market capitalization of $3.30 billion, a PE ratio of -7.05 and a beta of 0.39.

Baytex Energy (NYSE:BTE) (TSE:BTE) last released its quarterly earnings results on Thursday, July 30th. The oil and gas producer reported $0.17 EPS for the quarter, beating the consensus estimate 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 firm had revenue of $449.32 million for the quarter, compared to analyst estimates of $218.10 million. Analysts predict that Baytex Energy Corp will post 0.41 earnings per share for the current year.

Baytex Energy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Tuesday, September 15th will be paid a dividend of $0.0225 per share. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $0.09 annualized dividend and a yield of 1.9%. Baytex Energy’s dividend payout ratio (DPR) is -10.45%.

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.