Baytex Energy Corp. (NYSE:BTE) shares fell 3.5% during trading on Wednesday . The stock traded as low as $5.50 and last traded at $5.57, with a volume of 2,270,616 shares. The stock had previously closed at $5.77.

Several brokerages recently commented on BTE. Canaccord Genuity reaffirmed a “buy” rating on shares of Baytex Energy Corp. in a research note on Saturday, April 2nd. TD Securities reaffirmed a “hold” rating and issued a $6.00 target price (up from $5.50) on shares of Baytex Energy Corp. in a research note on Friday, May 6th. Royal Bank Of Canada reaffirmed a “sector perform” rating and issued a $7.00 target price (up from $6.00) on shares of Baytex Energy Corp. in a research note on Thursday, May 5th. BMO Capital Markets raised shares of Baytex Energy Corp. from an “underperform” rating to a “market perform” rating in a research note on Thursday, June 30th. Finally, Zacks Investment Research downgraded shares of Baytex Energy Corp. from a “buy” rating to a “hold” rating in a research note on Wednesday, May 11th. Ten research analysts have rated the stock with a hold rating and two have given a buy rating to the company. Baytex Energy Corp. currently has an average rating of “Hold” and an average target price of $9.54.

The company’s 50 day moving average price is $5.57 and its 200 day moving average price is $3.91. The firm’s market cap is $1.18 billion.

A number of hedge funds recently added to or reduced their stakes in BTE. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp raised its stake in Baytex Energy Corp. by 97.0% in the fourth quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp now owns 465,700 shares of the company’s stock valued at $2,086,000 after buying an additional 229,300 shares during the last quarter. Henderson Group PLC bought a new stake in Baytex Energy Corp. during the fourth quarter valued at $2,025,000. Finally, I.G. Investment Management LTD. raised its stake in Baytex Energy Corp. by 74.0% in the fourth quarter. I.G. Investment Management LTD. now owns 2,028,900 shares of the company’s stock valued at $6,572,000 after buying an additional 862,710 shares during the last quarter.

Baytex Energy Corp. (Baytex), through its subsidiaries, is engaged in the business of acquiring, developing, exploiting and holding interests in petroleum and natural gas properties and related assets in Canada (primarily in the provinces of Alberta and Saskatchewan) and in the United States (primarily in the state of Texas).

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