Baytex Energy Corp. (BTE) Trading Up 7.2%
Shares of Baytex Energy Corp. (NYSE:BTE) were up 7.2% on Friday . The company traded as high as $4.81 and last traded at $4.74, with a volume of 3,418,292 shares. The stock had previously closed at $4.42.
A number of analysts recently weighed in on BTE shares. Canaccord Genuity assumed coverage on shares of Baytex Energy Corp. in a report on Thursday, July 14th. They set a “buy” rating on the stock. Zacks Investment Research raised shares of Baytex Energy Corp. from a “hold” rating to a “buy” rating and set a $5.50 price target on the stock in a report on Friday, May 6th. Barclays PLC decreased their price target on shares of Baytex Energy Corp. from $9.00 to $8.00 and set an “equal weight” rating on the stock in a report on Friday. TD Securities reissued a “hold” rating and issued a $6.00 price target (up previously from $5.50) on shares of Baytex Energy Corp. in a report on Friday, May 6th. Finally, Credit Suisse Group AG reissued a “hold” rating and issued a $6.50 price target on shares of Baytex Energy Corp. in a report on Friday. Eleven research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Baytex Energy Corp. presently has an average rating of “Hold” and an average target price of $9.52.
The stock’s market capitalization is $986.30 million. The firm’s 50 day moving average is $5.50 and its 200 day moving average is $4.10.
Baytex Energy Corp. (NYSE:BTE) last issued its quarterly earnings results on Thursday, July 28th. The company reported ($0.41) earnings per share for the quarter, missing the consensus estimate of ($0.10) by $0.31. The business had revenue of $195.73 million for the quarter, compared to analyst estimates of $195.99 million. The company’s quarterly revenue was down 42.9% on a year-over-year basis. Equities analysts expect that Baytex Energy Corp. will post ($0.46) earnings per share for the current fiscal year.
An institutional investor recently raised its position in Baytex Energy Corp. stock. I.G. Investment Management LTD. boosted its stake in shares of Baytex Energy Corp. (NYSE:BTE) by 74.0% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,028,900 shares of the company’s stock after buying an additional 862,710 shares during the period. I.G. Investment Management LTD. owned about 0.96% of Baytex Energy Corp. worth $6,572,000 as of its most recent SEC filing.
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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