Baytex Energy Corp. (BTE) Shares Up 4.1%
Shares of Baytex Energy Corp. (NYSE:BTE) shot up 4.1% during trading on Thursday . The stock traded as high as $5.63 and last traded at $5.58, with a volume of 1,267,801 shares changing hands. The stock had previously closed at $5.36.
Several brokerages have recently commented on BTE. BMO Capital Markets upgraded Baytex Energy Corp. from an “underperform” rating to a “market perform” rating in a report on Thursday, June 30th. Zacks Investment Research lowered Baytex Energy Corp. from a “buy” rating to a “hold” rating in a research note on Tuesday, July 5th. CIBC restated a “sector perform” rating and issued a $9.50 target price on shares of Baytex Energy Corp. in a research note on Wednesday, June 15th. Canaccord Genuity began coverage on Baytex Energy Corp. in a research note on Thursday, July 14th. They issued a “buy” rating for the company. Finally, Scotiabank restated an “outperform” rating and issued a $8.75 target price on shares of Baytex Energy Corp. in a research note on Friday, July 15th. Ten equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $9.19.
The company’s 50 day moving average price is $5.21 and its 200-day moving average price is $4.39. The firm’s market cap is $1.19 billion.
Baytex Energy Corp. (NYSE:BTE) last issued its earnings results on Thursday, July 28th. The company reported ($0.41) EPS for the quarter, missing analysts’ consensus estimates of ($0.10) by $0.31. The company had revenue of $195.73 million for the quarter, compared to analysts’ expectations of $195.99 million. Baytex Energy Corp.’s quarterly revenue was down 42.9% on a year-over-year basis. On average, equities analysts predict that Baytex Energy Corp. will post ($0.60) earnings per share for the current fiscal year.
A hedge fund recently raised its stake in Baytex Energy Corp. stock. I.G. Investment Management LTD. boosted its position in Baytex Energy Corp. (NYSE:BTE) by 74.0% during the fourth quarter, according to its most recent Form 13F 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 at the end of the most recent reporting period.
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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