Baytex Energy Corp. (BTE) Trading Down 2.8%
Baytex Energy Corp. (NYSE:BTE) was down 2.8% during mid-day trading on Thursday . The stock traded as low as $5.50 and last traded at $5.57, with a volume of 3,033,007 shares. The stock had previously closed at $5.73.
Several equities research analysts have recently issued reports on BTE shares. Zacks Investment Research upgraded shares of Baytex Energy Corp. from a “hold” rating to a “buy” rating and set a $5.50 price objective on the stock in a research note on Wednesday, June 1st. Canaccord Genuity restated a “buy” rating on shares of Baytex Energy Corp. in a research note on Tuesday, May 3rd. TD Securities restated a “hold” rating and issued a $6.00 price objective (up previously from $5.50) on shares of Baytex Energy Corp. in a research note on Friday, May 6th. BMO Capital Markets upgraded shares of Baytex Energy Corp. from an “underperform” rating to a “market perform” rating in a research note on Thursday, June 30th. Finally, CIBC restated a “sector perform” rating and issued a $9.50 price objective on shares of Baytex Energy Corp. in a research note on Wednesday, June 15th. Ten analysts have rated the stock with a hold rating and two have given a buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $9.54.
The company’s market capitalization is $1.18 billion. The stock’s 50-day moving average price is $5.52 and its 200 day moving average price is $3.87.
Several large investors recently made changes to their positions in BTE. Henderson Group PLC bought a new stake in shares of Baytex Energy Corp. during the fourth quarter worth about $2,025,000. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp boosted 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 worth $2,086,000 after buying an additional 229,300 shares during the period. Finally, I.G. Investment Management LTD. boosted 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 worth $6,572,000 after buying an additional 862,710 shares during the 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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