HITE Hedge Asset Management LLC Acquires New Position in Baytex Energy Corp $BTE

HITE Hedge Asset Management LLC acquired a new stake in Baytex Energy Corp (NYSE:BTE) (TSE:BTE) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 3,311,203 shares of the oil and gas producer’s stock, valued at approximately $10,710,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in BTE. TD Asset Management Inc lifted its stake in shares of Baytex Energy by 176.3% in the fourth quarter. TD Asset Management Inc now owns 10,287,145 shares of the oil and gas producer’s stock valued at $33,321,000 after purchasing an additional 6,564,105 shares during the period. Intact Investment Management Inc. lifted its stake in shares of Baytex Energy by 214.0% in the fourth quarter. Intact Investment Management Inc. now owns 8,868,370 shares of the oil and gas producer’s stock valued at $28,687,000 after purchasing an additional 6,044,270 shares during the period. 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 valued at $15,893,000 after purchasing an additional 3,743,234 shares during the period. Quadrature Capital Ltd lifted its stake in shares of Baytex Energy by 756.8% in the third quarter. Quadrature Capital Ltd now owns 2,855,200 shares of the oil and gas producer’s stock valued at $6,668,000 after purchasing an additional 2,521,962 shares during the period. Finally, American Century Companies Inc. lifted its stake in shares of Baytex Energy by 20.0% in the third quarter. American Century Companies Inc. now owns 14,233,589 shares of the oil and gas producer’s stock valued at $33,342,000 after purchasing an additional 2,375,496 shares during the period. Institutional investors and hedge funds own 46.15% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have weighed in on the stock. TD Securities restated a “hold” rating on shares of Baytex Energy in a report on Monday, May 11th. Scotiabank restated an “outperform” rating on shares of Baytex Energy in a report on Tuesday, April 21st. Canadian Imperial Bank of Commerce restated a “neutral” rating on shares of Baytex Energy in a report on Monday, June 1st. Zacks Research upgraded shares of Baytex Energy from a “strong sell” rating to a “hold” rating in a report on Friday, April 3rd. Finally, Royal Bank Of Canada restated a “sector perform” rating on shares of Baytex Energy in a report on Monday, May 11th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold”.

Baytex Energy Stock Performance

NYSE:BTE opened at $4.64 on Friday. The company has a current ratio of 2.15, a quick ratio of 2.12 and a debt-to-equity ratio of 0.06. The firm has a 50-day moving average price of $4.74 and a two-hundred day moving average price of $3.95. Baytex Energy Corp has a twelve month low of $1.76 and a twelve month high of $5.36. The company has a market capitalization of $3.33 billion, a P/E ratio of -6.62 and a beta of 0.37.

Baytex Energy (NYSE:BTE) (TSE:BTE) last posted its earnings results on Thursday, May 7th. The oil and gas producer reported ($0.08) earnings per share for the quarter, missing the consensus estimate of $0.01 by ($0.09). Baytex Energy had a negative net margin of 24.25% and a negative return on equity of 10.85%. The business had revenue of $325.64 million for the quarter, compared to analysts’ expectations of $228.04 million. As a group, research analysts expect that Baytex Energy Corp will post 0.34 earnings per share for the current fiscal year.

Baytex Energy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 2nd. Shareholders of record on Monday, June 15th will be issued a dividend of $0.0225 per share. This represents a $0.09 annualized dividend and a yield of 1.9%. The ex-dividend date is Monday, June 15th. Baytex Energy’s dividend payout ratio (DPR) is -10.00%.

Baytex Energy Profile

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.