Baytex Energy (NYSE:BTE) Hits New 12-Month High – Still a Buy?

Baytex Energy Corp (NYSE:BTE) (TSE:BTE) shares reached a new 52-week high during mid-day trading on Wednesday. The stock traded as high as $5.49 and last traded at $5.3750, with a volume of 22,868,485 shares traded. The stock had previously closed at $5.40.

Analysts Set New Price Targets

Several research analysts have weighed in on BTE shares. Wall Street Zen raised Baytex Energy from a “hold” rating to a “buy” rating in a research report on Saturday, October 17th. Scotiabank restated an “outperform” rating on shares of Baytex Energy in a report on Monday. Raymond James Financial reiterated a “strong-buy” rating on shares of Baytex Energy in a research note on Wednesday, September 16th. Canadian Imperial Bank of Commerce reissued a “neutral” rating on shares of Baytex Energy in a research report on Friday, October 9th. Finally, TD Securities restated a “hold” rating on shares of Baytex Energy in a research note on Monday, August 3rd. Three analysts have rated the stock with a Strong Buy rating, two have given a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy”.

Baytex Energy Trading Down 1.6%

The company has a quick ratio of 2.79, a current ratio of 2.82 and a debt-to-equity ratio of 0.06. The business has a fifty day simple moving average of $4.84 and a 200 day simple moving average of $4.60.

Baytex Energy (NYSE:BTE) (TSE:BTE) last announced its earnings results on Thursday, July 30th. The oil and gas producer reported $0.17 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.08 by $0.09. Baytex Energy had a negative net margin of 26.43% and a negative return on equity of 7.77%. The company had revenue of $449.32 million during the quarter, compared to analysts’ expectations of $218.10 million. Equities analysts forecast that Baytex Energy Corp will post 0.42 earnings per share for the current fiscal year.

Baytex Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 1st. Shareholders of record on Tuesday, September 15th were paid a C$0.02 dividend. The ex-dividend date was Tuesday, September 15th. This represents a $0.09 annualized dividend and a yield of 1.7%. Baytex Energy’s payout ratio is -8.96%.

Institutional Investors Weigh In On Baytex Energy

Hedge funds and other institutional investors have recently made changes to their positions in the business. Bank of New York Mellon Corp boosted its stake in shares of Baytex Energy by 21.4% in the first quarter. Bank of New York Mellon Corp now owns 15,038 shares of the oil and gas producer’s stock valued at $67,000 after buying an additional 2,652 shares during the period. Cetera Investment Advisers raised its holdings in Baytex Energy by 31.5% in the 1st quarter. Cetera Investment Advisers now owns 21,120 shares of the oil and gas producer’s stock valued at $94,000 after acquiring an additional 5,060 shares in the last quarter. Kathmere Capital Management LLC raised its holdings in Baytex Energy by 57.4% in the 1st quarter. Kathmere Capital Management LLC now owns 30,784 shares of the oil and gas producer’s stock valued at $138,000 after acquiring an additional 11,229 shares in the last quarter. TD Waterhouse Canada Inc. lifted its position in shares of Baytex Energy by 12.4% during the 3rd quarter. TD Waterhouse Canada Inc. now owns 113,648 shares of the oil and gas producer’s stock valued at $518,000 after acquiring an additional 12,540 shares during the period. Finally, Capula Management Ltd bought a new stake in shares of Baytex Energy during the 1st quarter valued at $57,000. 46.15% of the stock is currently owned by institutional investors and hedge funds.

About Baytex Energy

Baytex Energy Corp. is a Canadian oil and natural gas exploration and production company headquartered in Calgary, Alberta. The company develops and produces crude oil, condensate, natural gas liquids and natural gas.

Baytex’s operations are focused on the Western Canadian Sedimentary Basin in Alberta and Saskatchewan and the Eagle Ford shale in South Texas. Its portfolio includes light oil, heavy oil and natural gas assets, with production sold into North American energy markets.

Founded in 1993, Baytex became a publicly traded corporation in 2010 after operating as an income trust.