Baytex Energy (NYSE:BTE) Stock Rating Raised to “Strong-Buy” at TD Securities

TD Securities upgraded shares of Baytex Energy (NYSE:BTE) (TSE:BTE) from a hold rating to a strong-buy rating in a research note released on Friday,Zacks reports.

BTE has been the topic of a number of other reports. Raymond James Financial reaffirmed 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 report on Friday, October 9th. Zacks Research upgraded Baytex Energy from a “hold” rating to a “strong-buy” rating in a research report on Monday, October 5th. Jefferies Financial Group initiated coverage on Baytex Energy in a research report on Tuesday, October 27th. They set a “buy” rating for the company. Finally, Scotiabank restated an “outperform” rating on shares of Baytex Energy in a report on Monday, October 19th. Four investment analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Buy”.

Baytex Energy Price Performance

BTE traded down $0.03 during trading on Friday, hitting $4.20. The company’s stock had a trading volume of 23,932,497 shares, compared to its average volume of 20,493,014. The firm has a market capitalization of $2.87 billion, a price-to-earnings ratio of -7.77 and a beta of 0.37. Baytex Energy has a twelve month low of $2.36 and a twelve month high of $5.61. The business’s fifty day simple moving average is $4.91 and its 200 day simple moving average is $4.42. The company has a current ratio of 2.82, a quick ratio of 2.79 and a debt-to-equity ratio of 0.06.

Baytex Energy (NYSE:BTE) (TSE:BTE) last announced its earnings results on Thursday, November 5th. The oil and gas producer reported $0.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.13 by $0.03. The firm had revenue of $426.40 million for the quarter, compared to analyst estimates of $309.71 million. Baytex Energy had a negative return on equity of 7.77% and a negative net margin of 26.43%. On average, equities research analysts forecast that Baytex Energy will post 0.42 EPS for the current fiscal year.

Baytex Energy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, January 4th. Stockholders of record on Tuesday, December 15th will be given a dividend of C$0.02 per share. The ex-dividend date of this dividend is Tuesday, December 15th. This represents a $0.09 annualized dividend and a dividend yield of 2.1%. Baytex Energy’s payout ratio is presently -8.96%.

Hedge Funds Weigh In On Baytex Energy

Several institutional investors and hedge funds have recently bought and sold shares of BTE. Connor Clark & Lunn Investment Management Ltd. acquired a new position in Baytex Energy in the second quarter valued at approximately $197,114,000. Arrowstreet Capital Limited Partnership lifted its stake in shares of Baytex Energy by 816.3% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 22,003,118 shares of the oil and gas producer’s stock valued at $98,381,000 after purchasing an additional 19,601,808 shares during the last quarter. Encompass Capital Advisors LLC grew its holdings in shares of Baytex Energy by 43.9% during the 1st quarter. Encompass Capital Advisors LLC now owns 20,071,614 shares of the oil and gas producer’s stock worth $89,695,000 after purchasing an additional 6,123,098 shares during the period. Ninepoint Partners LP acquired a new stake in shares of Baytex Energy during the 2nd quarter worth about $68,000,000. Finally, Webs Creek Capital Management LP purchased a new stake in Baytex Energy in the 2nd quarter valued at about $51,086,024. 46.15% of the stock is currently owned by institutional investors and hedge funds.

Baytex Energy Company Profile

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.