Baytex Energy Corp (NYSE:BTE) Receives Average Recommendation of “Hold” from Brokerages

Baytex Energy Corp (NYSE:BTE) (TSE:BTE) has received an average rating of “Hold” from the eleven brokerages that are covering the stock, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, six have given a hold recommendation, three have given a buy recommendation and one has assigned a strong buy recommendation to the company.

A number of research analysts have recently issued reports on the company. Zacks Research raised Baytex Energy from a “strong sell” rating to a “hold” rating in a report on Friday, April 3rd. Royal Bank Of Canada reaffirmed a “sector perform” rating on shares of Baytex Energy in a report on Monday, May 11th. Raymond James Financial raised Baytex Energy from a “hold” rating to a “moderate buy” rating in a report on Monday, March 30th. Canaccord Genuity Group raised Baytex Energy from a “hold” rating to a “strong-buy” rating in a report on Tuesday, April 14th. Finally, Canadian Imperial Bank of Commerce reissued a “neutral” rating on shares of Baytex Energy in a report on Monday.

Baytex Energy Price Performance

Shares of NYSE BTE opened at $5.06 on Thursday. Baytex Energy has a twelve month low of $1.69 and a twelve month high of $5.36. The firm has a market cap of $3.66 billion, a P/E ratio of -7.22 and a beta of 0.37. The company has a 50 day moving average of $4.66 and a 200 day moving average of $3.87. The company has a quick ratio of 2.12, a current ratio of 2.15 and a debt-to-equity ratio of 0.06.

Baytex Energy (NYSE:BTE) (TSE:BTE) last announced its quarterly earnings results on Thursday, May 7th. The oil and gas producer reported ($0.08) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.01 by ($0.09). The business had revenue of $325.64 million for the quarter, compared to the consensus estimate of $228.04 million. Baytex Energy had a negative net margin of 24.25% and a negative return on equity of 10.85%. As a group, research analysts expect that Baytex Energy will post 0.21 EPS for the current fiscal year.

Baytex Energy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, July 2nd. Stockholders 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 dividend yield of 1.8%. The ex-dividend date of this dividend is Monday, June 15th. Baytex Energy’s dividend payout ratio is presently -10.00%.

Hedge Funds Weigh In On Baytex Energy

Several hedge funds and other institutional investors have recently modified their holdings of BTE. Arrowstreet Capital Limited Partnership lifted its holdings in shares of Baytex Energy by 816.3% during 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 buying an additional 19,601,808 shares during the period. Encompass Capital Advisors LLC purchased a new stake in shares of Baytex Energy in the 4th quarter worth $45,054,000. TD Asset Management Inc increased its stake in shares of Baytex Energy by 176.3% in the 4th quarter. TD Asset Management Inc now owns 10,287,145 shares of the oil and gas producer’s stock worth $33,321,000 after purchasing an additional 6,564,105 shares in the last quarter. Intact Investment Management Inc. increased its stake in shares of Baytex Energy by 214.0% in the 4th quarter. Intact Investment Management Inc. now owns 8,868,370 shares of the oil and gas producer’s stock worth $28,687,000 after purchasing an additional 6,044,270 shares in the last quarter. Finally, State of Wisconsin Investment Board purchased a new stake in shares of Baytex Energy in the 4th quarter worth $15,690,000. 46.15% of the stock is owned by institutional investors.

Baytex Energy Company 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.