Baytex Energy (NYSE:BTE) Shares Down 5.3% – What’s Next?

Shares of Baytex Energy Corp (NYSE:BTE) (TSE:BTE) fell 5.3% during mid-day trading on Wednesday . The company traded as low as $4.95 and last traded at $4.8950. Approximately 2,783,978 shares were traded during mid-day trading, a decline of 86% from the average session volume of 19,519,564 shares. The stock had previously closed at $5.17.

Analysts Set New Price Targets

BTE has been the topic of several analyst reports. Canadian Imperial Bank of Commerce restated a “neutral” rating on shares of Baytex Energy in a research report on Friday, July 10th. Weiss Ratings raised Baytex Energy from a “sell (d)” rating to a “sell (d+)” rating in a research note on Tuesday, July 28th. Zacks Research raised Baytex Energy from a “strong sell” rating to a “hold” rating in a research note on Thursday, August 20th. TD Securities restated a “hold” rating on shares of Baytex Energy in a research note on Monday, August 3rd. Finally, Raymond James Financial reaffirmed a “strong-buy” rating on shares of Baytex Energy in a report on Wednesday. Two analysts have rated the stock with a Strong Buy rating, two have given a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Baytex Energy currently has an average rating of “Hold”.

Baytex Energy Stock Down 4.5%

The company has a debt-to-equity ratio of 0.06, a current ratio of 2.82 and a quick ratio of 2.79. The firm has a market capitalization of $3.41 billion, a P/E ratio of -7.38 and a beta of 0.39. The firm’s fifty day moving average price is $4.51 and its 200-day moving average price is $4.45.

Baytex Energy (NYSE:BTE) (TSE:BTE) last announced its earnings results on Thursday, July 30th. The oil and gas producer reported $0.17 EPS for the quarter, topping the consensus estimate of $0.08 by $0.09. The firm had revenue of $449.32 million for the quarter, compared to analysts’ expectations of $218.10 million. Baytex Energy had a negative return on equity of 7.77% and a negative net margin of 26.43%. As a group, equities research analysts forecast that Baytex Energy Corp will post 0.41 earnings per share for the current year.

Baytex Energy Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Tuesday, September 15th will be given a dividend of $0.0225 per share. The ex-dividend date is Tuesday, September 15th. This represents a $0.09 annualized dividend and a dividend yield of 1.8%. Baytex Energy’s dividend payout ratio (DPR) is -10.45%.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Connor Clark & Lunn Investment Management Ltd. bought a new stake in Baytex Energy in the second quarter worth about $197,114,000. Arrowstreet Capital Limited Partnership boosted its position 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 purchasing an additional 19,601,808 shares in the last quarter. Encompass Capital Advisors LLC grew its stake in shares of Baytex Energy by 43.9% in 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 last quarter. Ninepoint Partners LP bought a new stake in shares of Baytex Energy in the 2nd quarter worth approximately $68,000,000. Finally, Webs Creek Capital Management LP bought a new stake in shares of Baytex Energy in the 2nd quarter worth approximately $51,086,024. Institutional investors own 46.15% of the company’s stock.

Baytex Energy Company Profile

Baytex Energy Corp. is a Canadian oil and natural gas exploration and production company headquartered in Calgary, Alberta. The company focuses on the development and production of crude oil, condensate, natural gas liquids and natural gas from unconventional and conventional reserves.

Baytex operates primarily in the Western Canadian Sedimentary Basin, including resource plays in Alberta and Saskatchewan, and in the Eagle Ford shale in South Texas. Its Canadian operations provide exposure to heavy oil, light oil and natural gas assets, while its Eagle Ford operations are focused largely on liquids-rich production.

Founded in 1993, Baytex has grown through exploration, development and acquisitions.