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

Zacks Research upgraded shares of Baytex Energy (NYSE:BTE) (TSE:BTE) from a hold rating to a strong-buy rating in a report issued on Monday morning,Zacks reports.

Several other brokerages have also weighed in on BTE. TD Securities restated a “hold” rating on shares of Baytex Energy in a report on Monday, August 3rd. Raymond James Financial reaffirmed a “strong-buy” rating on shares of Baytex Energy in a report on Wednesday, September 16th. Canadian Imperial Bank of Commerce reiterated a “neutral” rating on shares of Baytex Energy in a research report on Friday, July 10th. Finally, Weiss Ratings raised shares of Baytex Energy from a “sell (d)” rating to a “sell (d+)” rating in a report on Tuesday, July 28th. Three analysts have rated the stock with a Strong Buy rating, two have given a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy”.

Baytex Energy Price Performance

NYSE BTE opened at $4.68 on Monday. Baytex Energy has a 12 month low of $2.18 and a 12 month high of $5.36. The firm has a market capitalization of $3.23 billion, a PE ratio of -6.99 and a beta of 0.40. The company’s 50 day simple moving average is $4.65 and its 200 day simple moving average is $4.52. The company has a debt-to-equity ratio of 0.06, a current ratio of 2.82 and a quick ratio of 2.79.

Baytex Energy (NYSE:BTE) (TSE:BTE) last released its earnings results on Thursday, July 30th. The oil and gas producer reported $0.17 earnings per share for the quarter, topping analysts’ consensus estimates of $0.08 by $0.09. The firm had revenue of $449.32 million during the quarter, compared to the consensus estimate 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 will post 0.41 EPS for the current fiscal year.

Baytex Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 1st. Stockholders of record on Tuesday, September 15th were paid a dividend of C$0.02 per share. The ex-dividend date of this dividend was Tuesday, September 15th. This represents a $0.09 annualized dividend and a dividend yield of 1.9%. Baytex Energy’s dividend payout ratio (DPR) is currently -8.96%.

Hedge Funds Weigh In On Baytex Energy

A number of hedge funds and other institutional investors have recently modified their holdings of BTE. Bank of New York Mellon Corp raised its position in Baytex Energy by 21.4% during 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 acquiring an additional 2,652 shares in the last quarter. Cetera Investment Advisers increased its stake in shares of Baytex Energy by 31.5% in the first quarter. Cetera Investment Advisers now owns 21,120 shares of the oil and gas producer’s stock worth $94,000 after purchasing an additional 5,060 shares during the period. United Capital Management of KS Inc. lifted its position in shares of Baytex Energy by 11.1% during the 4th quarter. United Capital Management of KS Inc. now owns 100,000 shares of the oil and gas producer’s stock worth $323,000 after purchasing an additional 10,000 shares during the last quarter. Kathmere Capital Management LLC lifted its position in shares of Baytex Energy by 57.4% during the 1st quarter. Kathmere Capital Management LLC now owns 30,784 shares of the oil and gas producer’s stock worth $138,000 after purchasing an additional 11,229 shares during the last quarter. Finally, Capula Management Ltd bought a new stake in Baytex Energy during the 1st quarter valued at approximately $57,000. Institutional investors and hedge funds own 46.15% of the company’s stock.

About Baytex Energy

Baytex Energy Corp. (NYSE: BTE) is a Canadian oil and gas exploration and production company headquartered in Calgary, Alberta. The company’s operations are focused on the development and production of crude oil, condensate, natural gas liquids and natural gas.

Baytex’s asset base is concentrated in Western Canada, including the Clearwater and Viking oil plays in Alberta and Saskatchewan, and in the Eagle Ford shale region of South Texas. The company sells its production into North American markets through established pipeline, processing and transportation infrastructure.

Baytex traces its history to the Canadian energy sector in the 1990s and has expanded through a combination of exploration, development and acquisitions.