Baytex Energy (TSE:BTE) Shares Down 12.6% Following Analyst Downgrade

Shares of Baytex Energy Corp. (TSE:BTE) (NYSE:BTE) were down 12.6% during mid-day trading on Thursday after CIBC lowered their price target on the stock from C$5.00 to C$4.25. The company traded as low as C$2.16 and last traded at C$2.22. Approximately 8,775,947 shares changed hands during trading, an increase of 83% from the average daily volume of 4,806,035 shares. The stock had previously closed at C$2.54.

Several other research firms have also issued reports on BTE. TD Securities cut their price target on Baytex Energy from C$5.50 to C$5.00 in a report on Wednesday, March 5th. Scotiabank raised shares of Baytex Energy to a “hold” rating in a report on Wednesday, March 19th. Royal Bank of Canada decreased their target price on shares of Baytex Energy from C$5.50 to C$5.00 in a research note on Tuesday, January 14th. Atb Cap Markets lowered shares of Baytex Energy from a “strong-buy” rating to a “hold” rating in a research report on Thursday, January 30th. Finally, BMO Capital Markets reduced their price objective on shares of Baytex Energy from C$5.00 to C$4.00 in a research note on Wednesday, March 5th. Four research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of C$5.33.

Baytex Energy Trading Up 2.3 %

The stock has a market cap of C$1.78 billion, a P/E ratio of -5.14, a price-to-earnings-growth ratio of 0.12 and a beta of 2.61. The stock’s 50-day moving average is C$3.08 and its two-hundred day moving average is C$3.62. The company has a debt-to-equity ratio of 57.38, a current ratio of 0.69 and a quick ratio of 0.77.

Baytex Energy Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Tuesday, April 1st were issued a dividend of $0.0225 per share. This represents a $0.09 annualized dividend and a dividend yield of 3.98%. The ex-dividend date was Friday, March 14th. Baytex Energy’s dividend payout ratio (DPR) is presently -20.48%.

Baytex Energy Company Profile

Baytex Energy Corp., an energy company, engages in the acquisition, development, and production of crude oil and natural gas in the Western Canadian Sedimentary Basin and in the Eagle Ford, the United States. The company offers light oil and condensate, heavy oil, natural gas liquids, and natural gas.