Baytex Energy (TSE:BTE) Stock Price Down 13% After Analyst Downgrade

Baytex Energy Corp. (TSE:BTE) (NYSE:BTE) dropped 13% on Thursday after CIBC lowered their price target on the stock from C$5.00 to C$4.25. The stock traded as low as C$2.16 and last traded at C$2.21. Approximately 10,479,806 shares were traded during mid-day trading, an increase of 117% from the average daily volume of 4,833,076 shares. The stock had previously closed at C$2.54.

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

Baytex Energy Stock Performance

The company has a debt-to-equity ratio of 57.38, a quick ratio of 0.77 and a current ratio of 0.69. The business’s 50-day moving average is C$3.08 and its 200-day moving average is C$3.62. The company has a market capitalization of C$1.78 billion, a PE ratio of -5.14, a PEG ratio of 0.12 and a beta of 2.61.

Baytex Energy Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Tuesday, April 1st were given a $0.0225 dividend. The ex-dividend date of this dividend was Friday, March 14th. This represents a $0.09 dividend on an annualized basis and a dividend yield of 3.98%. Baytex Energy’s dividend payout ratio is currently -20.48%.

About Baytex Energy

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.