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

Baytex Energy Corp. (TSE:BTE) (NYSE:BTE) dropped 13% during 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$2.21. Approximately 9,558,569 shares were traded during mid-day trading, an increase of 99% from the average daily volume of 4,811,536 shares. The stock had previously closed at C$2.54.

Other analysts have also recently issued reports about the company. TD Securities lowered their price target on Baytex Energy from C$5.50 to C$5.00 in a research note on Wednesday, March 5th. Scotiabank raised shares of Baytex Energy to a “hold” rating in a research note on Wednesday, March 19th. Atb Cap Markets lowered shares of Baytex Energy from a “strong-buy” rating to a “hold” rating in a report on Thursday, January 30th. BMO Capital Markets decreased their price target on shares of Baytex Energy from C$5.00 to C$4.00 in a report on Wednesday, March 5th. Finally, Royal Bank of Canada dropped their price objective on Baytex Energy from C$5.50 to C$5.00 in a research note on Tuesday, January 14th. Four equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of C$5.33.

Baytex Energy Price Performance

The company has a market cap of C$1.78 billion, a P/E ratio of -5.14, a P/E/G ratio of 0.12 and a beta of 2.61. The company’s 50-day moving average price is C$3.08 and its 200-day moving average price 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 company also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Tuesday, April 1st were paid a $0.0225 dividend. 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 is -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.