Baytex Energy (TSE:BTE) Price Target Cut to C$6.00 by Analysts at Canaccord Genuity Group

Baytex Energy (TSE:BTE) (NYSE:BTE) had its price target dropped by research analysts at Canaccord Genuity Group from C$6.50 to C$6.00 in a research report issued to clients and investors on Tuesday, BayStreet.CA reports. Canaccord Genuity Group’s price objective would suggest a potential upside of 46.70% from the company’s previous close.

BTE has been the topic of several other reports. TD Securities decreased their price target on shares of Baytex Energy from C$6.00 to C$5.50 in a research note on Tuesday, October 1st. National Bankshares reduced their target price on shares of Baytex Energy from C$8.00 to C$7.50 in a research note on Friday, September 27th. Raymond James raised shares of Baytex Energy to a “hold” rating in a research note on Thursday, October 17th. Finally, Royal Bank of Canada reduced their target price on shares of Baytex Energy from C$6.50 to C$5.50 in a research note on Tuesday, September 17th. Three analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of C$6.11.

Baytex Energy Price Performance

BTE traded up C$0.03 during midday trading on Tuesday, hitting C$4.09. 2,330,464 shares of the company traded hands, compared to its average volume of 4,710,954. The company has a current ratio of 0.72, a quick ratio of 0.77 and a debt-to-equity ratio of 62.33. The company has a market capitalization of C$3.29 billion, a price-to-earnings ratio of -5.94, a PEG ratio of 0.12 and a beta of 2.61. Baytex Energy has a 52-week low of C$3.85 and a 52-week high of C$6.35. The business has a 50 day simple moving average of C$4.43 and a two-hundred day simple moving average of C$4.74.

Baytex Energy (TSE:BTE) (NYSE:BTE) last posted its quarterly earnings results on Thursday, July 25th. The company reported C$0.13 earnings per share for the quarter, missing the consensus estimate of C$0.16 by C($0.03). The business had revenue of C$1.13 billion during the quarter, compared to analysts’ expectations of C$1.04 billion. Baytex Energy had a negative return on equity of 9.55% and a negative net margin of 11.92%. On average, equities analysts forecast that Baytex Energy will post 0.3703367 earnings per share for the current fiscal year.

Insider Activity at Baytex Energy

In other news, Senior Officer Chadwick Kalmakoff purchased 12,000 shares of the firm’s stock in a transaction that occurred on Friday, September 6th. The stock was bought at an average price of C$4.18 per share, for a total transaction of C$50,160.00. Company insiders own 0.83% of the company’s stock.

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.