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

Baytex Energy Corp. (TSE:BTE) (NYSE:BTE)’s stock price 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 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.

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

Baytex Energy Trading Down 13.0 %

The company has a market cap of C$1.74 billion, a price-to-earnings ratio of -5.03, a PEG ratio of 0.12 and a beta of 2.61. The company has a debt-to-equity ratio of 57.38, a current ratio of 0.69 and a quick ratio of 0.77. The business’s 50-day simple moving average is C$3.11 and its 200-day simple moving average is C$3.64.

Baytex Energy Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Tuesday, April 1st were given a dividend of $0.0225 per share. The ex-dividend date of this dividend was Friday, March 14th. This represents a $0.09 annualized dividend and a dividend yield of 4.07%. Baytex Energy’s dividend payout ratio is currently -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.