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

Baytex Energy Corp. (TSE:BTE) (NYSE:BTE)’s share price was down 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.

Several other research firms have also recently weighed in on BTE. Royal Bank of Canada lowered their price target on Baytex Energy from C$5.50 to C$5.00 in a report on Tuesday, January 14th. BMO Capital Markets lowered their target price on shares of Baytex Energy from C$5.00 to C$4.00 in a research note on Wednesday, March 5th. TD Securities dropped their target price on shares of Baytex Energy from C$5.50 to C$5.00 in a research report on Wednesday, March 5th. 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, Scotiabank raised shares of Baytex Energy to a “hold” rating in a report on Wednesday, March 19th. Four analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of C$5.33.

Baytex Energy Trading Down 13.0 %

The stock has a market capitalization of C$1.74 billion, a P/E ratio of -5.03, a price-to-earnings-growth ratio of 0.12 and a beta of 2.61. The stock’s fifty day moving average price is C$3.11 and its two-hundred day moving average price is C$3.64. The company has a current ratio of 0.69, a quick ratio of 0.77 and a debt-to-equity ratio of 57.38.

Baytex Energy Cuts Dividend

The firm 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 yield of 4.07%. The ex-dividend date of this dividend was Friday, March 14th. Baytex Energy’s dividend payout ratio is presently -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.