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

Baytex Energy Corp. (TSE:BTE) (NYSE:BTE) shares were down 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 trading, an increase of 117% from the average daily volume of 4,833,076 shares. The stock had previously closed at C$2.54.

A number of other equities research analysts have also recently commented on BTE. Raymond James lowered their price objective on shares of Baytex Energy from C$5.00 to C$4.00 in a research note on Wednesday. Scotiabank upgraded shares of Baytex Energy to a “hold” rating in a research report on Wednesday, March 19th. 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. BMO Capital Markets reduced their target price on Baytex Energy from C$5.00 to C$4.00 in a research note on Wednesday, March 5th. Finally, Royal Bank of Canada cut their price target on Baytex Energy from C$5.50 to C$5.00 in a report on Tuesday, January 14th. Four analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of C$5.33.

Baytex Energy Price Performance

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

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 dividend of $0.0225 per share. The ex-dividend date was Friday, March 14th. This represents a $0.09 annualized dividend and a yield of 4.07%. 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.