Baytex Energy (TSE:BTE) Trading Down 13% Following Analyst Downgrade

Shares of Baytex Energy Corp. (TSE:BTE) (NYSE:BTE) dropped 13% 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 changed hands 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 research reports about the stock. Scotiabank upgraded shares of Baytex Energy to a “hold” rating in a research note on Wednesday, March 19th. Atb Cap Markets downgraded Baytex Energy from a “strong-buy” rating to a “hold” rating in a research report on Thursday, January 30th. BMO Capital Markets dropped their price objective on Baytex Energy from C$5.00 to C$4.00 in a research note on Wednesday, March 5th. Royal Bank of Canada decreased their target price on Baytex Energy from C$5.50 to C$5.00 in a report on Tuesday, January 14th. Finally, TD Securities cut their price target on Baytex Energy from C$5.50 to C$5.00 in a report on Wednesday, March 5th. Four analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of C$5.33.

Baytex Energy Stock Down 13.0 %

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

Baytex Energy Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Tuesday, April 1st were issued a $0.0225 dividend. This represents a $0.09 dividend on an annualized basis and a yield of 4.07%. The ex-dividend date of this dividend was Friday, March 14th. 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.