Baytex Energy (TSE:BTE) Trading Down 13% on Analyst Downgrade
Baytex Energy (TSE:BTE) shares fell 13% after CIBC downgraded its price target from C$5.00 to C$4.25. The stock traded as low as C$2.16, with a last price of C$2.21. Analysts have varied opinions, with some lowering ratings and price targets. The stock has a market cap of C$1.78 billion and a consensus rating of "Hold". The company also recently paid a quarterly dividend of $0.0225 per share, with a yield of 3.98%.
Baytex Energy Corp. (TSE:BTE - Get Free Report) NYSE: BTE's share price traded down 13% during mid-day trading on Friday 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. 10,479,806 shares changed hands during mid-day trading, an increase of 117% from the average session volume of 4,833,076 shares. The stock had previously closed at C$2.54.
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A number of other analysts have also weighed in on the stock. Atb Cap Markets lowered shares of Baytex Energy from a "strong-buy" rating to a "hold" rating in a research report on Thursday, January 30th. Royal Bank of Canada reduced their price target on Baytex Energy from C$5.50 to C$5.00 in a report on Tuesday, January 14th. Scotiabank upgraded Baytex Energy to a "hold" rating in a 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. Finally, BMO Capital Markets reduced their price target on shares of Baytex Energy from C$5.00 to C$4.00 in a research note on Wednesday, March 5th. Four investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of C$5.33.
Read Our Latest Report on BTE
Baytex Energy Stock Performance
The company has a market cap of C$1.78 billion, a P/E ratio of -5.14, a P/E/G 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 has a 50-day moving average of C$3.08 and a two-hundred day moving average of C$3.62.
Baytex Energy Cuts Dividend
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Tuesday, April 1st were paid 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 3.98%. Baytex Energy's dividend payout ratio (DPR) is presently -20.48%.
Baytex Energy Company Profile
(Get Free Report)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.
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