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

Shares of Baytex Energy Corp. (TSE:BTE) (NYSE:BTE) were down 13% during 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. Approximately 10,479,806 shares traded hands 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 equities research analysts also recently weighed in on the stock. BMO Capital Markets decreased their target price on shares of Baytex Energy from C$5.00 to C$4.00 in a research note on Wednesday, March 5th. Royal Bank of Canada decreased their price objective on Baytex Energy from C$5.50 to C$5.00 in a research report on Tuesday, January 14th. Raymond James lowered their target price on Baytex Energy from C$5.00 to C$4.00 in a research note on Wednesday. TD Securities cut their price target on Baytex Energy from C$5.50 to C$5.00 in a research note on Wednesday, March 5th. Finally, 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. Four equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of C$5.33.

Baytex Energy Trading Up 2.3 %

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 business has a fifty day simple moving average of C$3.08 and a 200 day simple moving average of C$3.62. The company has a market cap of C$1.78 billion, a price-to-earnings ratio of -5.14, a P/E/G ratio of 0.12 and a beta of 2.61.

Baytex Energy Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders 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 dividend on an annualized basis and a dividend yield of 3.98%. Baytex Energy’s payout ratio is -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.