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

Baytex Energy Corp. (TSE:BTE) (NYSE:BTE) traded down 13% during mid-day 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. 10,479,806 shares were traded 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.

BTE has been the topic of a number of other reports. Scotiabank upgraded Baytex Energy to a “hold” rating in a research report on Wednesday, March 19th. Raymond James reduced their price target on shares of Baytex Energy from C$5.00 to C$4.00 in a research report on Wednesday. BMO Capital Markets decreased their price target on shares of Baytex Energy from C$5.00 to C$4.00 in a research note on Wednesday, March 5th. Atb Cap Markets cut Baytex Energy from a “strong-buy” rating to a “hold” rating in a report on Thursday, January 30th. Finally, TD Securities lowered their price target on Baytex Energy from C$5.50 to C$5.00 in a research report on Wednesday, March 5th. Four investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of C$5.33.

Baytex Energy Stock Performance

The firm’s 50-day simple moving average is C$3.08 and its 200-day simple moving average is C$3.62. 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$1.78 billion, a PE ratio of -5.14, a PEG ratio of 0.12 and a beta of 2.61.

Baytex Energy Cuts Dividend

The company also recently announced 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 annualized dividend and a dividend yield of 3.98%. The ex-dividend date of this dividend was Friday, March 14th. Baytex Energy’s dividend payout ratio is -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.