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

Baytex Energy Corp. (TSE:BTE) (NYSE:BTE)’s share price fell 13% during trading on Thursday 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 were traded during trading, an increase of 117% from the average session volume of 4,833,076 shares. The stock had previously closed at C$2.54.

Several other equities research analysts have also recently commented on the company. Royal Bank of Canada dropped their target price on Baytex Energy from C$5.50 to C$5.00 in a report on Tuesday, January 14th. Atb Cap Markets lowered Baytex Energy from a “strong-buy” rating to a “hold” rating in a report on Thursday, January 30th. Raymond James dropped their price target on shares of Baytex Energy from C$5.00 to C$4.00 in a research report on Wednesday. TD Securities cut their price target on shares of Baytex Energy from C$5.50 to C$5.00 in a report on Wednesday, March 5th. Finally, BMO Capital Markets lowered their price objective on shares of Baytex Energy from C$5.00 to C$4.00 in a research note on Wednesday, March 5th. Four equities research 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 has an average rating of “Hold” and an average price target of C$5.33.

Baytex Energy Stock Up 2.3 %

The firm has a 50-day moving average of C$3.08 and a two-hundred day moving average of C$3.62. The stock has a market capitalization of C$1.78 billion, a price-to-earnings ratio of -5.14, a price-to-earnings-growth ratio of 0.12 and a beta of 2.61. The company has a quick ratio of 0.77, a current ratio of 0.69 and a debt-to-equity ratio of 57.38.

Baytex Energy Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Tuesday, April 1st were issued a $0.0225 dividend. 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 dividend 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.