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

Baytex Energy Corp. (TSE:BTE) (NYSE:BTE)’s share price fell 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. 10,479,806 shares traded hands 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 analysts also recently weighed in on BTE. Royal Bank of Canada cut their price target on Baytex Energy from C$5.50 to C$5.00 in a research note on Tuesday, January 14th. BMO Capital Markets dropped their price target on shares of Baytex Energy from C$5.00 to C$4.00 in a research note on Wednesday, March 5th. Raymond James decreased their target price on shares of Baytex Energy from C$5.00 to C$4.00 in a report on Wednesday. Atb Cap Markets downgraded Baytex Energy from a “strong-buy” rating to a “hold” rating in a report on Thursday, January 30th. Finally, TD Securities reduced their price objective on Baytex Energy from C$5.50 to C$5.00 in a report on Wednesday, March 5th. Four equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of C$5.33.

Baytex Energy Stock Up 2.3 %

The company has a 50-day simple moving average of C$3.08 and a 200-day simple moving average of C$3.62. 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 firm has a market cap of C$1.78 billion, a PE ratio of -5.14, a price-to-earnings-growth ratio of 0.12 and a beta of 2.61.

Baytex Energy Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Tuesday, April 1st were paid a dividend of $0.0225 per share. This represents a $0.09 dividend on an annualized basis and a dividend yield of 3.98%. The ex-dividend date was Friday, March 14th. Baytex Energy’s dividend payout ratio is currently -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.