Baytex Energy (TSE:BTE) Stock Price Down 9.1% After Analyst Downgrade

Shares of Baytex Energy Corp. (TSE:BTE) (NYSE:BTE) traded down 9.1% during 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$2.31 and last traded at C$2.31. 1,467,030 shares traded hands during mid-day trading, a decline of 69% from the average session volume of 4,685,700 shares. The stock had previously closed at C$2.54.

A number of other research analysts have also issued reports on BTE. Royal Bank of Canada reduced their price objective on Baytex Energy from C$5.50 to C$5.00 in a research report on Tuesday, January 14th. BMO Capital Markets lowered their price target on shares of Baytex Energy from C$5.00 to C$4.00 in a research report on Wednesday, March 5th. TD Securities dropped their price objective on shares of Baytex Energy from C$5.50 to C$5.00 in a report on Wednesday, March 5th. Atb Cap Markets lowered shares of Baytex Energy from a “strong-buy” rating to a “hold” rating in a research note on Thursday, January 30th. Finally, Raymond James dropped their price target on shares of Baytex Energy from C$5.00 to C$4.00 in a research note on Wednesday. Four research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of C$5.33.

Baytex Energy Stock Up 2.3 %

The stock has a market cap of C$1.78 billion, a P/E ratio of -5.14, a price-to-earnings-growth ratio of 0.12 and a beta of 2.61. 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 stock’s 50-day moving average is C$3.08 and its 200-day moving average is C$3.62.

Baytex Energy Cuts Dividend

The business 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 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 presently -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.