Baytex Energy (TSE:BTE) Trading Down 13% Following Analyst Downgrade

Baytex Energy Corp. (TSE:BTE) (NYSE:BTE)’s stock price fell 13% during mid-day 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 changed 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.

A number of other brokerages also recently weighed in on BTE. BMO Capital Markets dropped their target price on Baytex Energy from C$5.00 to C$4.00 in a report on Wednesday, March 5th. TD Securities reduced their price objective on Baytex Energy from C$5.50 to C$5.00 in a research report on Wednesday, March 5th. Raymond James dropped their target price on Baytex Energy from C$5.00 to C$4.00 in a research report on Wednesday. Royal Bank of Canada cut their price objective on shares of Baytex Energy from C$5.50 to C$5.00 in a research report on Tuesday, January 14th. Finally, Scotiabank raised shares of Baytex Energy to a “hold” rating in a research report on Wednesday, March 19th. Four 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.com, the company has an average rating of “Hold” and a consensus price target of C$5.33.

Baytex Energy Stock Up 2.3 %

The firm has a market cap of C$1.78 billion, a price-to-earnings ratio of -5.14, a PEG ratio of 0.12 and a beta of 2.61. The firm has a 50-day moving average of C$3.08 and a two-hundred day moving average of 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.

Baytex Energy Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Tuesday, April 1st were given a $0.0225 dividend. The ex-dividend date was Friday, March 14th. This represents a $0.09 annualized dividend and a dividend yield of 3.98%. 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.