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

Baytex Energy Corp. (TSE:BTE) (NYSE:BTE) was down 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 company 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 daily volume of 4,833,076 shares. The stock had previously closed at C$2.54.

Other equities research analysts have also recently issued research reports about the stock. Raymond James lowered their price target on shares of Baytex Energy from C$5.00 to C$4.00 in a report on Wednesday. Royal Bank of Canada dropped their price target on Baytex Energy from C$5.50 to C$5.00 in a research report on Tuesday, January 14th. TD Securities cut their price target on Baytex Energy from C$5.50 to C$5.00 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 research note on Thursday, January 30th. Finally, Scotiabank upgraded shares of Baytex Energy to a “hold” rating in a research note on Wednesday, March 19th. Four equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of C$5.33.

Baytex Energy Stock Up 2.3 %

The company’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 debt-to-equity ratio of 57.38, a quick ratio of 0.77 and a current ratio of 0.69. The firm 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 firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Tuesday, April 1st were given 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 (DPR) 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.