Baytex Energy (TSE:BTE) Stock Price Down 13.4% Following Analyst Downgrade

Baytex Energy Corp. (TSE:BTE) (NYSE:BTE) was down 13.4% during mid-day 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$2.16 and last traded at C$2.20. Approximately 8,077,036 shares traded hands during mid-day trading, an increase of 69% from the average daily volume of 4,780,746 shares. The stock had previously closed at C$2.54.

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

Baytex Energy Stock Down 13.0 %

The stock has a market cap of C$1.74 billion, a P/E ratio of -5.03, a price-to-earnings-growth ratio of 0.12 and a beta of 2.61. The firm has a 50 day simple moving average of C$3.11 and a 200-day simple moving average of C$3.64. 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 declared a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Tuesday, April 1st were issued a dividend of $0.0225 per share. This represents a $0.09 annualized dividend and a yield of 4.07%. The ex-dividend date of this dividend was Friday, March 14th. 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.