Baytex Energy (TSE:BTE) Trading 22.1% Higher – Here’s What Happened

Baytex Energy Corp. (TSE:BTE) (NYSE:BTE) shares shot up 22.1% during mid-day trading on Wednesday . The company traded as high as C$2.58 and last traded at C$2.54. 14,022,296 shares traded hands during mid-day trading, an increase of 195% from the average session volume of 4,751,239 shares. The stock had previously closed at C$2.08.

Wall Street Analyst Weigh In

BTE has been the topic of a number of recent research reports. CIBC cut their price target on Baytex Energy from C$6.00 to C$5.00 in a research note on Friday, January 17th. TD Securities reduced their target price on shares of Baytex Energy from C$5.50 to C$5.00 in a report on Wednesday, March 5th. 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. Scotiabank raised shares of Baytex Energy to a “hold” rating in a research note on Wednesday, March 19th. Finally, Royal Bank of Canada decreased their price objective on Baytex Energy from C$5.50 to C$5.00 in a report on Tuesday, January 14th. Five equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of C$5.41.

Baytex Energy Price Performance

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 business has a 50 day moving average price of C$3.17 and a 200-day moving average price of C$3.66. The company has a market capitalization of C$2.01 billion, a price-to-earnings ratio of -5.78, a P/E/G 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. Investors of record on Tuesday, April 1st were paid a dividend of $0.0225 per share. This represents a $0.09 annualized dividend and a yield of 3.54%. The ex-dividend date of this dividend was Friday, March 14th. Baytex Energy’s dividend payout ratio is presently -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.