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

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

BTE has been the topic of several other reports. Royal Bank of Canada decreased their price target on shares of Baytex Energy from C$5.50 to C$5.00 in a research note on Tuesday, January 14th. Scotiabank raised shares of Baytex Energy to a “hold” rating in a research note on Wednesday, March 19th. Raymond James lowered their target price on shares of Baytex Energy from C$5.00 to C$4.00 in a report on Wednesday. Atb Cap Markets lowered Baytex Energy from a “strong-buy” rating to a “hold” rating in a research report on Thursday, January 30th. Finally, BMO Capital Markets cut their target price on Baytex Energy from C$5.00 to C$4.00 in a research note on Wednesday, March 5th. Four research analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of C$5.33.

Baytex Energy Trading Down 13.4 %

The company has a market capitalization of C$1.74 billion, a P/E ratio of -5.01, a price-to-earnings-growth ratio of 0.12 and a beta of 2.61. The business has a fifty day moving average price of C$3.13 and a 200 day moving average price of C$3.65. 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 business also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Tuesday, April 1st were paid a $0.0225 dividend. The ex-dividend date was Friday, March 14th. This represents a $0.09 dividend on an annualized basis and a yield of 4.09%. 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.