Baytex Energy (TSE:BTE) Shares Down 13% After Analyst Downgrade

Shares of Baytex Energy Corp. (TSE:BTE) (NYSE:BTE) fell 13% 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$2.21. 9,558,569 shares changed hands during trading, an increase of 99% from the average session volume of 4,811,536 shares. The stock had previously closed at C$2.54.

Several other research firms also recently commented on BTE. Scotiabank upgraded shares of Baytex Energy to a “hold” rating in a research report on Wednesday, March 19th. Royal Bank of Canada cut their price objective on Baytex Energy from C$5.50 to C$5.00 in a research report on Tuesday, January 14th. Raymond James cut their price target on Baytex Energy from C$5.00 to C$4.00 in a research note on Wednesday. BMO Capital Markets cut their target price on shares of Baytex Energy from C$5.00 to C$4.00 in a research note on Wednesday, March 5th. Finally, TD Securities dropped their target price on Baytex Energy from C$5.50 to C$5.00 in a research note on Wednesday, March 5th. Four investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of C$5.33.

Baytex Energy Trading Down 13.0 %

The business’s 50-day moving average is C$3.13 and its two-hundred day moving average is C$3.65. The company has a current ratio of 0.69, a quick ratio of 0.77 and a debt-to-equity ratio of 57.38. The stock has a market capitalization of C$1.74 billion, a PE ratio of -5.03, a PEG ratio of 0.12 and a beta of 2.61.

Baytex Energy Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Tuesday, April 1st were issued a dividend of $0.0225 per share. This represents a $0.09 dividend on an annualized basis and a yield of 4.07%. The ex-dividend date was Friday, March 14th. Baytex Energy’s 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.