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

Baytex Energy Corp. (TSE:BTE) (NYSE:BTE)’s stock price fell 13% on Friday after CIBC lowered their price target on the stock from C$5.00 to C$4.25. The stock traded as low as C$2.16 and last traded at C$2.21. 10,479,806 shares were traded during mid-day trading, an increase of 117% from the average session volume of 4,833,076 shares. The stock had previously closed at C$2.54.

A number of other research analysts also recently issued reports on BTE. TD Securities decreased their target price on shares of Baytex Energy from C$5.50 to C$5.00 in a research report on Wednesday, March 5th. Raymond James lowered their target price on Baytex Energy from C$5.00 to C$4.00 in a research note on Wednesday. Scotiabank raised Baytex Energy to a “hold” rating in a report on Wednesday, March 19th. BMO Capital Markets dropped their price objective on shares of Baytex Energy from C$5.00 to C$4.00 in a research note on Wednesday, March 5th. Finally, Atb Cap Markets downgraded shares of Baytex Energy from a “strong-buy” rating to a “hold” rating in a report on Thursday, January 30th. Four analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of C$5.33.

Baytex Energy Trading Down 13.0 %

The firm has a market cap of C$1.74 billion, a price-to-earnings ratio of -5.03, a price-to-earnings-growth ratio of 0.12 and a beta of 2.61. The company’s 50-day moving average price is C$3.11 and its 200-day moving average price is 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 company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Tuesday, April 1st were paid a dividend of $0.0225 per share. The ex-dividend date was Friday, March 14th. This represents a $0.09 annualized dividend and a yield of 4.07%. Baytex Energy’s dividend payout ratio (DPR) is currently -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.