Baytex Energy (TSE:BTE) Stock Price Up 22.1% – Still a Buy?

Baytex Energy Corp. (TSE:BTE) (NYSE:BTE) shot up 22.1% during mid-day trading on Wednesday . The stock traded as high as C$2.58 and last traded at C$2.54. 14,022,296 shares were traded during mid-day trading, an increase of 196% from the average session volume of 4,731,904 shares. The stock had previously closed at C$2.08.

Analysts Set New Price Targets

A number of research firms have recently commented on BTE. CIBC reduced their price target on shares of Baytex Energy from C$5.00 to C$4.25 in a research report on Thursday. BMO Capital Markets reduced their target price 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 note on Thursday, January 30th. TD Securities dropped their price target on Baytex Energy from C$5.50 to C$5.00 in a research report on Wednesday, March 5th. Finally, Royal Bank of Canada cut their price objective on Baytex Energy from C$5.50 to C$5.00 in a report on Tuesday, January 14th. 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, Baytex Energy currently has a consensus rating of “Hold” and a consensus target price of C$5.33.

Baytex Energy Stock Up 2.3 %

The company has a quick ratio of 0.77, a current ratio of 0.69 and a debt-to-equity ratio of 57.38. The stock has a 50-day simple moving average of C$3.08 and a two-hundred day simple moving average of C$3.62. The firm has a market cap of C$1.78 billion, a PE ratio of -5.14, a P/E/G ratio of 0.12 and a beta of 2.61.

Baytex Energy Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Tuesday, April 1st were given 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 3.98%. 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.