Baytex Energy (TSE:BTE) Stock Price Up 22.1% – Time to Buy?

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

Analysts Set New Price Targets

BTE has been the subject of several analyst reports. Raymond James dropped their price objective on Baytex Energy from C$5.00 to C$4.00 in a report on Wednesday. Scotiabank upgraded Baytex Energy to a “hold” rating in a research report on Wednesday, March 19th. TD Securities dropped their target price on shares of Baytex Energy from C$5.50 to C$5.00 in a report on Wednesday, March 5th. BMO Capital Markets reduced their price target on shares of Baytex Energy from C$5.00 to C$4.00 in a research note on Wednesday, March 5th. Finally, Royal Bank of Canada lowered their price objective on shares of Baytex Energy from C$5.50 to C$5.00 in a research report on Tuesday, January 14th. Four equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Baytex Energy presently has an average rating of “Hold” and an average target price of C$5.33.

Baytex Energy Stock Up 2.3 %

The stock has a market capitalization of C$1.78 billion, a price-to-earnings ratio of -5.14, a price-to-earnings-growth ratio of 0.12 and a beta of 2.61. 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 moving average price of C$3.08 and a 200 day moving average price of C$3.62.

Baytex Energy Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Tuesday, April 1st were given 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 3.98%. Baytex Energy’s dividend payout ratio is presently -20.48%.

Baytex Energy Company Profile

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.