Baytex Energy (TSE:BTE) Trading Down 1.9% After Analyst Downgrade

Baytex Energy Corp. (TSE:BTE) (NYSE:BTE) was down 1.9% during mid-day trading on Wednesday after CIBC lowered their price target on the stock from C$5.00 to C$4.25. The company traded as low as C$1.91 and last traded at C$2.04. Approximately 1,644,930 shares changed hands during mid-day trading, a decline of 64% from the average daily volume of 4,549,071 shares. The stock had previously closed at C$2.08.

Several other research firms also recently weighed in on BTE. Royal Bank of Canada decreased their price objective on Baytex Energy from C$5.50 to C$5.00 in a report on Tuesday, January 14th. Raymond James decreased their price target 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. Atb Cap Markets downgraded shares of Baytex Energy from a “strong-buy” rating to a “hold” rating in a report on Thursday, January 30th. Finally, BMO Capital Markets reduced their price objective on Baytex Energy from C$5.00 to C$4.00 in a report on Wednesday, March 5th. Four investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of C$5.33.

Baytex Energy Price Performance

The company has a market capitalization of C$1.74 billion, a price-to-earnings ratio of -5.03, a P/E/G ratio of 0.12 and a beta of 2.61. The company has a debt-to-equity ratio of 57.38, a quick ratio of 0.77 and a current ratio of 0.69. The company has a fifty day simple moving average of C$3.11 and a two-hundred day simple moving average of C$3.64.

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 4.07%. Baytex Energy’s dividend payout ratio (DPR) is presently -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.