Baytex Energy (TSE:BTE) Trading 2.6% Higher – Here’s Why

Baytex Energy Corp. (TSE:BTE) (NYSE:BTE) rose 2.6% during mid-day trading on Thursday . The stock traded as high as C$2.41 and last traded at C$2.37. Approximately 1,070,615 shares traded hands during mid-day trading, a decline of 78% from the average daily volume of 4,831,580 shares. The stock had previously closed at C$2.31.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the company. Atb Cap Markets lowered Baytex Energy from a “strong-buy” rating to a “hold” rating in a research report on Thursday, January 30th. Raymond James reduced their price objective on shares of Baytex Energy from C$5.00 to C$4.00 in a research note on Wednesday, April 9th. TD Securities decreased their price objective on shares of Baytex Energy from C$5.50 to C$5.00 in a research note on Wednesday, March 5th. BMO Capital Markets reduced their price objective on Baytex Energy from C$5.00 to C$4.00 in a research note on Wednesday, March 5th. Finally, Scotiabank raised Baytex Energy to a “hold” rating in a research note on Wednesday, March 19th. Four equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of C$5.33.

Baytex Energy Stock Up 4.8 %

The company has a debt-to-equity ratio of 57.38, a current ratio of 0.69 and a quick ratio of 0.77. The stock has a market cap of C$1.91 billion, a price-to-earnings ratio of -5.51, a P/E/G ratio of 0.12 and a beta of 2.61. The business has a fifty day moving average of C$2.96 and a 200 day moving average of C$3.56.

Baytex Energy Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Tuesday, April 1st were issued a $0.0225 dividend. This represents a $0.09 dividend on an annualized basis and a yield of 3.72%. The ex-dividend date of this dividend was Friday, March 14th. 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.