Baytex Energy (TSE:BTE) Sets New 52-Week High – Here’s What Happened

Baytex Energy Corp. (TSE:BTE) (NYSE:BTE)’s stock price hit a new 52-week high on Tuesday . The stock traded as high as C$7.37 and last traded at C$7.36, with a volume of 3189471 shares trading hands. The stock had previously closed at C$7.10.

Analysts Set New Price Targets

A number of research firms have recently commented on BTE. TD lifted their target price on Baytex Energy from C$6.00 to C$6.50 and gave the stock a “hold” rating in a research note on Monday, May 11th. Royal Bank Of Canada lifted their target price on Baytex Energy from C$6.50 to C$7.00 and gave the stock a “sector perform” rating in a research note on Monday, May 11th. Scotia lifted their target price on Baytex Energy from C$6.50 to C$7.50 and gave the stock a “sector outperform” rating in a research note on Friday, May 8th. Raymond James Financial lifted their target price on Baytex Energy from C$7.00 to C$8.00 and gave the stock an “outperform” rating in a research note on Friday, May 8th. Finally, Canaccord Genuity Group upgraded Baytex Energy from a “hold” rating to a “buy” rating and lifted their target price for the stock from C$5.25 to C$7.00 in a research note on Tuesday, April 14th. Five analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of C$7.00.

Baytex Energy Trading Up 3.5%

The stock has a market cap of C$5.32 billion, a P/E ratio of -7.66, a P/E/G ratio of 0.12 and a beta of 0.58. The company has a debt-to-equity ratio of 6.84, a quick ratio of 0.77 and a current ratio of 2.15. The stock has a 50-day moving average price of C$6.08 and a 200-day moving average price of C$5.04.

Baytex Energy (TSE:BTE) (NYSE:BTE) last issued its quarterly earnings results on Thursday, May 7th. The company reported C($0.09) earnings per share (EPS) for the quarter. The business had revenue of C$401.37 million for the quarter. Baytex Energy had a negative net margin of 83.88% and a negative return on equity of 23.15%. On average, equities research analysts expect that Baytex Energy Corp. will post 0.3703367 EPS for the current year.

Baytex Energy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, April 1st. Investors of record on Wednesday, April 1st were given a $0.0225 dividend. The ex-dividend date was Friday, March 13th. This represents a $0.09 dividend on an annualized basis and a yield of 1.2%. Baytex Energy’s payout ratio is presently -7.03%.

Insider Transactions at Baytex Energy

In other news, insider Chadwick Kalmakoff bought 15,000 shares of the company’s stock in a transaction that occurred on Friday, March 20th. The stock was bought at an average price of C$5.73 per share, for a total transaction of C$85,950.00. Following the transaction, the insider directly owned 382,331 shares of the company’s stock, valued at C$2,190,756.63. This represents a 4.08% increase in their position. Also, insider James Robert Maclean bought 10,000 shares of the company’s stock in a transaction that occurred on Friday, March 20th. The stock was purchased at an average price of C$5.73 per share, with a total value of C$57,300.00. Following the transaction, the insider directly owned 185,322 shares in the company, valued at C$1,061,895.06. The trade was a 5.70% increase in their ownership of the stock. Over the last 90 days, insiders have purchased 49,800 shares of company stock worth $293,188. 0.83% of the stock is owned by corporate insiders.

About Baytex Energy

Baytex Energy Corp is an oil and gas company. Geographically, the group operates in Canada and the United States. The company derives a majority of revenue from Canada. Its Canada segment includes the exploration, development, and production of crude oil and natural gas in Western Canada.