Baytex Energy (NYSE:BTE) Hits New 1-Year High – Here’s Why

Baytex Energy Corp (NYSE:BTE) (TSE:BTE)’s stock price hit a new 52-week high on Monday . The stock traded as high as $5.29 and last traded at $5.2950, with a volume of 4238041 shares trading hands. The stock had previously closed at $5.17.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on BTE. Weiss Ratings raised Baytex Energy from a “sell (d)” rating to a “sell (d+)” rating in a research report on Monday, May 11th. Scotiabank reiterated an “outperform” rating on shares of Baytex Energy in a research note on Tuesday, April 21st. TD Securities restated a “hold” rating on shares of Baytex Energy in a research note on Monday, May 11th. Raymond James Financial raised Baytex Energy from a “hold” rating to a “moderate buy” rating in a report on Monday, March 30th. Finally, Royal Bank Of Canada reissued a “sector perform” rating on shares of Baytex Energy in a report on Monday, May 11th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold”.

Baytex Energy Stock Down 0.4%

The company has a 50 day moving average of $4.46 and a 200-day moving average of $3.68. The company has a debt-to-equity ratio of 0.06, a current ratio of 2.15 and a quick ratio of 2.12. The company has a market cap of $3.87 billion, a P/E ratio of -7.56 and a beta of 0.39.

Baytex Energy (NYSE:BTE) (TSE:BTE) last released its quarterly earnings results on Thursday, May 7th. The oil and gas producer reported ($0.08) earnings per share for the quarter, missing the consensus estimate of $0.01 by ($0.09). The business had revenue of $325.64 million during the quarter, compared to analysts’ expectations of $228.04 million. Baytex Energy had a negative net margin of 24.25% and a negative return on equity of 10.85%. On average, equities analysts predict that Baytex Energy Corp will post 0.18 earnings per share for the current year.

Baytex Energy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 2nd. Investors of record on Monday, June 15th will be paid a $0.0225 dividend. This represents a $0.09 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date of this dividend is Monday, June 15th. Baytex Energy’s dividend payout ratio is currently -10.00%.

Institutional Investors Weigh In On Baytex Energy

Several institutional investors and hedge funds have recently bought and sold shares of BTE. Arrowstreet Capital Limited Partnership boosted its holdings in shares of Baytex Energy by 816.3% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 22,003,118 shares of the oil and gas producer’s stock valued at $98,381,000 after buying an additional 19,601,808 shares in the last quarter. Encompass Capital Advisors LLC purchased a new stake in shares of Baytex Energy during the fourth quarter valued at $45,054,000. TD Asset Management Inc grew its stake in shares of Baytex Energy by 176.3% in the fourth quarter. TD Asset Management Inc now owns 10,287,145 shares of the oil and gas producer’s stock worth $33,321,000 after acquiring an additional 6,564,105 shares during the period. Intact Investment Management Inc. raised its stake in Baytex Energy by 214.0% during the 4th quarter. Intact Investment Management Inc. now owns 8,868,370 shares of the oil and gas producer’s stock valued at $28,687,000 after buying an additional 6,044,270 shares during the last quarter. Finally, State of Wisconsin Investment Board purchased a new stake in Baytex Energy during the fourth quarter valued at $15,690,000. Hedge funds and other institutional investors own 46.15% of the company’s stock.

About Baytex Energy

Baytex Energy Corp. is an oil & gas exploration and production company. The firm engages in the acquisition, development and production of crude oil and natural gas in the Western Canadian Sedimentary Basin and in the Eagle Ford in the United States. The company was founded on June 3, 1993 and is headquartered in Calgary, Canada.