Baytex Energy Corp (NYSE:BTE) Receives Average Recommendation of “Hold” from Brokerages

Shares of Baytex Energy Corp (NYSE:BTE) (TSE:BTE) have been assigned a consensus recommendation of “Hold” from the eleven analysts that are currently covering the firm, Marketbeat.com reports. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company.

Several analysts recently issued reports on BTE shares. Zacks Research raised Baytex Energy from a “strong sell” rating to a “hold” rating in a research note on Friday, April 3rd. Canadian Imperial Bank of Commerce reiterated a “neutral” rating on shares of Baytex Energy in a report on Monday, June 1st. Weiss Ratings cut Baytex Energy from a “sell (d+)” rating to a “sell (d)” rating in a report on Wednesday. Raymond James Financial upgraded Baytex Energy from a “hold” rating to a “moderate buy” rating in a report on Monday, March 30th. Finally, Canaccord Genuity Group upgraded Baytex Energy from a “hold” rating to a “strong-buy” rating in a report on Tuesday, April 14th.

Baytex Energy Stock Up 0.2%

NYSE BTE opened at $4.00 on Monday. The stock’s 50-day moving average price is $4.70 and its 200-day moving average price is $4.01. The company has a quick ratio of 2.12, a current ratio of 2.15 and a debt-to-equity ratio of 0.06. Baytex Energy has a 52 week low of $1.76 and a 52 week high of $5.36. The company has a market capitalization of $2.85 billion, a P/E ratio of -5.71 and a beta of 0.37.

Baytex Energy (NYSE:BTE) (TSE:BTE) last posted its quarterly earnings data on Thursday, May 7th. The oil and gas producer reported ($0.08) EPS for the quarter, missing the consensus estimate of $0.01 by ($0.09). The company had revenue of $325.64 million during the quarter, compared to the consensus estimate of $228.04 million. Baytex Energy had a negative return on equity of 10.85% and a negative net margin of 24.25%. On average, equities research analysts predict that Baytex Energy will post 0.34 earnings per share for the current year.

Baytex Energy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, July 2nd. Stockholders of record on Monday, June 15th will be issued a $0.0225 dividend. The ex-dividend date is Monday, June 15th. This represents a $0.09 dividend on an annualized basis and a dividend yield of 2.3%. Baytex Energy’s payout ratio is -10.00%.

Hedge Funds Weigh In On Baytex Energy

Institutional investors and hedge funds have recently modified their holdings of the stock. Bank of New York Mellon Corp lifted its holdings in shares of Baytex Energy by 21.4% in the 1st quarter. Bank of New York Mellon Corp now owns 15,038 shares of the oil and gas producer’s stock worth $67,000 after buying an additional 2,652 shares during the period. Cetera Investment Advisers lifted its holdings in shares of Baytex Energy by 45.9% in the 4th quarter. Cetera Investment Advisers now owns 16,060 shares of the oil and gas producer’s stock worth $52,000 after buying an additional 5,054 shares during the period. Caitong International Asset Management Co. Ltd raised its position in shares of Baytex Energy by 98.4% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 13,490 shares of the oil and gas producer’s stock worth $44,000 after acquiring an additional 6,691 shares in the last quarter. Lakewood Asset Management LLC raised its position in shares of Baytex Energy by 13.3% in the 4th quarter. Lakewood Asset Management LLC now owns 67,571 shares of the oil and gas producer’s stock worth $218,000 after acquiring an additional 7,921 shares in the last quarter. Finally, United Capital Management of KS Inc. raised its position in shares of Baytex Energy by 11.1% in the 4th quarter. United Capital Management of KS Inc. now owns 100,000 shares of the oil and gas producer’s stock worth $323,000 after acquiring an additional 10,000 shares in the last quarter. 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.