Baytex Energy (NYSE:BTE) Issues Quarterly Earnings Results

Baytex Energy (NYSE:BTE) (TSE:BTE) announced its earnings results on Thursday. The oil and gas producer reported $0.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.08 by $0.09, Zacks reports. Baytex Energy had a negative net margin of 24.25% and a negative return on equity of 10.85%.

Baytex Energy Stock Performance

Shares of BTE traded up $0.14 during trading hours on Thursday, reaching $4.29. 14,246,886 shares of the company traded hands, compared to its average volume of 20,586,920. The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.12 and a current ratio of 2.15. The stock’s fifty day moving average is $4.35 and its 200 day moving average is $4.18. Baytex Energy has a 1-year low of $1.93 and a 1-year high of $5.36. The stock has a market cap of $3.05 billion, a P/E ratio of -6.12 and a beta of 0.40.

Baytex Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 2nd. Stockholders of record on Monday, June 15th were given a dividend of $0.0225 per share. The ex-dividend date of this dividend was Monday, June 15th. This represents a $0.09 dividend on an annualized basis and a dividend yield of 2.1%. Baytex Energy’s dividend payout ratio is currently -10.00%.

Hedge Funds Weigh In On Baytex Energy

Several institutional investors and hedge funds have recently added to or reduced their stakes in BTE. Numerai GP LLC lifted its stake in Baytex Energy by 33.5% during the third quarter. Numerai GP LLC now owns 561,546 shares of the oil and gas producer’s stock worth $1,314,000 after purchasing an additional 140,790 shares during the period. Russell Investments Group Ltd. lifted its holdings in shares of Baytex Energy by 35.7% during the fourth quarter. Russell Investments Group Ltd. now owns 328,635 shares of the oil and gas producer’s stock valued at $1,065,000 after acquiring an additional 86,434 shares during the period. Invesco Ltd. lifted its holdings in shares of Baytex Energy by 18.4% during the second quarter. Invesco Ltd. now owns 465,450 shares of the oil and gas producer’s stock valued at $833,000 after acquiring an additional 72,431 shares during the period. Franklin Resources Inc. lifted its holdings in shares of Baytex Energy by 5.7% during the fourth quarter. Franklin Resources Inc. now owns 209,940 shares of the oil and gas producer’s stock valued at $679,000 after acquiring an additional 11,228 shares during the period. Finally, Balyasny Asset Management L.P. boosted its stake in shares of Baytex Energy by 221.1% in the 4th quarter. Balyasny Asset Management L.P. now owns 162,248 shares of the oil and gas producer’s stock valued at $524,000 after purchasing an additional 111,721 shares in the last quarter. 46.15% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts have commented on BTE shares. Canaccord Genuity Group raised shares of Baytex Energy from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, April 14th. Canadian Imperial Bank of Commerce reaffirmed a “neutral” rating on shares of Baytex Energy in a research note on Friday, July 10th. Scotiabank reiterated an “outperform” rating on shares of Baytex Energy in a report on Tuesday, April 21st. Royal Bank Of Canada reissued a “sector perform” rating on shares of Baytex Energy in a research report on Monday, May 11th. Finally, Weiss Ratings upgraded Baytex Energy from a “sell (d)” rating to a “sell (d+)” rating in a report on Tuesday. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Hold”.

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.