Baytex Energy (NYSE:BTE) Shares Down 5.3% – Time to Sell?

Baytex Energy Corp (NYSE:BTE) (TSE:BTE)’s stock price traded down 5.3% during trading on Wednesday . The company traded as low as $4.95 and last traded at $4.8950. Approximately 2,783,978 shares changed hands during mid-day trading, a decline of 86% from the average session volume of 19,519,564 shares. The stock had previously closed at $5.17.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on BTE. Zacks Research upgraded Baytex Energy from a “strong sell” rating to a “hold” rating in a research report on Thursday, August 20th. Weiss Ratings upgraded Baytex Energy from a “sell (d)” rating to a “sell (d+)” rating in a report on Tuesday, July 28th. Canadian Imperial Bank of Commerce restated a “neutral” rating on shares of Baytex Energy in a report on Friday, July 10th. Raymond James Financial reaffirmed a “strong-buy” rating on shares of Baytex Energy in a research note on Wednesday. Finally, TD Securities reiterated a “hold” rating on shares of Baytex Energy in a report on Monday, August 3rd. Two research analysts have rated the stock with a Strong Buy rating, two have given a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Baytex Energy presently has an average rating of “Hold”.

Baytex Energy Price Performance

The company has a market capitalization of $3.34 billion, a PE ratio of -7.23 and a beta of 0.39. The company has a current ratio of 2.82, a quick ratio of 2.79 and a debt-to-equity ratio of 0.06. The company’s 50 day moving average price is $4.54 and its 200-day moving average price is $4.47.

Baytex Energy (NYSE:BTE) (TSE:BTE) last issued its earnings results on Thursday, July 30th. The oil and gas producer reported $0.17 earnings per share for the quarter, topping the consensus estimate of $0.08 by $0.09. Baytex Energy had a negative return on equity of 7.77% and a negative net margin of 26.43%.The business had revenue of $449.32 million for the quarter, compared to analyst estimates of $218.10 million. On average, sell-side analysts forecast that Baytex Energy Corp will post 0.41 earnings per share for the current fiscal year.

Baytex Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Tuesday, September 15th will be issued a $0.0225 dividend. This represents a $0.09 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date is Tuesday, September 15th. Baytex Energy’s dividend payout ratio (DPR) is -8.96%.

Hedge Funds Weigh In On Baytex Energy

Hedge funds and other institutional investors have recently modified their holdings of the company. Capula Management Ltd acquired a new stake in Baytex Energy during the 1st quarter worth approximately $57,000. Commerce Bank acquired a new position in Baytex Energy during the second quarter valued at approximately $60,000. Bank of New York Mellon Corp acquired a new position in Baytex Energy during the second quarter valued at approximately $60,000. Cetera Investment Advisers grew its stake in Baytex Energy by 31.5% during the first quarter. Cetera Investment Advisers now owns 21,120 shares of the oil and gas producer’s stock worth $94,000 after buying an additional 5,060 shares during the period. Finally, Blue Trust Inc. purchased a new stake in Baytex Energy during the first quarter worth approximately $95,000. 46.15% of the stock is owned by institutional investors and hedge funds.

Baytex Energy Company Profile

Baytex Energy Corp. is a Canadian oil and natural gas exploration and production company headquartered in Calgary, Alberta. The company focuses on the development and production of crude oil, condensate, natural gas liquids and natural gas from unconventional and conventional reserves.

Baytex operates primarily in the Western Canadian Sedimentary Basin, including resource plays in Alberta and Saskatchewan, and in the Eagle Ford shale in South Texas. Its Canadian operations provide exposure to heavy oil, light oil and natural gas assets, while its Eagle Ford operations are focused largely on liquids-rich production.

Founded in 1993, Baytex has grown through exploration, development and acquisitions.