Baytex Energy Corp (BTE) Receives Buy Rating from Canaccord Genuity

Canaccord Genuity restated their buy rating on shares of Baytex Energy Corp (NYSE:BTE) (TSE:BTE) in a report released on Thursday, November 2nd. They currently have a $4.25 price objective on the oil and gas producer’s stock.

BTE has been the topic of several other reports. UBS AG cut shares of Baytex Energy Corp from a market perform rating to an underperform rating in a research note on Wednesday, July 5th. Zacks Investment Research raised shares of Baytex Energy Corp from a sell rating to a hold rating in a research note on Friday, August 11th. BidaskClub cut shares of Baytex Energy Corp from a hold rating to a sell rating in a research note on Thursday, August 17th. AltaCorp Capital cut shares of Baytex Energy Corp from an outperform rating to a sector perform rating in a research note on Friday, October 6th. Finally, Barclays PLC cut shares of Baytex Energy Corp from an equal weight rating to an underweight rating in a research note on Monday, October 30th. Five investment analysts have rated the stock with a sell rating, six have given a hold rating and two have issued a buy rating to the company’s stock. The company has a consensus rating of Hold and an average price target of $6.80.

Shares of Baytex Energy Corp (NYSE BTE) opened at $2.98 on Thursday. Baytex Energy Corp has a 12-month low of $2.13 and a 12-month high of $5.61. The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.74 and a current ratio of 0.74.

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A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Bank of Montreal Can grew its stake in Baytex Energy Corp by 1.0% in the 2nd quarter. Bank of Montreal Can now owns 717,403 shares of the oil and gas producer’s stock valued at $1,744,000 after acquiring an additional 7,259 shares during the last quarter. Guardian Capital Advisors LP grew its stake in Baytex Energy Corp by 6.8% in the 3rd quarter. Guardian Capital Advisors LP now owns 268,334 shares of the oil and gas producer’s stock valued at $861,000 after acquiring an additional 17,002 shares during the last quarter. Commerzbank Aktiengesellschaft FI grew its stake in Baytex Energy Corp by 7.9% in the 2nd quarter. Commerzbank Aktiengesellschaft FI now owns 268,930 shares of the oil and gas producer’s stock valued at $653,000 after acquiring an additional 19,635 shares during the last quarter. Bank of Nova Scotia grew its stake in Baytex Energy Corp by 26.2% in the 2nd quarter. Bank of Nova Scotia now owns 104,076 shares of the oil and gas producer’s stock valued at $253,000 after acquiring an additional 21,587 shares during the last quarter. Finally, UBS Asset Management Americas Inc. grew its stake in Baytex Energy Corp by 6.5% in the 2nd quarter. UBS Asset Management Americas Inc. now owns 451,992 shares of the oil and gas producer’s stock valued at $1,096,000 after acquiring an additional 27,622 shares during the last quarter. 17.17% of the stock is currently owned by hedge funds and other institutional investors.

About Baytex Energy Corp

Baytex Energy Corp. (Baytex) is engaged in the business of acquiring, developing, exploiting and holding interests in petroleum and natural gas properties and related assets in Canada (Alberta and Saskatchewan) and in the United States (Texas). The Company’s crude oil and natural gas operations are organized into four business units: Lloydminster, Peace River, Conventional and United States.

Analyst Recommendations for Baytex Energy Corp (NYSE:BTE)

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