Baytex Energy (TSE:BTE) Shares Down 12.6% Following Analyst Downgrade

Shares of Baytex Energy Corp. (TSE:BTE) (NYSE:BTE) dropped 12.6% on Thursday after CIBC lowered their price target on the stock from C$5.00 to C$4.25. The company traded as low as C$2.16 and last traded at C$2.22. Approximately 8,775,947 shares changed hands during trading, an increase of 83% from the average daily volume of 4,806,035 shares. The stock had previously closed at C$2.54.

Other equities analysts have also issued research reports about the company. Atb Cap Markets lowered Baytex Energy from a “strong-buy” rating to a “hold” rating in a research report on Thursday, January 30th. Raymond James decreased their price target on shares of Baytex Energy from C$5.00 to C$4.00 in a research note on Wednesday. Royal Bank of Canada dropped their price objective on shares of Baytex Energy from C$5.50 to C$5.00 in a research note on Tuesday, January 14th. BMO Capital Markets decreased their target price on shares of Baytex Energy from C$5.00 to C$4.00 in a research note on Wednesday, March 5th. Finally, TD Securities dropped their price target on Baytex Energy from C$5.50 to C$5.00 in a research report on Wednesday, March 5th. Four equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of C$5.33.

Baytex Energy Price Performance

The firm has a 50-day moving average of C$3.11 and a 200 day moving average of C$3.64. The company has a debt-to-equity ratio of 57.38, a current ratio of 0.69 and a quick ratio of 0.77. The company has a market capitalization of C$1.74 billion, a PE ratio of -5.03, a PEG ratio of 0.12 and a beta of 2.61.

Baytex Energy Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Tuesday, April 1st were paid a dividend of $0.0225 per share. The ex-dividend date was Friday, March 14th. This represents a $0.09 dividend on an annualized basis and a dividend yield of 4.07%. Baytex Energy’s dividend payout ratio is currently -20.48%.

Baytex Energy Company Profile

Baytex Energy Corp., an energy company, engages in the acquisition, development, and production of crude oil and natural gas in the Western Canadian Sedimentary Basin and in the Eagle Ford, the United States. The company offers light oil and condensate, heavy oil, natural gas liquids, and natural gas.