Baytex Energy (TSE:BTE) Stock Price Down 13% Following Analyst Downgrade

Baytex Energy Corp. (TSE:BTE) (NYSE:BTE) was down 13% during mid-day trading on Friday after CIBC lowered their price target on the stock from C$5.00 to C$4.25. The stock traded as low as C$2.16 and last traded at C$2.21. Approximately 10,479,806 shares traded hands during trading, an increase of 117% from the average daily volume of 4,833,076 shares. The stock had previously closed at C$2.54.

Other analysts also recently issued research reports about the company. Raymond James decreased their target price on Baytex Energy from C$5.00 to C$4.00 in a research note on Wednesday. Royal Bank of Canada reduced their price objective on Baytex Energy from C$5.50 to C$5.00 in a research report on Tuesday, January 14th. Scotiabank raised shares of Baytex Energy to a “hold” rating in a research report on Wednesday, March 19th. TD Securities reduced their price target on shares of Baytex Energy from C$5.50 to C$5.00 in a report on Wednesday, March 5th. Finally, Atb Cap Markets downgraded shares of Baytex Energy from a “strong-buy” rating to a “hold” rating in a report on Thursday, January 30th. Four investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat, Baytex Energy has an average rating of “Hold” and a consensus price target of C$5.33.

Baytex Energy Price Performance

The company’s 50 day simple moving average is C$3.11 and its two-hundred day simple moving average is 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 stock has a market capitalization of C$1.74 billion, a P/E ratio of -5.03, a PEG ratio of 0.12 and a beta of 2.61.

Baytex Energy Cuts Dividend

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

About Baytex Energy

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.