Baytex Energy (TSE:BTE) Trading Down 13% After Analyst Downgrade

Baytex Energy Corp. (TSE:BTE) (NYSE:BTE)’s stock price dropped 13% 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$2.21. Approximately 10,479,806 shares were traded during mid-day trading, an increase of 117% from the average daily volume of 4,833,076 shares. The stock had previously closed at C$2.54.

A number of other research analysts have also recently weighed in on BTE. Raymond James dropped their target price on shares of 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 report on Tuesday, January 14th. Scotiabank raised Baytex Energy to a “hold” rating in a research report on Wednesday, March 19th. Atb Cap Markets cut Baytex Energy from a “strong-buy” rating to a “hold” rating in a research report on Thursday, January 30th. Finally, BMO Capital Markets decreased their price objective on Baytex Energy from C$5.00 to C$4.00 in a report on Wednesday, March 5th. Four research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of C$5.33.

Baytex Energy Trading Down 13.0 %

The company has a debt-to-equity ratio of 57.38, a quick ratio of 0.77 and a current ratio of 0.69. The firm has a market cap of C$1.74 billion, a P/E ratio of -5.03, a P/E/G ratio of 0.12 and a beta of 2.61. The firm has a 50 day simple moving average of C$3.11 and a 200 day simple moving average of C$3.64.

Baytex Energy Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Tuesday, April 1st were given a $0.0225 dividend. The ex-dividend date of this dividend 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 (DPR) 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.