Baytex Energy (TSE:BTE) Shares Down 13% on Analyst Downgrade

Baytex Energy Corp. (TSE:BTE) (NYSE:BTE) shares traded down 13% during trading on Friday 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. 10,479,806 shares changed hands during mid-day trading, an increase of 117% from the average session volume of 4,833,076 shares. The stock had previously closed at C$2.54.

Several other equities analysts also recently commented on BTE. Raymond James dropped their target price on Baytex Energy from C$5.00 to C$4.00 in a research report on Wednesday. BMO Capital Markets dropped their price objective on shares of Baytex Energy from C$5.00 to C$4.00 in a report on Wednesday, March 5th. Atb Cap Markets cut shares of Baytex Energy from a “strong-buy” rating to a “hold” rating in a research report on Thursday, January 30th. Royal Bank of Canada cut their price target on shares of Baytex Energy from C$5.50 to C$5.00 in a report on Tuesday, January 14th. Finally, TD Securities decreased their price objective on Baytex Energy from C$5.50 to C$5.00 in a report on Wednesday, March 5th. 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 currently has a consensus rating of “Hold” and an average price target of C$5.33.

Baytex Energy Stock Performance

The company’s 50-day moving average price is C$3.08 and its two-hundred day moving average price is C$3.62. The company has a market capitalization of C$1.78 billion, a price-to-earnings ratio of -5.14, a PEG ratio of 0.12 and a beta of 2.61. The company has a debt-to-equity ratio of 57.38, a current ratio of 0.69 and a quick ratio of 0.77.

Baytex Energy Cuts Dividend

The firm 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. This represents a $0.09 annualized dividend and a dividend yield of 3.98%. The ex-dividend date was Friday, March 14th. Baytex Energy’s dividend payout ratio (DPR) is presently -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.