Baytex Energy (NYSE:BTE) Shares Gap Down – Here’s Why
by Sarita Garza · The Markets DailyShares of Baytex Energy Corp (NYSE:BTE – Get Free Report) (TSE:BTE) gapped down before the market opened on Monday . The stock had previously closed at $4.32, but opened at $4.14. Baytex Energy shares last traded at $4.25, with a volume of 952,955 shares changing hands.
Analyst Ratings Changes
BTE has been the topic of several recent research reports. Canaccord Genuity Group upgraded Baytex Energy from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, April 14th. Zacks Research cut Baytex Energy from a “hold” rating to a “strong sell” rating in a research report on Friday, July 17th. Canadian Imperial Bank of Commerce reiterated a “neutral” rating on shares of Baytex Energy in a research note on Friday, July 10th. Raymond James Financial raised Baytex Energy from a “hold” rating to a “moderate buy” rating in a report on Monday, March 30th. Finally, Weiss Ratings downgraded Baytex Energy from a “sell (d+)” rating to a “sell (d)” rating in a research note on Wednesday, June 24th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, five have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, Baytex Energy has a consensus rating of “Hold”.
Check Out Our Latest Stock Analysis on Baytex Energy
Baytex Energy Trading Down 2.9%
The firm’s 50 day moving average is $4.44 and its 200 day moving average is $4.15. The company has a market cap of $2.99 billion, a PE ratio of -5.99 and a beta of 0.40. The company has a debt-to-equity ratio of 0.06, a current ratio of 2.15 and a quick ratio of 2.12.
Baytex Energy (NYSE:BTE – Get Free Report) (TSE:BTE) last posted its earnings results on Thursday, May 7th. The oil and gas producer reported ($0.08) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.01 by ($0.09). Baytex Energy had a negative return on equity of 10.85% and a negative net margin of 24.25%.The firm had revenue of $325.64 million during the quarter, compared to analysts’ expectations of $228.04 million. On average, equities analysts anticipate that Baytex Energy Corp will post 0.26 earnings per share for the current year.
Baytex Energy Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, July 2nd. Investors of record on Monday, June 15th were given a $0.0225 dividend. This represents a $0.09 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date was Monday, June 15th. Baytex Energy’s dividend payout ratio (DPR) is -10.00%.
Hedge Funds Weigh In On Baytex Energy
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Bank of Nova Scotia purchased a new position in Baytex Energy during the third quarter worth about $26,000. Magnetar Financial LLC purchased a new stake in shares of Baytex Energy in the 4th quarter valued at about $35,000. Jump Financial LLC purchased a new stake in shares of Baytex Energy in the 4th quarter valued at about $39,000. Caitong International Asset Management Co. Ltd boosted its position in shares of Baytex Energy by 98.4% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 13,490 shares of the oil and gas producer’s stock valued at $44,000 after acquiring an additional 6,691 shares during the last quarter. Finally, WINTON GROUP Ltd bought a new stake in shares of Baytex Energy during the 4th quarter valued at about $47,000. 46.15% of the stock is currently owned by hedge funds and other institutional investors.
About Baytex Energy
Baytex Energy Corp. is an oil & gas exploration and production company. The firm engages in the acquisition, development and production of crude oil and natural gas in the Western Canadian Sedimentary Basin and in the Eagle Ford in the United States. The company was founded on June 3, 1993 and is headquartered in Calgary, Canada.