Zacks Investment Research lowered shares of Baytex Energy (NYSE:BTE) (TSE:BTE) from a hold rating to a sell rating in a research report sent to investors on Wednesday morning.
According to Zacks, “Baytex Energy Trust is a conventional oil and gas income trust focused on maintaining its production and asset base through internal property development and delivering consistent returns to its unitholders. “
Several other research firms have also weighed in on BTE. ValuEngine lowered shares of Baytex Energy from a hold rating to a sell rating in a report on Friday, September 14th. Desjardins reaffirmed a buy rating on shares of Baytex Energy in a research note on Friday, November 2nd. TD Securities reissued a buy rating and issued a $5.50 target price on shares of Baytex Energy in a research report on Monday, November 5th. Raymond James raised shares of Baytex Energy from a market perform rating to an outperform rating in a research report on Monday, November 5th. Finally, Royal Bank of Canada reaffirmed an average rating and set a $5.50 price target on shares of Baytex Energy in a research report on Tuesday, November 6th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have given a buy rating to the company’s stock. The stock presently has an average rating of Buy and an average target price of $5.04.
Shares of NYSE BTE traded up $0.03 during trading on Wednesday, hitting $2.00. The company had a trading volume of 2,146,423 shares, compared to its average volume of 2,098,577. Baytex Energy has a fifty-two week low of $1.38 and a fifty-two week high of $4.85. The firm has a market cap of $1.07 billion, a price-to-earnings ratio of -100.00 and a beta of 2.70. The company has a quick ratio of 0.55, a current ratio of 0.55 and a debt-to-equity ratio of 0.64.
Baytex Energy (NYSE:BTE) (TSE:BTE) last announced its earnings results on Friday, November 2nd. The oil and gas producer reported $0.05 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.01 by $0.04. The business had revenue of $334.21 million for the quarter. Baytex Energy had a net margin of 1.84% and a negative return on equity of 5.46%. Equities research analysts anticipate that Baytex Energy will post -0.31 EPS for the current fiscal year.
Institutional investors have recently added to or reduced their stakes in the business. Shell Asset Management Co. boosted its holdings in shares of Baytex Energy by 131.5% during the third quarter. Shell Asset Management Co. now owns 50,466 shares of the oil and gas producer’s stock valued at $146,000 after acquiring an additional 28,666 shares during the period. Russell Investments Group Ltd. bought a new stake in Baytex Energy during the second quarter worth approximately $119,000. Dynamic Technology Lab Private Ltd boosted its position in Baytex Energy by 79.9% during the third quarter. Dynamic Technology Lab Private Ltd now owns 87,832 shares of the oil and gas producer’s stock worth $255,000 after purchasing an additional 39,022 shares during the period. AMP Capital Investors Ltd bought a new stake in Baytex Energy during the second quarter worth approximately $131,000. Finally, Great West Life Assurance Co. Can boosted its position in Baytex Energy by 121.7% during the third quarter. Great West Life Assurance Co. Can now owns 92,629 shares of the oil and gas producer’s stock worth $268,000 after purchasing an additional 50,854 shares during the period. 31.16% of the stock is owned by hedge funds and other institutional investors.
Baytex Energy Company Profile
Baytex Energy Corp., an oil and gas company, engages in the acquisition, development, and production of oil and natural gas in the Western Canadian Sedimentary Basin and in the Eagle Ford in the United States. It offers heavy oil, heavy gravity crude oil, bitumen, light oil, and natural gas liquids. Its primary oil resource plays include the Eagle Ford in Texas, and the Peace River Oil Sands and Lloydminster heavy oil projects in North America.
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