Baytex Energy (BTE) Lifted to “Hold” at Zacks Investment Research

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Baytex Energy (NYSE:BTE) (TSE:BTE) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Monday.

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. “

Other equities analysts have also issued reports about the company. Raymond James raised Baytex Energy from a “market perform” rating to an “outperform” rating in a research note on Monday, November 5th. TD Securities reissued a “buy” rating and issued a $5.50 price target on shares of Baytex Energy in a research note on Monday, November 5th. Veritas Investment Research lowered Baytex Energy from a “buy” rating to a “sell” rating in a research note on Tuesday, January 22nd. Royal Bank of Canada reissued an “average” rating and issued a $5.50 price target on shares of Baytex Energy in a research note on Tuesday, November 6th. Finally, ValuEngine raised Baytex Energy from a “sell” rating to a “hold” rating in a research note on Wednesday, January 2nd. One analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have assigned a buy rating to the company. Baytex Energy presently has an average rating of “Hold” and a consensus price target of $4.90.

BTE traded up $0.02 during trading on Monday, hitting $1.52. The company’s stock had a trading volume of 1,449,200 shares, compared to its average volume of 1,941,793. Baytex Energy has a twelve month low of $1.38 and a twelve month high of $4.85. The company has a debt-to-equity ratio of 0.64, a quick ratio of 0.55 and a current ratio of 0.55. The firm has a market cap of $826.95 million, a PE ratio of -76.00 and a beta of 2.51.

Large investors have recently modified their holdings of the company. Ninepoint Partners LP acquired a new position in shares of Baytex Energy during the third quarter worth approximately $14,259,000. Vanguard Group Inc raised its position in shares of Baytex Energy by 137.9% during the third quarter. Vanguard Group Inc now owns 12,889,037 shares of the oil and gas producer’s stock worth $37,507,000 after purchasing an additional 7,471,495 shares during the period. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp acquired a new position in shares of Baytex Energy during the third quarter worth approximately $45,435,000. Vertex One Asset Management Inc. acquired a new position in shares of Baytex Energy during the third quarter worth approximately $1,200,000. Finally, Davis Rea LTD. acquired a new position in shares of Baytex Energy during the third quarter worth approximately $4,147,000. 30.25% of the stock is currently owned by institutional investors.

About Baytex Energy

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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