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

Baytex Energy Corp. (TSE:BTE - Get Free Report) NYSE: BTE's share price fell 13% on Friday after CIBC lowered their price target on the stock from C$5.00 to C$4.25. The stock traded as low as C$2.16 and last traded at C$2.21. 10,479,806 shares were traded 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.

BTE has been the subject of several other research reports. Atb Cap Markets cut Baytex Energy from a "strong-buy" rating to a "hold" rating in a research note on Thursday, January 30th. Scotiabank upgraded shares of Baytex Energy to a "hold" rating in a report on Wednesday, March 19th. Raymond James reduced their price objective on shares of Baytex Energy from C$5.00 to C$4.00 in a research note on Wednesday, April 9th. BMO Capital Markets lowered their target price on shares of Baytex Energy from C$5.00 to C$4.00 in a research note on Wednesday, March 5th. Finally, Royal Bank of Canada cut their price target on shares of Baytex Energy from C$5.50 to C$5.00 in a research report on Tuesday, January 14th. Four investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company's stock. According to data from MarketBeat, Baytex Energy presently has an average rating of "Hold" and an average price target of C$5.33.

Baytex Energy Stock Up 3.1 %

The company has a current ratio of 0.69, a quick ratio of 0.77 and a debt-to-equity ratio of 57.38. The stock's 50-day moving average price is C$3.03 and its 200-day moving average price is C$3.59. The company has a market cap of C$1.82 billion, a P/E ratio of -5.26, a PEG ratio of 0.12 and a beta of 2.61.

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Baytex Energy Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Tuesday, April 1st were issued a $0.0225 dividend. The ex-dividend date of this dividend was Friday, March 14th. This represents a $0.09 annualized dividend and a yield of 3.90%. Baytex Energy's payout ratio 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.