Baytex Energy (TSE:BTE) Shares Up 17.3% - Here's Why

Baytex Energy Corp. (TSE:BTE - Get Free Report) NYSE: BTE shares traded up 17.3% during trading on Wednesday . The stock traded as high as C$2.47 and last traded at C$2.44. 8,927,135 shares were traded during mid-day trading, an increase of 93% from the average session volume of 4,628,410 shares. The stock had previously closed at C$2.08.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on BTE shares. Royal Bank of Canada reduced their price target on shares of Baytex Energy from C$5.50 to C$5.00 in a research report on Tuesday, January 14th. Raymond James lowered their price target on Baytex Energy from C$5.00 to C$4.00 in a report on Wednesday, April 9th. Scotiabank upgraded Baytex Energy to a "hold" rating in a research report on Wednesday, March 19th. BMO Capital Markets dropped their target price on Baytex Energy from C$5.00 to C$4.00 in a report on Wednesday, March 5th. Finally, CIBC lowered their price objective on shares of Baytex Energy from C$5.00 to C$4.25 in a research report on Thursday. Four analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of C$5.33.

Baytex Energy Stock Performance

The company has a 50 day moving average of C$3.08 and a 200 day moving average of C$3.62. The firm has a market cap of C$1.78 billion, a P/E 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 quick ratio of 0.77 and a current ratio of 0.69.

Baytex Energy Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Tuesday, April 1st were paid a dividend of $0.0225 per share. The ex-dividend date was Friday, March 14th. This represents a $0.09 annualized dividend and a dividend yield of 3.98%. Baytex Energy's dividend payout ratio (DPR) is -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.