Baytex Energy (TSE:BTE) Shares Up 2.6% - Here's Why

Baytex Energy Corp. (TSE:BTE - Get Free Report) NYSE: BTE was up 2.6% on Tuesday . The stock traded as high as C$2.54 and last traded at C$2.39. Approximately 1,139,438 shares traded hands during mid-day trading, a decline of 75% from the average daily volume of 4,480,668 shares. The stock had previously closed at C$2.33.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on BTE. Scotiabank raised Baytex Energy to a "hold" rating in a research note on Wednesday, March 19th. Royal Bank of Canada lowered their target price on shares of Baytex Energy from C$5.50 to C$5.00 in a research note on Tuesday, January 14th. TD Securities reduced their target price on shares of Baytex Energy from C$5.50 to C$5.00 in a research report on Wednesday, March 5th. Raymond James lowered their price target on shares of Baytex Energy from C$5.00 to C$4.00 in a research report on Wednesday. Finally, BMO Capital Markets cut their price objective on shares of Baytex Energy from C$5.00 to C$4.00 in a report on Wednesday, March 5th. Four analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of C$5.33.

Baytex Energy Trading Up 2.3 %

The stock has a market cap of C$1.78 billion, a PE ratio of -5.14, a price-to-earnings-growth 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. The company's 50-day moving average price is C$3.08 and its 200 day moving average price is C$3.62.

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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 $0.0225 dividend. This represents a $0.09 annualized dividend and a dividend yield of 3.98%. The ex-dividend date was Friday, March 14th. Baytex Energy's dividend payout ratio (DPR) is presently -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.