Baytex Energy (TSE:BTE) Trading 22.1% Higher - Here's Why

Baytex Energy Corp. (TSE:BTE - Get Free Report) NYSE: BTE shot up 22.1% during mid-day trading on Thursday . The stock traded as high as C$2.58 and last traded at C$2.54. 14,022,296 shares traded hands during mid-day trading, an increase of 195% from the average session volume of 4,751,239 shares. The stock had previously closed at C$2.08.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on BTE. CIBC reduced their price objective on Baytex Energy from C$5.00 to C$4.25 in a research note on Thursday, April 10th. Scotiabank raised Baytex Energy to a "hold" rating in a research note on Wednesday, March 19th. Royal Bank of Canada cut their price objective on Baytex Energy from C$5.50 to C$5.00 in a report on Tuesday, January 14th. Atb Cap Markets lowered shares of Baytex Energy from a "strong-buy" rating to a "hold" rating in a report on Thursday, January 30th. Finally, BMO Capital Markets decreased their price objective on shares of Baytex Energy from C$5.00 to C$4.00 in a research note on Wednesday, March 5th. Four investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of C$5.33.

Baytex Energy Stock Performance

The business's 50-day simple moving average is C$3.06 and its 200-day simple moving average is C$3.60. The company has a market cap of C$1.78 billion, a PE ratio of -5.14, a P/E/G ratio of 0.12 and a beta of 2.61. The company has a current ratio of 0.69, a quick ratio of 0.77 and a debt-to-equity ratio of 57.38.

Baytex Energy Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Tuesday, April 1st were given a dividend of $0.0225 per share. The ex-dividend date was Friday, March 14th. This represents a $0.09 dividend on an annualized basis and a yield of 3.98%. Baytex Energy's payout ratio is -20.48%.

About Baytex Energy

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.