Baytex Energy (TSE:BTE) Shares Down 13% Following Analyst Downgrade

Baytex Energy Corp. (TSE:BTE - Get Free Report) NYSE: BTE's stock price was down 13% on Friday after CIBC lowered their price target on the stock from C$5.00 to C$4.25. The company traded as low as C$2.16 and last traded at C$2.21. Approximately 10,479,806 shares were traded during mid-day trading, an increase of 117% from the average daily volume of 4,833,076 shares. The stock had previously closed at C$2.54.

A number of other equities analysts have also recently weighed in on the stock. Atb Cap Markets cut shares of Baytex Energy from a "strong-buy" rating to a "hold" rating in a research report on Thursday, January 30th. BMO Capital Markets reduced their target price on Baytex Energy from C$5.00 to C$4.00 in a report on Wednesday, March 5th. Royal Bank of Canada lowered their price target on Baytex Energy from C$5.50 to C$5.00 in a report on Tuesday, January 14th. TD Securities cut their price objective on Baytex Energy from C$5.50 to C$5.00 in a report on Wednesday, March 5th. Finally, Raymond James lowered their target price on Baytex Energy from C$5.00 to C$4.00 in a research note on Wednesday, April 9th. Four equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of C$5.33.

Baytex Energy Price Performance

The company's 50 day moving average is C$3.03 and its 200-day moving average is C$3.59. The firm has a market capitalization of C$1.82 billion, a price-to-earnings ratio of -5.26, 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.

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Baytex Energy Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Tuesday, April 1st were paid a $0.0225 dividend. The ex-dividend date was Friday, March 14th. This represents a $0.09 dividend on an annualized basis and a yield of 3.90%. Baytex Energy's dividend payout ratio (DPR) 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.