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

Baytex Energy Corp. (TSE:BTE - Get Free Report) NYSE: BTE shares were down 13% during trading 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 traded hands during trading, an increase of 117% from the average daily volume of 4,833,076 shares. The stock had previously closed at C$2.54.

Several other analysts also recently issued reports on the company. Scotiabank raised Baytex Energy to a "hold" rating in a research note on Wednesday, March 19th. TD Securities decreased their price objective on shares of Baytex Energy from C$5.50 to C$5.00 in a research note on Wednesday, March 5th. Raymond James reduced their price objective on Baytex Energy from C$5.00 to C$4.00 in a research report on Wednesday, April 9th. Royal Bank of Canada dropped their target price on shares of Baytex Energy from C$5.50 to C$5.00 in a research report on Tuesday, January 14th. Finally, Atb Cap Markets downgraded shares of Baytex Energy from a "strong-buy" rating to a "hold" rating in a report on Thursday, January 30th. Four equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of C$5.33.

Baytex Energy Price Performance

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 has a market cap of C$1.82 billion, a P/E ratio of -5.26, a price-to-earnings-growth ratio of 0.12 and a beta of 2.61. The business's 50 day moving average price is C$3.03 and its two-hundred day moving average price is C$3.59.

Baytex Energy Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Tuesday, April 1st were issued 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 3.90%. Baytex Energy's payout ratio 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.