Baytex Energy (NYSE:BTE) Stock Gets Downgrade from Wall Street Zen

Key Points

• Wall Street Zen downgraded Baytex Energy from “Buy” to “Hold.” Analyst opinion remains broadly positive: MarketBeat reports a consensus “Buy,” with four Strong Buy, three Buy, and four Hold ratings.
• Baytex beat quarterly earnings expectations, posting EPS of $0.16 versus the $0.13 consensus, and revenue of $426.4 million versus $309.7 million expected.
• Shares opened at $4.36, within a one-year range of $2.96 to $5.61; institutional investors and hedge funds own 46.15% of the stock.

Baytex Energy (NYSE:BTE - Get Free Report) TSE: BTE was downgraded by Wall Street Zen from a "buy" rating to a "hold" rating in a research note issued to investors on Saturday, Wall Street Zen reports.

Several other equities analysts have also weighed in on the company. Raymond James Financial restated a "strong-buy" rating on shares of Baytex Energy in a research note on Wednesday, September 16th. Weiss Ratings upgraded Baytex Energy from a "hold (c)" rating to a "hold (c+)" rating in a research report on Friday, October 23rd. TD Securities raised Baytex Energy from a "hold" rating to a "strong-buy" rating in a report on Friday, November 6th. Jefferies Financial Group started coverage on Baytex Energy in a research report on Tuesday, October 27th. They issued a "buy" rating for the company. Finally, Scotiabank reaffirmed an "outperform" rating on shares of Baytex Energy in a research note on Monday, October 19th. Four research analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, Baytex Energy currently has a consensus rating of "Buy".

Baytex Energy Trading Up 0.6%

BTE stock opened at $4.36 on Friday. The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.79 and a current ratio of 2.61. The firm's fifty day moving average is $4.84 and its 200 day moving average is $4.44. Baytex Energy has a one year low of $2.96 and a one year high of $5.61.

Baytex Energy (NYSE:BTE - Get Free Report) TSE: BTE last issued its quarterly earnings data on Thursday, November 5th. The oil and gas producer reported $0.16 earnings per share for the quarter, topping analysts' consensus estimates of $0.13 by $0.03. Baytex Energy had a negative net margin of 25.82% and a negative return on equity of 3.87%. The business had revenue of $426.40 million during the quarter, compared to the consensus estimate of $309.71 million. On average, sell-side analysts forecast that Baytex Energy will post 0.42 EPS for the current fiscal year.

Institutional Trading of Baytex Energy

A number of hedge funds have recently bought and sold shares of BTE. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of Baytex Energy in the 2nd quarter worth $197,114,000. Arrowstreet Capital Limited Partnership boosted its position in shares of Baytex Energy by 816.3% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 22,003,118 shares of the oil and gas producer's stock valued at $98,381,000 after acquiring an additional 19,601,808 shares during the last quarter. Ninepoint Partners LP acquired a new position in shares of Baytex Energy during the 2nd quarter valued at about $68,000,000. Webs Creek Capital Management LP acquired a new position in shares of Baytex Energy during the 2nd quarter valued at about $51,086,024. Finally, Encompass Capital Advisors LLC boosted its position in shares of Baytex Energy by 43.9% during the 1st quarter. Encompass Capital Advisors LLC now owns 20,071,614 shares of the oil and gas producer's stock valued at $89,695,000 after acquiring an additional 6,123,098 shares during the last quarter. Institutional investors and hedge funds own 46.15% of the company's stock.

Baytex Energy Company Profile

Baytex Energy Corp. is a Canadian oil and gas company headquartered in Calgary, Alberta. It explores for, develops and produces crude oil and natural gas, with a focus on oil-weighted assets. The company's operations are concentrated in Western Canada, including Alberta and Saskatchewan, and in the Eagle Ford shale region of Texas. Its production includes heavy and light crude oil, natural gas and natural gas liquids. Baytex expanded its U.S. presence through its 2023 acquisition of Ranger Oil Corporation, adding Eagle Ford assets to its portfolio.

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