Baytex Energy (NYSE:BTE) Stock Moved Up to "Strong-Buy" by Zacks Research

Key Points

• Zacks Research upgraded Baytex Energy from “hold” to “strong-buy,” while broader analyst coverage gives the stock a consensus “moderate buy” rating.
• Baytex shares opened at $4.68, near their 50-day average of $4.65, and have traded between $2.18 and $5.36 over the past year.
• The company exceeded quarterly expectations, reporting $0.17 EPS versus an $0.08 consensus estimate and revenue of $449.32 million versus $218.10 million expected, though it continues to post negative net margins and return on equity.

Baytex Energy (NYSE:BTE - Get Free Report) TSE: BTE was upgraded by analysts at Zacks Research from a "hold" rating to a "strong-buy" rating in a research note issued on Monday, Zacks reports.

A number of other equities research analysts also recently weighed in on BTE. Canadian Imperial Bank of Commerce reissued a "neutral" rating on shares of Baytex Energy in a research report on Friday, July 10th. Raymond James Financial reaffirmed a "strong-buy" rating on shares of Baytex Energy in a report on Wednesday, September 16th. Weiss Ratings upgraded Baytex Energy from a "sell (d)" rating to a "sell (d+)" rating in a research report on Tuesday, July 28th. Finally, TD Securities restated a "hold" rating on shares of Baytex Energy in a research report on Monday, August 3rd. Three analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy".

Baytex Energy Price Performance

Shares of Baytex Energy stock opened at $4.68 on Monday. The company has a debt-to-equity ratio of 0.06, a current ratio of 2.82 and a quick ratio of 2.79. The company has a market cap of $3.23 billion, a PE ratio of -6.99 and a beta of 0.40. The firm has a fifty day moving average price of $4.65 and a two-hundred day moving average price of $4.52. Baytex Energy has a fifty-two week low of $2.18 and a fifty-two week high of $5.36.

Baytex Energy (NYSE:BTE - Get Free Report) TSE: BTE last posted its quarterly earnings data on Thursday, July 30th. The oil and gas producer reported $0.17 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.08 by $0.09. The company had revenue of $449.32 million for the quarter, compared to the consensus estimate of $218.10 million. Baytex Energy had a negative net margin of 26.43% and a negative return on equity of 7.77%. Analysts expect that Baytex Energy will post 0.41 EPS for the current year.

Institutional Trading of Baytex Energy

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp boosted its stake in shares of Baytex Energy by 21.4% in the 1st quarter. Bank of New York Mellon Corp now owns 15,038 shares of the oil and gas producer's stock valued at $67,000 after purchasing an additional 2,652 shares in the last quarter. Cetera Investment Advisers increased its position in shares of Baytex Energy by 31.5% during the 1st quarter. Cetera Investment Advisers now owns 21,120 shares of the oil and gas producer's stock worth $94,000 after purchasing an additional 5,060 shares in the last quarter. United Capital Management of KS Inc. increased its position in shares of Baytex Energy by 11.1% during the 4th quarter. United Capital Management of KS Inc. now owns 100,000 shares of the oil and gas producer's stock worth $323,000 after purchasing an additional 10,000 shares in the last quarter. Kathmere Capital Management LLC lifted its holdings in Baytex Energy by 57.4% during the 1st quarter. Kathmere Capital Management LLC now owns 30,784 shares of the oil and gas producer's stock valued at $138,000 after purchasing an additional 11,229 shares during the last quarter. Finally, Capula Management Ltd acquired a new position in Baytex Energy in the first quarter valued at about $57,000. Institutional investors own 46.15% of the company's stock.

About Baytex Energy

Baytex Energy Corp. NYSE: BTE is a Canadian oil and gas exploration and production company headquartered in Calgary, Alberta. The company's operations are focused on the development and production of crude oil, condensate, natural gas liquids and natural gas.

Baytex's asset base is concentrated in Western Canada, including the Clearwater and Viking oil plays in Alberta and Saskatchewan, and in the Eagle Ford shale region of South Texas. The company sells its production into North American markets through established pipeline, processing and transportation infrastructure.

Baytex traces its history to the Canadian energy sector in the 1990s and has expanded through a combination of exploration, development and acquisitions.

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