Baytex Energy (NYSE:BTE) Stock Rating Raised to Buy at Wall Street Zen

Key Points

• Wall Street Zen upgraded Baytex Energy from “hold” to “buy,” contributing to a consensus “Moderate Buy” rating. Three analysts rate the stock a Strong Buy, two rate it Buy, and six rate it Hold.
• Baytex shares opened at $5.30, near the company’s 52-week high of $5.36, while the stock’s 50-day and 200-day moving averages stood at $4.76 and $4.57, respectively.
• The company exceeded quarterly expectations, reporting $0.17 in EPS versus $0.08 expected and $449.32 million in revenue versus $218.10 million estimated. Institutional investors and hedge funds own 46.15% of Baytex’s shares.

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

BTE has been the topic of several other reports. Raymond James Financial restated a "strong-buy" rating on shares of Baytex Energy in a research note on Wednesday, September 16th. Zacks Research raised shares of Baytex Energy from a "hold" rating to a "strong-buy" rating in a report on Monday, October 5th. Weiss Ratings upgraded shares of Baytex Energy from a "sell (d+)" rating to a "hold (c)" rating in a research note on Thursday, October 8th. TD Securities reiterated a "hold" rating on shares of Baytex Energy in a research note on Monday, August 3rd. Finally, Canadian Imperial Bank of Commerce reiterated a "neutral" rating on shares of Baytex Energy in a report on Friday, October 9th. Three investment analysts have rated the stock with a Strong Buy rating, two have given a Buy rating and six have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy".

Baytex Energy Price Performance

NYSE:BTE opened at $5.30 on Friday. Baytex Energy has a 1-year low of $2.18 and a 1-year high of $5.36. The firm has a fifty day simple moving average of $4.76 and a 200 day simple moving average of $4.57. The company has a debt-to-equity ratio of 0.06, a current ratio of 2.82 and a quick ratio of 2.79.

Baytex Energy (NYSE:BTE - Get Free Report) TSE: BTE last posted its quarterly earnings results 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 firm had revenue of $449.32 million for the quarter, compared to analyst estimates of $218.10 million. Baytex Energy had a negative net margin of 26.43% and a negative return on equity of 7.77%. On average, sell-side analysts expect that Baytex Energy will post 0.42 EPS for the current fiscal year.

Hedge Funds Weigh In On Baytex Energy

Several institutional investors and hedge funds have recently modified their holdings of the business. Bank of New York Mellon Corp boosted its position in Baytex Energy by 21.4% in the first 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 buying an additional 2,652 shares in the last quarter. Cetera Investment Advisers grew its stake in shares of Baytex Energy by 31.5% during the first quarter. Cetera Investment Advisers now owns 21,120 shares of the oil and gas producer's stock worth $94,000 after buying an additional 5,060 shares during the last quarter. Kathmere Capital Management LLC increased its holdings in shares of Baytex Energy by 57.4% during the first quarter. Kathmere Capital Management LLC now owns 30,784 shares of the oil and gas producer's stock worth $138,000 after buying an additional 11,229 shares in the last quarter. TD Waterhouse Canada Inc. increased its holdings in shares of Baytex Energy by 12.4% during the third quarter. TD Waterhouse Canada Inc. now owns 113,648 shares of the oil and gas producer's stock worth $518,000 after buying an additional 12,540 shares in the last quarter. Finally, Capula Management Ltd acquired a new position in shares of Baytex Energy during the first quarter worth $57,000. 46.15% of the stock is currently owned by institutional investors and hedge funds.

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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