Baytex Energy (NYSE:BTE) Posts Earnings Results, Beats Expectations By $0.09 EPS

Key Points

• Baytex Energy beat earnings expectations: The oil and gas producer reported quarterly EPS of $0.17, exceeding the $0.08 consensus estimate by $0.09, though it posted a negative net margin and return on equity.
• Shares rose 3.3% to $4.29 following the results. Baytex also maintains a quarterly dividend of $0.0225 per share, equivalent to an annualized $0.09 payout and a 2.1% yield.
• Institutional ownership increased, with Goldman Sachs and Jane Street among investors expanding their positions; institutions now own 46.15% of the stock. Analysts’ average rating remains “Hold,” despite a mix of Buy, Sell, and Strong Buy recommendations.

Baytex Energy (NYSE:BTE - Get Free Report) TSE: BTE announced its earnings results on Thursday. 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, Zacks reports. Baytex Energy had a negative net margin of 24.25% and a negative return on equity of 10.85%.

Baytex Energy Trading Up 3.3%

Baytex Energy stock traded up $0.14 during trading hours on Thursday, reaching $4.29. The company had a trading volume of 14,246,886 shares, compared to its average volume of 20,586,920. The company has a debt-to-equity ratio of 0.06, a current ratio of 2.15 and a quick ratio of 2.12. The company has a 50-day moving average price of $4.37 and a 200 day moving average price of $4.17. The firm has a market cap of $3.05 billion, a price-to-earnings ratio of -6.12 and a beta of 0.40. Baytex Energy has a 12-month low of $1.93 and a 12-month high of $5.36.

Baytex Energy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, July 2nd. Investors of record on Monday, June 15th were given a dividend of $0.0225 per share. This represents a $0.09 annualized dividend and a yield of 2.1%. The ex-dividend date was Monday, June 15th. Baytex Energy's dividend payout ratio (DPR) is presently -10.00%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in BTE. Goldman Sachs Group Inc. boosted its position in Baytex Energy by 110.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 7,127,074 shares of the oil and gas producer's stock valued at $15,893,000 after buying an additional 3,743,234 shares during the period. Jane Street Group LLC raised its stake in shares of Baytex Energy by 446.3% during the first quarter. Jane Street Group LLC now owns 2,646,885 shares of the oil and gas producer's stock valued at $5,903,000 after acquiring an additional 2,162,346 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of Baytex Energy by 19.0% during the second quarter. Geode Capital Management LLC now owns 1,802,016 shares of the oil and gas producer's stock valued at $3,226,000 after acquiring an additional 287,454 shares during the last quarter. Russell Investments Group Ltd. boosted its holdings in shares of Baytex Energy by 10.7% during the second quarter. Russell Investments Group Ltd. now owns 144,757 shares of the oil and gas producer's stock worth $261,000 after purchasing an additional 14,050 shares during the period. Finally, Invesco Ltd. grew its stake in shares of Baytex Energy by 18.4% in the second quarter. Invesco Ltd. now owns 465,450 shares of the oil and gas producer's stock worth $833,000 after purchasing an additional 72,431 shares during the last quarter. Institutional investors own 46.15% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the company. Weiss Ratings raised Baytex Energy from a "sell (d)" rating to a "sell (d+)" rating in a research note on Tuesday. Scotiabank restated an "outperform" rating on shares of Baytex Energy in a research report on Tuesday, April 21st. Canadian Imperial Bank of Commerce reaffirmed a "neutral" rating on shares of Baytex Energy in a research note on Friday, July 10th. TD Securities reiterated a "hold" rating on shares of Baytex Energy in a research report on Monday, May 11th. Finally, Canaccord Genuity Group upgraded shares of Baytex Energy from a "hold" rating to a "strong-buy" rating in a report on Tuesday, April 14th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, five have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Hold".

About Baytex Energy

Baytex Energy Corp. is an oil & gas exploration and production company. The firm engages in the acquisition, development and production of crude oil and natural gas in the Western Canadian Sedimentary Basin and in the Eagle Ford in the United States. The company was founded on June 3, 1993 and is headquartered in Calgary, Canada.

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