Baytex Energy (NYSE:BTE) Shares Gap Down - Here's Why

Key Points

• Baytex Energy shares fell 2.9%, opening at $4.14 after previously closing at $4.32, before recovering slightly to $4.25.
• Analyst sentiment remains mixed, with ratings ranging from Strong Buy to Sell; MarketBeat reports a consensus rating of Hold.
• Baytex missed quarterly EPS expectations, reporting a loss of $0.08 per share versus the $0.01 consensus estimate, but revenue of $325.64 million exceeded forecasts. The company also paid a quarterly dividend of $0.0225 per share.

Baytex Energy Corp (NYSE:BTE - Get Free Report) TSE: BTE gapped down before the market opened on Monday . The stock had previously closed at $4.32, but opened at $4.14. Baytex Energy shares last traded at $4.25, with a volume of 952,955 shares.

Analyst Upgrades and Downgrades

BTE has been the topic of a number of research analyst reports. Royal Bank Of Canada reissued a "sector perform" rating on shares of Baytex Energy in a report on Monday, May 11th. Weiss Ratings downgraded shares of Baytex Energy from a "sell (d+)" rating to a "sell (d)" rating in a report on Wednesday, June 24th. Zacks Research lowered shares of Baytex Energy from a "hold" rating to a "strong sell" rating in a research report on Friday, July 17th. Canaccord Genuity Group upgraded shares of Baytex Energy from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, April 14th. Finally, Canadian Imperial Bank of Commerce reissued a "neutral" rating on shares of Baytex Energy in a research report on Friday, July 10th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, five have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, Baytex Energy has a consensus rating of "Hold".

Baytex Energy Stock Down 2.9%

The company has a quick ratio of 2.12, a current ratio of 2.15 and a debt-to-equity ratio of 0.06. The stock has a 50-day simple moving average of $4.44 and a 200-day simple moving average of $4.15. The firm has a market capitalization of $2.99 billion, a PE ratio of -5.99 and a beta of 0.40.

Baytex Energy (NYSE:BTE - Get Free Report) TSE: BTE last issued its quarterly earnings results on Thursday, May 7th. The oil and gas producer reported ($0.08) EPS for the quarter, missing analysts' consensus estimates of $0.01 by ($0.09). Baytex Energy had a negative net margin of 24.25% and a negative return on equity of 10.85%. The firm had revenue of $325.64 million for the quarter, compared to analysts' expectations of $228.04 million. Analysts forecast that Baytex Energy Corp will post 0.26 EPS for the current year.

Baytex Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, July 2nd. Investors of record on Monday, June 15th were paid a $0.0225 dividend. This represents a $0.09 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date was Monday, June 15th. Baytex Energy's payout ratio is currently -10.00%.

Institutional Investors Weigh In On Baytex Energy

Several institutional investors have recently added to or reduced their stakes in the business. Goldman Sachs Group Inc. boosted its position in Baytex Energy by 110.6% during the first quarter. Goldman Sachs Group Inc. now owns 7,127,074 shares of the oil and gas producer's stock worth $15,893,000 after purchasing an additional 3,743,234 shares during the period. Jane Street Group LLC raised its position in shares of Baytex Energy by 446.3% in 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 purchasing an additional 2,162,346 shares during the period. Geode Capital Management LLC raised its position in shares of Baytex Energy by 19.0% in 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 purchasing an additional 287,454 shares during the period. Russell Investments Group Ltd. lifted its stake in shares of Baytex Energy by 10.7% during the 2nd quarter. Russell Investments Group Ltd. now owns 144,757 shares of the oil and gas producer's stock valued at $261,000 after buying an additional 14,050 shares in the last quarter. Finally, Invesco Ltd. lifted its stake in shares of Baytex Energy by 18.4% during the 2nd quarter. Invesco Ltd. now owns 465,450 shares of the oil and gas producer's stock valued at $833,000 after buying an additional 72,431 shares in the last quarter. 46.15% of the stock is owned by hedge funds and other institutional investors.

Baytex Energy Company Profile

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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