Baytex Energy (NYSE:BTE) Stock Price Crosses Above 200 Day Moving Average - Here's Why

Key Points

• Baytex Energy shares rose above their 200-day moving average, reaching $4.45 and last trading at $4.40, up 5.3% with heavy volume.
• Analyst sentiment remains mixed, with the stock carrying an overall “Hold” rating; ratings range from Strong Buy to Strong Sell.
• Baytex exceeded quarterly earnings expectations, reporting $0.17 EPS versus $0.08 expected, while announcing a quarterly dividend of $0.0225 per share, equivalent to a 2.0% annual yield.

Baytex Energy Corp (NYSE:BTE - Get Free Report) TSE: BTE's stock price passed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $4.22 and traded as high as $4.45. Baytex Energy shares last traded at $4.40, with a volume of 15,258,041 shares.

Analysts Set New Price Targets

A number of equities research analysts recently commented on BTE shares. Royal Bank Of Canada reiterated a "sector perform" rating on shares of Baytex Energy in a report on Monday, May 11th. Canaccord Genuity Group upgraded Baytex Energy from a "hold" rating to a "strong-buy" rating in a report on Tuesday, April 14th. Weiss Ratings upgraded Baytex Energy from a "sell (d)" rating to a "sell (d+)" rating in a research report on Tuesday, July 28th. TD Securities reaffirmed a "hold" rating on shares of Baytex Energy in a research note on Monday, August 3rd. Finally, Zacks Research downgraded shares of Baytex Energy from a "hold" rating to a "strong sell" rating in a research report on Friday, July 17th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned 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 an average rating of "Hold".

Baytex Energy Trading Up 5.3%

The business's 50-day moving average price is $4.26 and its two-hundred day moving average price is $4.22. The company has a market capitalization of $3.12 billion, a P/E ratio of -6.57 and a beta of 0.39. 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 released its quarterly earnings data on Thursday, July 30th. The oil and gas producer reported $0.17 EPS for the quarter, beating analysts' consensus estimates of $0.08 by $0.09. The business had revenue of $449.32 million during the quarter, compared to analysts' expectations of $218.10 million. Baytex Energy had a negative net margin of 26.43% and a negative return on equity of 7.77%. As a group, analysts forecast that Baytex Energy Corp will post 0.25 EPS for the current fiscal year.

Baytex Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Tuesday, September 15th will be paid a $0.0225 dividend. This represents a $0.09 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date of this dividend is Tuesday, September 15th. Baytex Energy's payout ratio is presently -10.45%.

Institutional Investors Weigh In On Baytex Energy

Hedge funds have recently modified their holdings of the business. BlackRock Inc. acquired a new stake in shares of Baytex Energy during the second quarter worth about $569,000. Deutsche Bank AG acquired a new position in shares of Baytex Energy in the 2nd quarter valued at approximately $197,000. Alberta Investment Management Corp bought a new stake in Baytex Energy during the 2nd quarter worth approximately $703,000. Bank of New York Mellon Corp bought a new stake in Baytex Energy during the 2nd quarter worth approximately $60,000. Finally, State of Wyoming bought a new stake in Baytex Energy during the 2nd quarter worth approximately $175,000. Institutional investors and hedge funds own 46.15% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source