Baytex Energy (NYSE:BTE) Stock Rating Upgraded by Canaccord Genuity Group

Key Points

• Canaccord Genuity upgraded Baytex Energy from a "hold" to a "strong-buy," but the Street consensus remains a Hold (1 Strong Buy, 3 Buy, 4 Hold, 1 Sell).
• Baytex missed its last quarter with EPS of ($0.31) vs. $0.02 expected and revenue of $251.4M vs. $545.6M consensus, leaving negative net margin (‑16.96%) and ROE (‑5.44%).
• Shares opened at $4.22 (down 1.6%), market cap about $3.08B, and institutional investors now own ~46.15% after several large new or increased stakes.

Baytex Energy (NYSE:BTE - Get Free Report) TSE: BTE was upgraded by stock analysts at Canaccord Genuity Group from a "hold" rating to a "strong-buy" rating in a research report issued on Tuesday,Zacks.com reports.

Several other brokerages also recently commented on BTE. TD Cowen downgraded shares of Baytex Energy from a "buy" rating to a "hold" rating in a report on Friday, January 16th. Zacks Research raised shares of Baytex Energy from a "strong sell" rating to a "hold" rating in a report on Friday, April 3rd. TD Securities downgraded shares of Baytex Energy from a "strong-buy" rating to a "hold" rating in a report on Friday, January 16th. Weiss Ratings downgraded shares of Baytex Energy from a "hold (c)" rating to a "sell (d)" rating in a report on Friday, March 6th. Finally, Wall Street Zen raised shares of Baytex Energy from a "sell" rating to a "hold" rating in a report on Saturday, January 31st. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold".

Baytex Energy Stock Down 1.6%

Shares of NYSE:BTE opened at $4.22 on Tuesday. The firm has a fifty day moving average price of $3.95 and a two-hundred day moving average price of $3.29. The company has a debt-to-equity ratio of 0.05, a current ratio of 3.61 and a quick ratio of 3.61. Baytex Energy has a one year low of $1.44 and a one year high of $4.56. The company has a market cap of $3.08 billion, a price-to-earnings ratio of -7.40 and a beta of 0.32.

Baytex Energy (NYSE:BTE - Get Free Report) TSE: BTE last announced its quarterly earnings results on Wednesday, March 4th. The oil and gas producer reported ($0.31) EPS for the quarter, missing the consensus estimate of $0.02 by ($0.33). Baytex Energy had a negative net margin of 16.96% and a negative return on equity of 5.44%. The firm had revenue of $251.38 million during the quarter, compared to the consensus estimate of $545.60 million. Analysts anticipate that Baytex Energy will post 0.31 EPS for the current fiscal year.

Hedge Funds Weigh In On Baytex Energy

A number of large investors have recently added to or reduced their stakes in BTE. Encompass Capital Advisors LLC purchased a new position in Baytex Energy in the 4th quarter worth $45,054,000. Canoe Financial LP purchased a new position in Baytex Energy in the 3rd quarter worth $19,484,000. TD Asset Management Inc raised its position in Baytex Energy by 176.3% in the 4th quarter. TD Asset Management Inc now owns 10,287,145 shares of the oil and gas producer's stock worth $33,321,000 after purchasing an additional 6,564,105 shares during the period. Intact Investment Management Inc. raised its position in Baytex Energy by 214.0% in the 4th quarter. Intact Investment Management Inc. now owns 8,868,370 shares of the oil and gas producer's stock worth $28,687,000 after purchasing an additional 6,044,270 shares during the period. Finally, State of Wisconsin Investment Board purchased a new position in Baytex Energy in the 4th quarter worth $15,690,000. Hedge funds and other institutional investors 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.

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