Baytex Energy (NYSE:BTE) Upgraded to "Hold" at Zacks Research

Key Points

• Zacks Research upgraded Baytex Energy from “strong sell” to “hold,” aligning with the broader analyst consensus rating of “Hold.”
• Baytex reported quarterly EPS of $0.17, beating the $0.08 estimate, while revenue of $449.32 million exceeded expectations of $218.10 million.
• The stock opened at $4.80, within its 52-week range of $2.02 to $5.36, and institutional investors own approximately 46.15% of the company.

Baytex Energy (NYSE:BTE - Get Free Report) TSE: BTE was upgraded by Zacks Research from a "strong sell" rating to a "hold" rating in a report issued on Thursday,Zacks.com reports.

Several other equities research analysts also recently commented on the company. Royal Bank Of Canada reissued a "sector perform" rating on shares of Baytex Energy in a report on Monday, May 11th. Weiss Ratings upgraded shares of Baytex Energy from a "sell (d)" rating to a "sell (d+)" rating in a report on Tuesday, July 28th. Canadian Imperial Bank of Commerce restated a "neutral" rating on shares of Baytex Energy in a report on Friday, July 10th. Finally, TD Securities reaffirmed a "hold" rating on shares of Baytex Energy in a research report on Monday, August 3rd. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold".

Baytex Energy Price Performance

Shares of NYSE BTE opened at $4.80 on Thursday. The company has a debt-to-equity ratio of 0.06, a current ratio of 2.82 and a quick ratio of 2.79. The business has a 50-day moving average of $4.21 and a 200-day moving average of $4.29. The stock has a market capitalization of $3.35 billion, a price-to-earnings ratio of -7.16 and a beta of 0.39. Baytex Energy has a fifty-two week low of $2.02 and a fifty-two week high of $5.36.

Baytex Energy (NYSE:BTE - Get Free Report) TSE: BTE last issued its quarterly earnings results on Thursday, July 30th. The oil and gas producer reported $0.17 EPS for the quarter, beating the consensus estimate of $0.08 by $0.09. The firm had revenue of $449.32 million during the quarter, compared to analysts' expectations of $218.10 million. Baytex Energy had a negative return on equity of 7.77% and a negative net margin of 26.43%. As a group, sell-side analysts predict that Baytex Energy will post 0.41 earnings per share for the current fiscal year.

Institutional Trading of Baytex Energy

Institutional investors and hedge funds have recently bought and sold shares of the business. Magnetar Financial LLC bought a new position in shares of Baytex Energy during the 4th quarter worth approximately $35,000. Bank of Nova Scotia acquired a new position in shares of Baytex Energy during the 3rd quarter worth approximately $26,000. Jump Financial LLC bought a new stake in Baytex Energy in the 4th quarter valued at $39,000. Capula Management Ltd bought a new stake in Baytex Energy in the 1st quarter valued at $57,000. Finally, Caitong International Asset Management Co. Ltd raised its stake in Baytex Energy by 98.4% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 13,490 shares of the oil and gas producer's stock valued at $44,000 after acquiring an additional 6,691 shares during the period. 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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