Baytex Energy (TSE:BTE) Cut to Market Perform at Raymond James Financial

Key Points

• Raymond James downgraded Baytex Energy from "outperform" to "market perform" and set a C$5.50 price target, implying only about a 0.36% upside from the prior close.
• Analyst sentiment is mixed but leans neutral—three Buys and five Holds leave a consensus rating of Hold with an average target of C$5.32 after recent downgrades (Canaccord, RBC, TD) and upgrades/raises (BMO, Scotiabank).
• Shares traded at C$5.48 (up ~0.9%) with a C$4.21B market cap, sitting near a 52-week high of C$5.58; the company reported a C($1.11) quarterly EPS and analysts forecast roughly 0.37 EPS for the year.

Baytex Energy (TSE:BTE - Get Free Report) NYSE: BTE was downgraded by equities researchers at Raymond James Financial from an "outperform" rating to a "market perform" rating in a note issued to investors on Thursday,BayStreet.CA reports. They currently have a C$5.50 price target on the stock. Raymond James Financial's price objective suggests a potential upside of 0.36% from the stock's previous close.

A number of other brokerages also recently weighed in on BTE. Canaccord Genuity Group downgraded shares of Baytex Energy from a "buy" rating to a "hold" rating and lowered their price objective for the company from C$5.00 to C$4.75 in a research report on Tuesday, January 27th. BMO Capital Markets upgraded shares of Baytex Energy from a "hold" rating to an "outperform" rating and boosted their target price for the company from C$3.00 to C$6.00 in a research note on Thursday, November 13th. Royal Bank Of Canada downgraded Baytex Energy from an "outperform" rating to a "sector perform" rating in a research note on Tuesday, January 13th. TD Securities lowered Baytex Energy from a "buy" rating to a "hold" rating and set a C$5.00 price objective for the company. in a report on Friday, January 16th. Finally, Scotiabank increased their target price on Baytex Energy from C$5.25 to C$5.50 and gave the company an "outperform" rating in a report on Tuesday, January 20th. Three analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of C$5.32.

Baytex Energy Stock Up 0.9%

Shares of BTE stock traded up C$0.05 during mid-day trading on Thursday, hitting C$5.48. The company's stock had a trading volume of 9,747,887 shares, compared to its average volume of 7,331,036. The stock has a market cap of C$4.21 billion, a price-to-earnings ratio of 19.57, a PEG ratio of 0.12 and a beta of 1.02. The company has a debt-to-equity ratio of 48.05, a quick ratio of 0.77 and a current ratio of 0.58. Baytex Energy has a 52-week low of C$1.91 and a 52-week high of C$5.58. The business has a 50-day moving average price of C$4.74 and a 200 day moving average price of C$4.02.

Baytex Energy (TSE:BTE - Get Free Report) NYSE: BTE last released its quarterly earnings data on Wednesday, March 4th. The company reported C($1.11) EPS for the quarter. Baytex Energy had a net margin of 5.60% and a return on equity of 5.16%. Research analysts predict that Baytex Energy will post 0.3703367 EPS for the current fiscal year.

Insider Transactions at Baytex Energy

In other news, insider Chad Lundberg acquired 11,500 shares of the firm's stock in a transaction dated Tuesday, December 30th. The shares were purchased at an average cost of C$4.36 per share, for a total transaction of C$50,140.00. Following the transaction, the insider directly owned 532,801 shares of the company's stock, valued at approximately C$2,323,012.36. This trade represents a 2.21% increase in their ownership of the stock. Also, Director Mark Bly purchased 20,000 shares of the firm's stock in a transaction on Wednesday, December 24th. The shares were acquired at an average cost of C$4.50 per share, for a total transaction of C$90,000.00. Following the completion of the acquisition, the director owned 575,638 shares of the company's stock, valued at approximately C$2,590,371. This trade represents a 3.60% increase in their ownership of the stock. 0.83% of the stock is owned by insiders.

About Baytex Energy

Baytex Energy Corp is an oil and gas company. Geographically, the group operates in Canada and the United States. The company derives a majority of revenue from Canada. Its Canada segment includes the exploration, development, and production of crude oil and natural gas in Western Canada.

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