Baytex Energy (TSE:BTE) Stock Price Down 13% Following Analyst Downgrade

Baytex Energy Corp. (TSE:BTE - Get Free Report) NYSE: BTE's share price fell 13% on Friday after CIBC lowered their price target on the stock from C$5.00 to C$4.25. The company traded as low as C$2.16 and last traded at C$2.21. 10,479,806 shares were traded during mid-day trading, an increase of 117% from the average session volume of 4,833,076 shares. The stock had previously closed at C$2.54.

A number of other equities analysts have also weighed in on the company. Raymond James decreased their target price on Baytex Energy from C$5.00 to C$4.00 in a research note on Wednesday, April 9th. Scotiabank upgraded shares of Baytex Energy to a "hold" rating in a report on Wednesday, March 19th. BMO Capital Markets lowered their target price on shares of Baytex Energy from C$5.00 to C$4.00 in a report on Wednesday, March 5th. Royal Bank of Canada decreased their price objective on shares of Baytex Energy from C$5.50 to C$5.00 in a report on Tuesday, January 14th. Finally, TD Securities dropped their target price on Baytex Energy from C$5.50 to C$5.00 in a research report on Wednesday, March 5th. Four analysts have rated the stock with a hold rating and two have given a buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of C$5.33.

Baytex Energy Price Performance

The stock has a market cap of C$1.86 billion, a price-to-earnings ratio of -5.35, a PEG ratio of 0.12 and a beta of 2.61. The company has a 50-day moving average of C$3.03 and a 200-day moving average of C$3.59. The company has a debt-to-equity ratio of 57.38, a quick ratio of 0.77 and a current ratio of 0.69.

Baytex Energy Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Tuesday, April 1st were issued a $0.0225 dividend. The ex-dividend date was Friday, March 14th. This represents a $0.09 dividend on an annualized basis and a dividend yield of 3.83%. Baytex Energy's dividend payout ratio (DPR) is presently -20.48%.

About Baytex Energy

Baytex Energy Corp., an energy company, engages in the acquisition, development, and production of crude oil and natural gas in the Western Canadian Sedimentary Basin and in the Eagle Ford, the United States. The company offers light oil and condensate, heavy oil, natural gas liquids, and natural gas.