Baytex Energy (TSE:BTE) Shares Pass Above 200 Day Moving Average - Here's Why

Key Points

• Baytex Energy shares moved above their 200-day moving average on Monday, trading as high as C$6.05 and last changing hands at C$5.97, which may signal improving technical momentum.
• Several analysts raised price targets on the stock, with the consensus rating remaining Hold and an average target price of C$7.00. Ratings were mixed, though Canaccord upgraded the shares to Buy.
• The company recently reported a negative quarterly EPS of C($0.09), while also paying a quarterly dividend of $0.0225 per share. An insider sale by Director Stephen David Lile Reynish also reduced his ownership significantly.

Baytex Energy Corp. (TSE:BTE - Get Free Report) NYSE: BTE passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of C$5.64 and traded as high as C$6.05. Baytex Energy shares last traded at C$5.97, with a volume of 3,720,474 shares changing hands.

Analysts Set New Price Targets

BTE has been the topic of several research analyst reports. Raymond James Financial raised their price objective on Baytex Energy from C$7.00 to C$8.00 and gave the stock an "outperform" rating in a research note on Friday, May 8th. ATB Cormark Capital Markets boosted their target price on shares of Baytex Energy from C$7.00 to C$8.50 and gave the company a "sector perform" rating in a research note on Friday, May 8th. TD increased their target price on shares of Baytex Energy from C$6.00 to C$6.50 and gave the stock a "hold" rating in a report on Monday, May 11th. National Bank Financial raised their price target on shares of Baytex Energy from C$7.50 to C$8.50 and gave the stock a "sector perform" rating in a research report on Friday, May 8th. Finally, Canaccord Genuity Group raised shares of Baytex Energy from a "hold" rating to a "buy" rating and lifted their price target for the company from C$5.25 to C$7.00 in a report on Tuesday, April 14th. Five equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of C$7.00.

Baytex Energy Price Performance

The company has a market capitalization of C$4.25 billion, a P/E ratio of -6.22, a price-to-earnings-growth ratio of 0.12 and a beta of 0.41. The company has a fifty day moving average price of C$6.36 and a 200 day moving average price of C$5.64. The company has a debt-to-equity ratio of 6.84, a current ratio of 2.15 and a quick ratio of 0.77.

Baytex Energy (TSE:BTE - Get Free Report) NYSE: BTE last announced its quarterly earnings results on Thursday, May 7th. The company reported C($0.09) earnings per share (EPS) for the quarter. Baytex Energy had a negative return on equity of 23.15% and a negative net margin of 83.88%.The company had revenue of C$401.37 million during the quarter. On average, sell-side analysts forecast that Baytex Energy Corp. will post 0.3703367 EPS for the current fiscal year.

Baytex Energy Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, July 2nd. Shareholders of record on Thursday, July 2nd were given a $0.0225 dividend. The ex-dividend date of this dividend was Monday, June 15th. This represents a $0.09 annualized dividend and a yield of 1.5%. Baytex Energy's dividend payout ratio (DPR) is currently -7.03%.

Insider Transactions at Baytex Energy

In other Baytex Energy news, Director Stephen David Lile Reynish sold 77,600 shares of the firm's stock in a transaction on Tuesday, June 2nd. The stock was sold at an average price of C$6.85, for a total value of C$531,560.00. Following the sale, the director directly owned 15,400 shares in the company, valued at approximately C$105,490. This trade represents a 83.44% decrease in their ownership of the stock. Insiders own 0.83% of the company's stock.

About Baytex Energy

Baytex Energy Corp. is a Calgary -based energy company committed to driving shareholder value through disciplined execution. It operates a high-quality, high-return portfolio in the Western Canadian Sedimentary Basin, featuring the Pembina Duvernay and heavy oil plays in Alberta and Saskatchewan. These core assets are backed by an extensive drilling inventory and consistently generate strong cash flow.

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