Baytex Energy (TSE:BTE) Shares Up 4.9% - Time to Buy?

Shares of Baytex Energy Corp. (TSE:BTE - Get Free Report) NYSE: BTE rose 4.9% on Wednesday . The stock traded as high as C$2.37 and last traded at C$2.35. Approximately 2,067,763 shares changed hands during trading, a decline of 57% from the average daily volume of 4,824,832 shares. The stock had previously closed at C$2.24.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the company. CIBC reduced their price objective on Baytex Energy from C$5.00 to C$4.25 in a research report on Thursday, April 10th. Royal Bank of Canada decreased their price objective on Baytex Energy from C$5.50 to C$5.00 in a report on Tuesday, January 14th. TD Securities reduced their price objective on shares of Baytex Energy from C$5.50 to C$5.00 in a research report on Wednesday, March 5th. BMO Capital Markets decreased their price objective on shares of Baytex Energy from C$5.00 to C$4.00 in a report on Wednesday, March 5th. Finally, Scotiabank upgraded Baytex Energy to a "hold" rating in a research note on Wednesday, March 19th. Four research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, Baytex Energy has a consensus rating of "Hold" and an average target price of C$5.33.

Baytex Energy Stock Performance

The company has a market cap of C$1.84 billion, a P/E ratio of -5.30, a PEG ratio of 0.12 and a beta of 2.61. The business's 50 day simple moving average is C$2.96 and its 200 day simple moving average is C$3.55. The company has a current ratio of 0.69, a quick ratio of 0.77 and a debt-to-equity ratio of 57.38.

Baytex Energy Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Tuesday, April 1st were given a $0.0225 dividend. This represents a $0.09 annualized dividend and a yield of 3.86%. The ex-dividend date of this dividend was Friday, March 14th. Baytex Energy's dividend payout ratio 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.