Baytex Energy (TSE:BTE) Stock Passes Above 200 Day Moving Average - Here's What Happened

Key Points

• Baytex Energy shares moved above their 200-day moving average, trading as high as C$6.06 before last changing hands at C$5.98. The move came on volume of about 3.0 million shares and marked a 1.2% gain for the session.
• Analysts remain mixed but have raised price targets following recent reports. The consensus rating is still Hold, with an average price target of C$7.00, though several firms increased their targets to as high as C$8.50.
• The company recently reported weak quarterly results and paid a dividend. Baytex posted C($0.09) EPS on revenue of C$401.37 million, while its quarterly dividend translated to a 1.5% yield.

Baytex Energy Corp. (TSE:BTE - Get Free Report) NYSE: BTE's stock price passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of C$5.70 and traded as high as C$6.06. Baytex Energy shares last traded at C$5.98, with a volume of 3,019,042 shares changing hands.

Analysts Set New Price Targets

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

Baytex Energy Trading Up 1.2%

The firm has a market cap of C$4.26 billion, a price-to-earnings ratio of -6.23, a P/E/G ratio of 0.12 and a beta of 0.41. The company has a debt-to-equity ratio of 6.84, a current ratio of 2.15 and a quick ratio of 0.77. The business has a 50-day moving average of C$6.26 and a 200-day moving average of C$5.70.

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

Baytex Energy Dividend Announcement

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

Insiders Place Their Bets

In related news, Director Stephen David Lile Reynish sold 77,600 shares of the business's stock in a transaction on Tuesday, June 2nd. The shares were sold at an average price of C$6.85, for a total transaction of C$531,560.00. Following the transaction, the director directly owned 15,400 shares in the company, valued at approximately C$105,490. The trade was 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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