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

Key Points

• Baytex Energy shares moved above their 200-day moving average, reaching C$5.92 before closing at C$5.87 on heavy volume. The 200-day average stands at C$5.77.
• Analysts have raised their price targets, with estimates ranging from C$7.00 to C$8.50. Despite five Buy ratings and six Holds, the consensus rating remains Hold, with an average target of C$7.00.
• The company reported a quarterly loss of C$0.09 per share, C$401.37 million in revenue, and an 83.88% negative net margin. Baytex also paid a quarterly dividend of C$0.0225, equivalent to a 1.5% annual yield.

Baytex Energy Corp. (TSE:BTE - Get Free Report) NYSE: BTE's stock price crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of C$5.77 and traded as high as C$5.92. Baytex Energy shares last traded at C$5.87, with a volume of 3,705,665 shares trading hands.

Analysts Set New Price Targets

Several brokerages have recently commented on BTE. Royal Bank Of Canada increased their target price on shares of Baytex Energy from C$6.50 to C$7.00 and gave the company a "sector perform" rating in a report on Monday, May 11th. Raymond James Financial increased their price objective on shares of Baytex Energy from C$7.00 to C$8.00 and gave the company an "outperform" rating in a research note on Friday, May 8th. Canaccord Genuity Group raised shares of Baytex Energy from a "hold" rating to a "buy" rating and lifted their target price for the stock from C$5.25 to C$7.00 in a research report on Tuesday, April 14th. Scotia boosted their target price on Baytex Energy from C$6.50 to C$7.50 and gave the stock a "sector outperform" rating in a research note on Friday, May 8th. Finally, ATB Cormark Capital Markets upped their target price on Baytex Energy from C$7.00 to C$8.50 and gave the company a "sector perform" rating in a report on Friday, May 8th. Five investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, Baytex Energy has a consensus rating of "Hold" and an average price target of C$7.00.

Baytex Energy Price Performance

The firm has a 50 day moving average price of C$6.13 and a two-hundred day moving average price of C$5.77. The company has a market cap of C$4.18 billion, a P/E ratio of -6.11, 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 quick ratio of 0.77 and a current ratio of 2.15.

Baytex Energy (TSE:BTE - Get Free Report) NYSE: BTE last announced its quarterly earnings data on Thursday, May 7th. The company reported C($0.09) earnings per share (EPS) for the quarter. Baytex Energy had a negative net margin of 83.88% and a negative return on equity of 23.15%. The firm had revenue of C$401.37 million during the quarter. On average, analysts predict 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 paid a $0.0225 dividend. The ex-dividend date 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 Buying and Selling

In other Baytex Energy news, Director Stephen David Lile Reynish sold 77,600 shares of Baytex Energy stock in a transaction dated Tuesday, June 2nd. The stock was sold at an average price of C$6.85, for a total transaction of C$531,560.00. Following the completion of the transaction, the director owned 15,400 shares of the company's stock, valued at C$105,490. The trade was a 83.44% decrease in their position. 0.83% of the stock is currently owned by corporate insiders.

Baytex Energy Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.