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

Key Points

• Baytex Energy shares rose 4.6%, trading as high as C$6.33 and moving above the 200-day average of C$5.90.
• Analysts have raised price targets, with the stock carrying a “Moderate Buy” consensus and an average target of C$7.05; ratings include one Strong Buy, four Buys and six Holds.
• The company reported C$0.24 in quarterly EPS on C$564.88 million in revenue and declared a quarterly dividend of $0.0225 per share, equivalent to a 1.4% annualized yield.

Baytex Energy Corp. (TSE:BTE - Get Free Report) NYSE: BTE crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of C$5.90 and traded as high as C$6.33. Baytex Energy shares last traded at C$6.32, with a volume of 3,156,949 shares.

Analyst Upgrades and Downgrades

Several analysts have recently commented on BTE shares. Royal Bank Of Canada lifted their price target on shares of Baytex Energy from C$6.50 to C$7.00 and gave the company a "sector perform" rating in a research report on Monday, May 11th. ATB Cormark Capital Markets increased their price objective on Baytex Energy from C$7.00 to C$8.50 and gave the stock a "sector perform" rating in a research report on Friday, May 8th. TD raised their target price on Baytex Energy from C$6.00 to C$6.50 and gave the stock a "hold" rating in a research note on Monday, May 11th. Raymond James Financial lifted their target price on Baytex Energy from C$8.00 to C$8.50 and gave the company a "strong-buy" rating in a research report on Friday, July 31st. Finally, Scotia increased their price target on 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. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and six have given a Hold rating to the company's stock. According to MarketBeat.com, Baytex Energy currently has an average rating of "Moderate Buy" and an average target price of C$7.05.

Baytex Energy Stock Up 4.6%

The business's 50 day moving average price is C$5.92 and its 200-day moving average price is C$5.90. The company has a debt-to-equity ratio of 6.94, a quick ratio of 0.77 and a current ratio of 2.82. The firm has a market capitalization of C$4.42 billion, a PE ratio of -6.87, a P/E/G ratio of 0.12 and a beta of 0.37.

Baytex Energy (TSE:BTE - Get Free Report) NYSE: BTE last posted its quarterly earnings data on Thursday, July 30th. The company reported C$0.24 earnings per share for the quarter. Baytex Energy had a negative net margin of 131.38% and a negative return on equity of 26.41%. The firm had revenue of C$564.88 million during the quarter. As a group, equities research analysts forecast that Baytex Energy Corp. will post 0.3703367 earnings per share for the current year.

Baytex Energy Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, July 2nd. Shareholders of record on Thursday, July 2nd were paid a dividend of $0.0225 per share. This represents a $0.09 dividend on an annualized basis and a yield of 1.4%. The ex-dividend date was Monday, June 15th. Baytex Energy's dividend payout ratio is -7.34%.

Insider Activity at Baytex Energy

In other news, Director Stephen David Lile Reynish sold 77,600 shares of Baytex Energy 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 completion of the sale, the director directly owned 15,400 shares of the company's stock, valued at approximately C$105,490. The trade was a 83.44% decrease in their ownership of the stock. 0.83% of the stock is currently owned by corporate insiders.

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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