Baytex Energy (TSE:BTE) Shares Down 13% After Analyst Downgrade

Baytex Energy Corp. (TSE:BTE - Get Free Report) NYSE: BTE's stock price traded down 13% during mid-day trading on Friday after CIBC lowered their price target on the stock from C$5.00 to C$4.25. The stock traded as low as C$2.16 and last traded at C$2.21. 10,479,806 shares changed hands during mid-day trading, an increase of 117% from the average session volume of 4,833,076 shares. The stock had previously closed at C$2.54.

Other research analysts also recently issued reports about the company. Royal Bank of Canada cut their price objective on Baytex Energy from C$5.50 to C$5.00 in a research note on Tuesday, January 14th. BMO Capital Markets cut their price objective on Baytex Energy from C$5.00 to C$4.00 in a research report on Wednesday, March 5th. TD Securities reduced their price target on shares of Baytex Energy from C$5.50 to C$5.00 in a report on Wednesday, March 5th. Atb Cap Markets downgraded shares of Baytex Energy from a "strong-buy" rating to a "hold" rating in a report on Thursday, January 30th. Finally, Raymond James lowered their target price on Baytex Energy from C$5.00 to C$4.00 in a research note on Wednesday, April 9th. Four equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company's stock. According to data from MarketBeat, Baytex Energy has an average rating of "Hold" and a consensus target price of C$5.33.

Baytex Energy Stock Performance

The company has a current ratio of 0.69, a quick ratio of 0.77 and a debt-to-equity ratio of 57.38. The stock has a market capitalization of C$1.82 billion, a price-to-earnings ratio of -5.26, a price-to-earnings-growth ratio of 0.12 and a beta of 2.61. The firm's fifty day moving average price is C$3.03 and its 200 day moving average price is C$3.59.

Baytex Energy Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Tuesday, April 1st were given a dividend of $0.0225 per share. This represents a $0.09 dividend on an annualized basis and a dividend yield of 3.90%. The ex-dividend date was Friday, March 14th. Baytex Energy's dividend payout ratio is currently -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.