Baytex Energy (TSE:BTE) Shares Up 3.8% - Here's What Happened

Baytex Energy Corp. (TSE:BTE - Get Free Report) NYSE: BTE's share price was up 3.8% during mid-day trading on Wednesday . The company traded as high as C$2.17 and last traded at C$2.16. Approximately 3,947,619 shares were traded during mid-day trading, a decline of 14% from the average daily volume of 4,593,924 shares. The stock had previously closed at C$2.08.

Wall Street Analyst Weigh In

Several research firms recently commented on BTE. Raymond James reduced their price objective on shares of Baytex Energy from C$5.00 to C$4.00 in a research note on Wednesday, April 9th. BMO Capital Markets reduced their price target on Baytex Energy from C$5.00 to C$4.00 in a research report on Wednesday, March 5th. TD Securities decreased their price objective on Baytex Energy from C$5.50 to C$5.00 in a report on Wednesday, March 5th. Atb Cap Markets downgraded Baytex Energy from a "strong-buy" rating to a "hold" rating in a research note on Thursday, January 30th. Finally, Royal Bank of Canada reduced their target price on Baytex Energy from C$5.50 to C$5.00 in a research report on Tuesday, January 14th. 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 MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of C$5.33.

Baytex Energy Price Performance

The company has a debt-to-equity ratio of 57.38, a current ratio of 0.69 and a quick ratio of 0.77. The business's fifty day moving average price is C$3.08 and its two-hundred day moving average price is C$3.62. The stock has a market capitalization of C$1.78 billion, a PE ratio of -5.14, a price-to-earnings-growth ratio of 0.12 and a beta of 2.61.

Baytex Energy Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Tuesday, April 1st were paid a dividend of $0.0225 per share. The ex-dividend date was Friday, March 14th. This represents a $0.09 annualized dividend and a yield of 3.98%. Baytex Energy's payout ratio is presently -20.48%.

Baytex Energy Company Profile

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.