Baytex Energy Corp (NYSE:BTE) Given Average Rating of "Hold" by Brokerages

Key Points

• Analyst sentiment is neutral: Baytex Energy has a consensus “Hold” rating from 11 analysts, including six holds, three buys, one strong buy, and one sell.
• Quarterly results exceeded expectations: The company reported adjusted earnings of $0.17 per share versus the $0.08 consensus estimate, while revenue reached $449.32 million compared with expectations of $218.10 million.
• Baytex declared a quarterly dividend: Shareholders of record on September 15 will receive $0.0225 per share on October 1, equivalent to an annualized dividend of $0.09 and a 1.9% yield.

Shares of Baytex Energy Corp (NYSE:BTE - Get Free Report) TSE: BTE have earned a consensus recommendation of "Hold" from the eleven analysts that are currently covering the firm, Marketbeat.com reports. One investment analyst has rated the stock with a sell rating, six have given a hold rating, three have given a buy rating and one has issued a strong buy rating on the company.

BTE has been the subject of a number of research analyst reports. Weiss Ratings raised shares of Baytex Energy from a "sell (d)" rating to a "sell (d+)" rating in a research report on Tuesday, July 28th. Zacks Research raised shares of Baytex Energy from a "strong sell" rating to a "hold" rating in a research report on Thursday, August 20th. Canadian Imperial Bank of Commerce restated a "neutral" rating on shares of Baytex Energy in a research note on Friday, July 10th. TD Securities reaffirmed a "hold" rating on shares of Baytex Energy in a report on Monday, August 3rd. Finally, Royal Bank Of Canada reiterated a "sector perform" rating on shares of Baytex Energy in a research note on Monday, May 11th.

Baytex Energy Price Performance

NYSE:BTE opened at $4.86 on Friday. Baytex Energy has a 12-month low of $2.15 and a 12-month high of $5.36. The firm has a market capitalization of $3.36 billion, a price-to-earnings ratio of -7.25 and a beta of 0.39. The stock's 50 day moving average price is $4.36 and its two-hundred day moving average price is $4.38. The company has a quick ratio of 2.79, a current ratio of 2.82 and a debt-to-equity ratio of 0.06.

Baytex Energy (NYSE:BTE - Get Free Report) TSE: BTE last issued its earnings results on Thursday, July 30th. The oil and gas producer reported $0.17 EPS for the quarter, topping the consensus estimate of $0.08 by $0.09. Baytex Energy had a negative return on equity of 7.77% and a negative net margin of 26.43%.The company had revenue of $449.32 million during the quarter, compared to the consensus estimate of $218.10 million. On average, analysts anticipate that Baytex Energy will post 0.41 earnings per share for the current year.

Baytex Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Tuesday, September 15th will be issued a dividend of $0.0225 per share. This represents a $0.09 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date is Tuesday, September 15th. Baytex Energy's payout ratio is currently -10.45%.

Hedge Funds Weigh In On Baytex Energy

A number of large investors have recently made changes to their positions in the company. Bank of New York Mellon Corp boosted its stake in Baytex Energy by 21.4% in the 1st quarter. Bank of New York Mellon Corp now owns 15,038 shares of the oil and gas producer's stock valued at $67,000 after purchasing an additional 2,652 shares during the period. Cetera Investment Advisers boosted its position in shares of Baytex Energy by 45.9% in the fourth quarter. Cetera Investment Advisers now owns 16,060 shares of the oil and gas producer's stock valued at $52,000 after acquiring an additional 5,054 shares during the period. Caitong International Asset Management Co. Ltd grew its stake in shares of Baytex Energy by 98.4% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 13,490 shares of the oil and gas producer's stock valued at $44,000 after acquiring an additional 6,691 shares in the last quarter. United Capital Management of KS Inc. increased its position in Baytex Energy by 11.1% during the fourth quarter. United Capital Management of KS Inc. now owns 100,000 shares of the oil and gas producer's stock worth $323,000 after acquiring an additional 10,000 shares during the period. Finally, Barclays PLC increased its position in Baytex Energy by 14.6% during the fourth quarter. Barclays PLC now owns 81,854 shares of the oil and gas producer's stock worth $264,000 after acquiring an additional 10,435 shares during the period. Institutional investors own 46.15% of the company's stock.

About Baytex Energy

Baytex Energy Corp. is an oil & gas exploration and production company. The firm engages in the acquisition, development and production of crude oil and natural gas in the Western Canadian Sedimentary Basin and in the Eagle Ford in the United States. The company was founded on June 3, 1993 and is headquartered in Calgary, Canada.

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