242,300 Shares in Baytex Energy Corp $BTE Acquired by PenderFund Capital Management Ltd.

Key Points

• PenderFund Capital Management acquired 242,300 Baytex Energy shares worth approximately $972,000 in the second quarter. Institutional investors collectively own 46.15% of the company.
• Analyst sentiment remains cautious, with Baytex carrying an overall “Hold” rating based on one Strong Buy, three Buys, six Holds, and one Sell rating.
• Baytex reported quarterly earnings of $0.17 per share, exceeding the $0.08 consensus estimate, while revenue reached $449.32 million. The company also declared a quarterly dividend of $0.0225 per share, representing a 1.9% annualized yield.

PenderFund Capital Management Ltd. bought a new position in shares of Baytex Energy Corp (NYSE:BTE - Free Report) TSE: BTE in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 242,300 shares of the oil and gas producer's stock, valued at approximately $972,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in BTE. Goldman Sachs Group Inc. grew its holdings in shares of Baytex Energy by 110.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 7,127,074 shares of the oil and gas producer's stock worth $15,893,000 after purchasing an additional 3,743,234 shares during the period. Jane Street Group LLC raised its holdings in Baytex Energy by 446.3% in the 1st quarter. Jane Street Group LLC now owns 2,646,885 shares of the oil and gas producer's stock valued at $5,903,000 after buying an additional 2,162,346 shares during the period. Geode Capital Management LLC raised its holdings in Baytex Energy by 19.0% in the 2nd quarter. Geode Capital Management LLC now owns 1,802,016 shares of the oil and gas producer's stock valued at $3,226,000 after buying an additional 287,454 shares during the period. Russell Investments Group Ltd. raised its holdings in Baytex Energy by 10.7% in the 2nd quarter. Russell Investments Group Ltd. now owns 144,757 shares of the oil and gas producer's stock valued at $261,000 after buying an additional 14,050 shares during the period. Finally, Invesco Ltd. lifted its position in Baytex Energy by 18.4% in the second quarter. Invesco Ltd. now owns 465,450 shares of the oil and gas producer's stock valued at $833,000 after buying an additional 72,431 shares during the last quarter. Hedge funds and other institutional investors own 46.15% of the company's stock.

Analyst Ratings Changes

BTE has been the subject of several research analyst reports. Zacks Research raised shares of Baytex Energy from a "strong sell" rating to a "hold" rating in a research note on Thursday, August 20th. Canadian Imperial Bank of Commerce reissued a "neutral" rating on shares of Baytex Energy in a research note on Friday, July 10th. Royal Bank Of Canada restated a "sector perform" rating on shares of Baytex Energy in a report on Monday, May 11th. 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. Finally, TD Securities reiterated a "hold" rating on shares of Baytex Energy in a report on Monday, August 3rd. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Hold".

Baytex Energy Price Performance

BTE opened at $4.83 on Friday. The stock's 50-day moving average price is $4.25 and its 200 day moving average price is $4.33. Baytex Energy Corp has a 12-month low of $2.15 and a 12-month high of $5.36. The firm has a market cap of $3.37 billion, a price-to-earnings ratio of -7.20 and a beta of 0.39. The company has a current ratio of 2.82, a quick ratio of 2.79 and a debt-to-equity ratio of 0.06.

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

Baytex Energy Announces Dividend

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

Baytex Energy Company Profile

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.

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source