4,158,240 Shares in Baytex Energy Corp $BTE Acquired by Bank of America Corp DE

Key Points

• Bank of America acquired 4.16 million Baytex Energy shares worth approximately $16.6 million, giving it a 0.60% stake. Institutional investors collectively own 46.15% of the company.
• Analyst sentiment remains mixed, with a consensus “Hold” rating; recent recommendations range from “Strong Buy” to “Sell.”
• Baytex reported quarterly EPS of $0.17, exceeding the $0.08 consensus estimate, while revenue reached $449.3 million. The company also declared a quarterly dividend of C$0.02, implying an annualized yield of about 2%.

Bank of America Corp DE acquired a new position in shares of Baytex Energy Corp (NYSE:BTE - Free Report) TSE: BTE in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 4,158,240 shares of the oil and gas producer's stock, valued at approximately $16,633,000. Bank of America Corp DE owned about 0.60% of Baytex Energy as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also bought and sold shares of BTE. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Baytex Energy during the second quarter worth $197,114,000. Arrowstreet Capital Limited Partnership lifted its holdings in Baytex Energy by 816.3% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 22,003,118 shares of the oil and gas producer's stock worth $98,381,000 after purchasing an additional 19,601,808 shares in the last quarter. Ninepoint Partners LP purchased a new stake in Baytex Energy during the 2nd quarter worth about $68,000,000. Encompass Capital Advisors LLC bought a new position in Baytex Energy in the 4th quarter worth about $45,054,000. Finally, Webs Creek Capital Management LP bought a new position in Baytex Energy in the 2nd quarter worth about $51,086,024. Hedge funds and other institutional investors own 46.15% of the company's stock.

Analyst Ratings Changes

BTE has been the subject of several recent analyst reports. Raymond James Financial reaffirmed a "strong-buy" rating on shares of Baytex Energy in a research note on Wednesday, September 16th. Weiss Ratings upgraded shares of Baytex Energy from a "sell (d)" rating to a "sell (d+)" rating in a research note on Tuesday, July 28th. Zacks Research upgraded Baytex Energy from a "strong sell" rating to a "hold" rating in a research report on Thursday, August 20th. TD Securities reaffirmed a "hold" rating on shares of Baytex Energy in a research note on Monday, August 3rd. Finally, Canadian Imperial Bank of Commerce reissued a "neutral" rating on shares of Baytex Energy in a report on Friday, July 10th. Two investment analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold".

Baytex Energy Stock Up 0.1%

Shares of BTE opened at $4.58 on Friday. Baytex Energy Corp has a 1 year low of $2.18 and a 1 year high of $5.36. The company has a debt-to-equity ratio of 0.06, a current ratio of 2.82 and a quick ratio of 2.79. The stock has a 50 day simple moving average of $4.59 and a two-hundred day simple moving average of $4.49. The firm has a market cap of $3.17 billion, a P/E ratio of -6.84 and a beta of 0.39.

Baytex Energy (NYSE:BTE - Get Free Report) TSE: BTE last posted its quarterly 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. The firm had revenue of $449.32 million for the quarter, compared to the consensus estimate of $218.10 million. Baytex Energy had a negative net margin of 26.43% and a negative return on equity of 7.77%. On average, analysts forecast that Baytex Energy Corp will post 0.41 earnings per share for the current fiscal 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 given a C$0.02 dividend. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $0.09 annualized dividend and a yield of 2.0%. Baytex Energy's dividend payout ratio is -8.96%.

Baytex Energy Profile

Baytex Energy Corp. is a Canadian oil and natural gas exploration and production company headquartered in Calgary, Alberta. The company focuses on the development and production of crude oil, condensate, natural gas liquids and natural gas from unconventional and conventional reserves.

Baytex operates primarily in the Western Canadian Sedimentary Basin, including resource plays in Alberta and Saskatchewan, and in the Eagle Ford shale in South Texas. Its Canadian operations provide exposure to heavy oil, light oil and natural gas assets, while its Eagle Ford operations are focused largely on liquids-rich production.

Founded in 1993, Baytex has grown through exploration, development and acquisitions.

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.