Bank of America Corp DE Sells 1,966,155 Shares of Baytex Energy Corp $BTE

Key Points

• Bank of America cut its Baytex Energy stake by 38.4% in the first quarter, selling 1,966,155 shares and retaining 3,158,528 shares valued at approximately $14.1 million.
• Other institutional investors expanded their positions significantly, including Arrowstreet Capital, which increased its holdings by 816.3%. Institutional investors collectively own 46.15% of Baytex Energy.
• Baytex reported quarterly EPS of $0.17, beating estimates of $0.08, on revenue of $449.3 million. Analysts maintain an average “Hold” rating, while the company declared a quarterly dividend of $0.0225 per share.

Bank of America Corp DE trimmed its holdings in Baytex Energy Corp (NYSE:BTE - Free Report) TSE: BTE by 38.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,158,528 shares of the oil and gas producer's stock after selling 1,966,155 shares during the period. Bank of America Corp DE owned 0.43% of Baytex Energy worth $14,119,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of BTE. Arrowstreet Capital Limited Partnership increased its position in shares of Baytex Energy by 816.3% during the first quarter. Arrowstreet Capital Limited Partnership now owns 22,003,118 shares of the oil and gas producer's stock worth $98,381,000 after buying an additional 19,601,808 shares during the period. Encompass Capital Advisors LLC acquired a new stake in Baytex Energy during the 4th quarter worth about $45,054,000. TD Asset Management Inc raised its position in shares of Baytex Energy by 176.3% in the 4th quarter. TD Asset Management Inc now owns 10,287,145 shares of the oil and gas producer's stock worth $33,321,000 after acquiring an additional 6,564,105 shares in the last quarter. Intact Investment Management Inc. lifted its stake in shares of Baytex Energy by 214.0% in the 4th quarter. Intact Investment Management Inc. now owns 8,868,370 shares of the oil and gas producer's stock valued at $28,687,000 after purchasing an additional 6,044,270 shares during the period. Finally, State of Wisconsin Investment Board acquired a new position in shares of Baytex Energy in the 4th quarter valued at about $15,690,000. Institutional investors and hedge funds own 46.15% of the company's stock.

Baytex Energy Stock Performance

Baytex Energy stock opened at $4.80 on Friday. Baytex Energy Corp has a fifty-two week low of $2.02 and a fifty-two week high of $5.36. The stock's 50 day simple moving average is $4.21 and its two-hundred day simple moving average is $4.29. The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.79 and a current ratio of 2.82. The stock has a market cap of $3.35 billion, a price-to-earnings ratio of -7.16 and a beta of 0.39.

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 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 business had revenue of $449.32 million for the quarter, compared to the consensus estimate of $218.10 million. As a group, analysts expect that Baytex Energy Corp will post 0.41 earnings per share for the current fiscal year.

Baytex Energy Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on BTE. TD Securities reaffirmed a "hold" rating on shares of Baytex Energy in a research report on Monday, August 3rd. Zacks Research lowered shares of Baytex Energy from a "hold" rating to a "strong sell" rating in a research note on Friday, July 17th. Weiss Ratings upgraded shares of Baytex Energy from a "sell (d)" rating to a "sell (d+)" rating in a report on Tuesday, July 28th. Royal Bank Of Canada restated a "sector perform" rating on shares of Baytex Energy in a report on Monday, May 11th. Finally, Canadian Imperial Bank of Commerce reaffirmed a "neutral" rating on shares of Baytex Energy in a research report on Friday, July 10th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, Baytex Energy has an average rating of "Hold".

Baytex Energy 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.

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