Cibc World Market Inc. Buys New Stake in Baytex Energy Corp $BTE

Key Points

• Cibc World Market Inc. acquired 2.36 million Baytex Energy shares worth approximately $9.44 million, representing about 0.34% of the company. Institutional investors collectively own 46.15% of Baytex.
• Analyst sentiment remains mixed but centered on “Hold”: one analyst rates the stock a Strong Buy, three rate it Buy, six rate it Hold, and one rates it Sell.
• Baytex reported quarterly EPS of $0.17, exceeding the $0.08 consensus estimate, on revenue of $449.32 million. The company also declared a quarterly dividend of $0.0225 per share, equivalent to a 1.9% annualized yield.

Cibc World Market Inc. purchased a new position in shares of Baytex Energy Corp (NYSE:BTE - Free Report) TSE: BTE during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 2,355,665 shares of the oil and gas producer's stock, valued at approximately $9,443,000. Cibc World Market Inc. owned approximately 0.34% of Baytex Energy as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Bank of New York Mellon Corp increased its holdings in Baytex Energy by 21.4% in the first 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 buying an additional 2,652 shares in the last quarter. Cetera Investment Advisers boosted its stake in shares of Baytex Energy by 45.9% during the 4th quarter. Cetera Investment Advisers now owns 16,060 shares of the oil and gas producer's stock worth $52,000 after acquiring an additional 5,054 shares in the last quarter. Caitong International Asset Management Co. Ltd boosted its stake in shares of Baytex Energy by 98.4% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 13,490 shares of the oil and gas producer's stock worth $44,000 after acquiring an additional 6,691 shares in the last quarter. United Capital Management of KS Inc. boosted its stake in shares of Baytex Energy by 11.1% during the 4th 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 in the last quarter. Finally, Barclays PLC grew its position in shares of Baytex Energy by 14.6% during the 4th quarter. Barclays PLC now owns 81,854 shares of the oil and gas producer's stock valued at $264,000 after acquiring an additional 10,435 shares during the period. Institutional investors and hedge funds own 46.15% of the company's stock.

Analyst Ratings Changes

Several brokerages recently weighed in on BTE. Weiss Ratings upgraded Baytex Energy from a "sell (d)" rating to a "sell (d+)" rating in a research note on Tuesday, July 28th. TD Securities reiterated a "hold" rating on shares of Baytex Energy in a research report on Monday, August 3rd. Zacks Research raised Baytex Energy from a "strong sell" rating to a "hold" rating in a report on Thursday, August 20th. Canadian Imperial Bank of Commerce restated a "neutral" rating on shares of Baytex Energy in a research report on Friday, July 10th. Finally, Royal Bank Of Canada reaffirmed a "sector perform" rating on shares of Baytex Energy in a research note on Monday, May 11th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, six have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold".

Baytex Energy Stock Down 1.8%

Shares of NYSE BTE opened at $4.72 on Tuesday. The firm has a market cap of $3.30 billion, a price-to-earnings ratio of -7.05 and a beta of 0.39. The company's 50-day simple moving average is $4.22 and its 200-day simple moving average is $4.31. 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 Corp has a 52-week low of $2.10 and a 52-week high of $5.36.

Baytex Energy (NYSE:BTE - Get Free Report) TSE: BTE last released its quarterly earnings results on Thursday, July 30th. The oil and gas producer reported $0.17 earnings per share for the quarter, topping the consensus estimate of $0.08 by $0.09. The firm had revenue of $449.32 million during 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%. Equities analysts predict that Baytex Energy Corp will post 0.41 EPS for the current fiscal year.

Baytex Energy Dividend Announcement

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

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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