Encompass Capital Advisors LLC Purchases 6,123,098 Shares of Baytex Energy Corp $BTE

Key Points

• Encompass Capital Advisors increased its Baytex Energy stake by 43.9%, buying 6.12 million additional shares to hold 20.07 million shares, worth approximately $89.7 million. Institutional investors collectively own 46.15% of the company.
• Baytex shares were trading at $4.13, down 4.3%, while the company’s latest quarterly results showed an adjusted loss of $0.08 per share—below the $0.01 consensus estimate—despite revenue exceeding expectations.
• Baytex paid a quarterly dividend of $0.0225 per share, equivalent to a $0.09 annualized payout and a 2.2% yield. Analyst sentiment remains mixed, with the stock carrying an overall “Hold” rating.

Encompass Capital Advisors LLC increased its position in Baytex Energy Corp (NYSE:BTE - Free Report) TSE: BTE by 43.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 20,071,614 shares of the oil and gas producer's stock after acquiring an additional 6,123,098 shares during the quarter. Baytex Energy comprises about 2.7% of Encompass Capital Advisors LLC's investment portfolio, making the stock its 7th biggest position. Encompass Capital Advisors LLC owned about 2.75% of Baytex Energy worth $89,695,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Magnetar Financial LLC acquired a new stake in shares of Baytex Energy in the fourth quarter valued at about $35,000. Bank of Nova Scotia acquired a new position in shares of Baytex Energy during the 3rd quarter worth about $26,000. Jump Financial LLC acquired a new position in shares of Baytex Energy during the 4th quarter worth about $39,000. Capula Management Ltd acquired a new position in shares of Baytex Energy during the 1st quarter worth about $57,000. Finally, Caitong International Asset Management Co. Ltd boosted its stake in 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 valued at $44,000 after purchasing an additional 6,691 shares during the period. Institutional investors and hedge funds own 46.15% of the company's stock.

Baytex Energy Trading Down 4.3%

BTE stock opened at $4.13 on Tuesday. Baytex Energy Corp has a 1-year low of $1.93 and a 1-year high of $5.36. The company has a current ratio of 2.15, a quick ratio of 2.12 and a debt-to-equity ratio of 0.06. The business's 50 day moving average is $4.42 and its 200-day moving average is $4.16. The firm has a market cap of $2.95 billion, a P/E ratio of -5.91 and a beta of 0.40.

Baytex Energy (NYSE:BTE - Get Free Report) TSE: BTE last posted its earnings results on Thursday, May 7th. The oil and gas producer reported ($0.08) EPS for the quarter, missing the consensus estimate of $0.01 by ($0.09). The company had revenue of $325.64 million for the quarter, compared to the consensus estimate of $228.04 million. Baytex Energy had a negative return on equity of 10.85% and a negative net margin of 24.25%. Equities analysts anticipate that Baytex Energy Corp will post 0.26 earnings per share for the current fiscal year.

Baytex Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 2nd. Shareholders of record on Monday, June 15th were paid a dividend of $0.0225 per share. This represents a $0.09 annualized dividend and a yield of 2.2%. The ex-dividend date was Monday, June 15th. Baytex Energy's dividend payout ratio is currently -10.00%.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the company. Raymond James Financial raised Baytex Energy from a "hold" rating to a "moderate buy" rating in a report on Monday, March 30th. Weiss Ratings cut Baytex Energy from a "sell (d+)" rating to a "sell (d)" rating in a research report on Wednesday, June 24th. Canaccord Genuity Group upgraded shares of Baytex Energy from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, April 14th. Canadian Imperial Bank of Commerce reaffirmed a "neutral" rating on shares of Baytex Energy in a research report on Friday, July 10th. Finally, TD Securities reaffirmed a "hold" rating on shares of Baytex Energy in a research report on Monday, May 11th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, five have issued a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Hold".

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.

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