Engineers Gate Manager LP Acquires New Stake in Baytex Energy Corp $BTE

Key Points

• Engineers Gate Manager LP acquired 312,576 shares of Baytex Energy during the second quarter, valued at approximately $1.25 million. Institutional investors collectively own 46.15% of the company.
• Analyst sentiment remains mixed, with two Strong Buy ratings, two Buy ratings, six Holds and one Sell; the overall consensus rating is Hold.
• Baytex reported quarterly earnings of $0.17 per share, beating estimates of $0.08, while revenue reached $449.32 million. The company also announced a quarterly dividend of $0.0225 per share, equivalent to a 1.9% annualized yield.

Engineers Gate Manager LP acquired a new stake in Baytex Energy Corp (NYSE:BTE - Free Report) TSE: BTE during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 312,576 shares of the oil and gas producer's stock, valued at approximately $1,251,000.

A number of other institutional investors also recently added to or reduced their stakes in the business. Capula Management Ltd acquired a new stake in shares of Baytex Energy in the 1st quarter valued at approximately $57,000. Commerce Bank acquired a new stake in Baytex Energy in the second quarter valued at $60,000. Bank of New York Mellon Corp purchased a new stake in shares of Baytex Energy during the 2nd quarter worth $60,000. Cetera Investment Advisers boosted its position in shares of Baytex Energy by 31.5% during the 1st quarter. Cetera Investment Advisers now owns 21,120 shares of the oil and gas producer's stock worth $94,000 after purchasing an additional 5,060 shares in the last quarter. Finally, Blue Trust Inc. acquired a new position in shares of Baytex Energy during the 1st quarter worth $95,000. Hedge funds and other institutional investors own 46.15% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on BTE. Zacks Research raised shares of Baytex Energy from a "strong sell" rating to a "hold" rating in a report on Thursday, August 20th. Weiss Ratings raised Baytex Energy from a "sell (d)" rating to a "sell (d+)" rating in a research note on Tuesday, July 28th. Canadian Imperial Bank of Commerce restated a "neutral" rating on shares of Baytex Energy in a research report on Friday, July 10th. TD Securities reaffirmed a "hold" rating on shares of Baytex Energy in a report on Monday, August 3rd. Finally, Raymond James Financial reiterated a "strong-buy" rating on shares of Baytex Energy in a research report on Wednesday. Two equities research analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Hold".

Baytex Energy Stock Performance

Baytex Energy stock opened at $4.84 on Friday. The stock's 50-day moving average is $4.54 and its 200-day moving average is $4.47. The company has a market cap of $3.34 billion, a price-to-earnings ratio of -7.23 and a beta of 0.39. Baytex Energy Corp has a 12 month low of $2.18 and a 12 month 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.

Baytex Energy (NYSE:BTE - Get Free Report) TSE: BTE last posted 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. Baytex Energy had a negative net margin of 26.43% and a negative return on equity of 7.77%. The business had revenue of $449.32 million for the quarter, compared to analyst estimates of $218.10 million. Equities analysts anticipate that Baytex Energy Corp will post 0.41 earnings per share for the current 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 given a $0.0225 dividend. This represents a $0.09 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date of this dividend is Tuesday, September 15th. Baytex Energy's dividend payout ratio is presently -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.

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