Lazard Asset Management LLC Has $2.56 Million Holdings in Baytex Energy Corp $BTE

Key Points

• Lazard Asset Management increased its Baytex Energy stake by 2,091.4% in the first quarter, acquiring 545,808 additional shares for a total holding valued at approximately $2.56 million. Institutional investors collectively own 46.15% of the company.
• Baytex Energy reported quarterly earnings of $0.17 per share, exceeding analysts’ $0.08 consensus estimate, while revenue of $449.32 million also surpassed expectations.
• Analyst sentiment remains mixed, with the stock carrying an overall “Hold” rating. Baytex declared a quarterly dividend of $0.0225 per share, equivalent to an annualized dividend of $0.09 and a 2.0% yield.

Lazard Asset Management LLC raised its holdings in Baytex Energy Corp (NYSE:BTE - Free Report) TSE: BTE by 2,091.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 571,906 shares of the oil and gas producer's stock after buying an additional 545,808 shares during the period. Lazard Asset Management LLC owned 0.08% of Baytex Energy worth $2,556,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Magnetar Financial LLC acquired a new position in Baytex Energy during the fourth quarter worth $35,000. Bank of Nova Scotia acquired a new stake in Baytex Energy in the third quarter valued at $26,000. Jump Financial LLC bought a new position in shares of Baytex Energy in the 4th quarter valued at about $39,000. Capula Management Ltd bought a new position in shares of Baytex Energy in the 1st quarter valued at about $57,000. Finally, Caitong International Asset Management Co. Ltd grew its position in shares of Baytex Energy by 98.4% in 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 acquiring an additional 6,691 shares during the period. 46.15% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

BTE has been the topic of a number of research analyst reports. TD Securities restated a "hold" rating on shares of Baytex Energy in a research note on Monday, May 11th. Royal Bank Of Canada reaffirmed a "sector perform" rating on shares of Baytex Energy in a research report on Monday, May 11th. Canaccord Genuity Group upgraded shares of Baytex Energy from a "hold" rating to a "strong-buy" rating in a report on Tuesday, April 14th. Weiss Ratings raised shares of Baytex Energy from a "sell (d)" rating to a "sell (d+)" rating in a research report on Tuesday, July 28th. Finally, Canadian Imperial Bank of Commerce restated a "neutral" rating on shares of Baytex Energy in a research note on Friday, July 10th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the company presently has an average rating of "Hold".

Baytex Energy Price Performance

BTE stock opened at $4.55 on Monday. The company's 50-day moving average price is $4.34 and its two-hundred day moving average price is $4.19. The firm has a market cap of $3.23 billion, a P/E ratio of -6.80 and a beta of 0.39. The company has a quick ratio of 2.12, a current ratio of 2.15 and a debt-to-equity ratio of 0.06. Baytex Energy Corp has a 12 month low of $1.93 and a 12 month high of $5.36.

Baytex Energy (NYSE:BTE - Get Free Report) TSE: BTE last issued its earnings results on Thursday, July 30th. The oil and gas producer reported $0.17 earnings per share for the quarter, beating analysts' consensus estimates of $0.08 by $0.09. Baytex Energy had a negative return on equity of 7.27% and a negative net margin of 26.43%.The firm had revenue of $449.32 million for the quarter, compared to the consensus estimate of $218.10 million. On average, analysts anticipate that Baytex Energy Corp will post 0.26 earnings per share for the current fiscal year.

Baytex Energy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Tuesday, September 15th will be paid a $0.0225 dividend. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $0.09 annualized dividend and a dividend yield of 2.0%. Baytex Energy's dividend payout ratio is presently -10.00%.

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.

Want to see what other hedge funds are holding BTE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Baytex Energy Corp (NYSE:BTE - Free Report) TSE: BTE.

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source