Mitsubishi UFJ Trust & Banking Corp Sells 269,900 Shares of Baytex Energy Corp $BTE

Key Points

• Mitsubishi UFJ Trust & Banking Corp reduced its Baytex stake by 37.7%, selling 269,900 shares and retaining 446,600 shares (about 0.06% of the company) worth $1.427 million per its SEC filing.
• Baytex missed on results: the company reported Q EPS of $(0.31) vs. a $0.02 estimate and revenue of $251.4M vs. $545.6M expected, while the stock traded around $5.12 (up ~2.7%).
• Dividend and sentiment: Baytex pays a small quarterly dividend ($0.0225, annualized $0.09, ~1.8% yield) and analyst coverage is mixed with an average rating of "Hold."

Mitsubishi UFJ Trust & Banking Corp lessened its stake in Baytex Energy Corp (NYSE:BTE - Free Report) TSE: BTE by 37.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 446,600 shares of the oil and gas producer's stock after selling 269,900 shares during the period. Mitsubishi UFJ Trust & Banking Corp owned about 0.06% of Baytex Energy worth $1,427,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the stock. Vanguard Group Inc. grew its position in shares of Baytex Energy by 1.3% in the 4th quarter. Vanguard Group Inc. now owns 29,449,680 shares of the oil and gas producer's stock valued at $95,270,000 after buying an additional 374,972 shares during the last quarter. American Century Companies Inc. grew its position in shares of Baytex Energy by 20.0% in the 3rd quarter. American Century Companies Inc. now owns 14,233,589 shares of the oil and gas producer's stock valued at $33,342,000 after buying an additional 2,375,496 shares during the last quarter. Alliancebernstein L.P. grew its position in shares of Baytex Energy by 7.4% in the 2nd quarter. Alliancebernstein L.P. now owns 10,710,876 shares of the oil and gas producer's stock valued at $19,172,000 after buying an additional 738,337 shares during the last quarter. Goldman Sachs Group Inc. grew its position in shares of Baytex Energy by 110.6% in the 1st quarter. Goldman Sachs Group Inc. now owns 7,127,074 shares of the oil and gas producer's stock valued at $15,893,000 after buying an additional 3,743,234 shares during the last quarter. Finally, UBS Group AG grew its position in shares of Baytex Energy by 39.5% in the 3rd quarter. UBS Group AG now owns 5,129,075 shares of the oil and gas producer's stock valued at $12,002,000 after buying an additional 1,452,603 shares during the last quarter. Institutional investors own 46.15% of the company's stock.

Baytex Energy Stock Up 2.7%

Shares of Baytex Energy stock opened at $5.12 on Tuesday. Baytex Energy Corp has a one year low of $1.44 and a one year high of $5.14. The company has a debt-to-equity ratio of 0.05, a current ratio of 3.61 and a quick ratio of 3.61. The stock's 50-day moving average is $4.20 and its 200 day moving average is $3.47. The firm has a market cap of $3.74 billion, a price-to-earnings ratio of -8.97 and a beta of 0.39.

Baytex Energy (NYSE:BTE - Get Free Report) TSE: BTE last announced its earnings results on Wednesday, March 4th. The oil and gas producer reported ($0.31) EPS for the quarter, missing the consensus estimate of $0.02 by ($0.33). Baytex Energy had a negative net margin of 16.96% and a negative return on equity of 5.44%. The business had revenue of $251.38 million for the quarter, compared to the consensus estimate of $545.60 million. Equities research analysts anticipate that Baytex Energy Corp will post 0.18 EPS for the current year.

Baytex Energy Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, April 1st. Investors of record on Friday, March 13th were paid a dividend of $0.0225 per share. This represents a $0.09 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date of this dividend was Friday, March 13th. Baytex Energy's dividend payout ratio is -12.28%.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. TD Cowen lowered Baytex Energy from a "buy" rating to a "hold" rating in a research report on Friday, January 16th. Wall Street Zen upgraded Baytex Energy from a "sell" rating to a "hold" rating in a research report on Saturday, January 31st. Canaccord Genuity Group upgraded Baytex Energy from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, April 14th. Scotiabank restated an "outperform" rating on shares of Baytex Energy in a research report on Tuesday, April 21st. Finally, Weiss Ratings lowered Baytex Energy from a "hold (c)" rating to a "sell (d)" rating in a research report on Friday, March 6th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, four have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock has an average rating of "Hold".

About Baytex Energy

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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