Ninepoint Partners LP Purchases New Position in Baytex Energy Corp $BTE

Key Points

• Ninepoint Partners LP acquired 17 million Baytex Energy shares worth approximately $68 million, making up 5.2% of its portfolio and representing a 2.4% ownership stake. Institutional investors collectively own 46.15% of the company.
• Baytex shares rose 1.9% to $4.82, while the company reported quarterly EPS of $0.17—beating analyst expectations of $0.08—and revenue of $449.32 million versus the $218.10 million consensus estimate.
• Baytex declared a quarterly dividend of $0.0225 per share, equivalent to an annualized $0.09 payout and a 1.9% yield. Analyst sentiment remains mixed, with the stock carrying a consensus “Hold” rating.

Ninepoint Partners LP purchased a new stake in Baytex Energy Corp (NYSE:BTE - Free Report) TSE: BTE during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 17,000,000 shares of the oil and gas producer's stock, valued at approximately $68,000,000. Baytex Energy makes up 5.2% of Ninepoint Partners LP's holdings, making the stock its 5th largest holding. Ninepoint Partners LP owned 2.40% of Baytex Energy as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the company. Bank of Nova Scotia acquired a new stake in shares of Baytex Energy during the third quarter worth approximately $26,000. Magnetar Financial LLC acquired a new position in shares of Baytex Energy in the 4th quarter worth approximately $35,000. Jump Financial LLC acquired a new position in shares of Baytex Energy in the 4th quarter worth approximately $39,000. Caitong International Asset Management Co. Ltd grew its position 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 worth $44,000 after acquiring an additional 6,691 shares during the last quarter. Finally, WINTON GROUP Ltd bought a new stake in Baytex Energy during the 4th quarter worth approximately $47,000. 46.15% of the stock is owned by institutional investors.

Baytex Energy Stock Up 1.9%

NYSE:BTE opened at $4.82 on Friday. The stock's fifty day moving average price is $4.21 and its two-hundred day moving average price is $4.29. Baytex Energy Corp has a 52-week low of $1.94 and a 52-week high of $5.36. The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.79 and a current ratio of 2.82. The company has a market cap of $3.37 billion, a price-to-earnings ratio of -7.19 and a beta of 0.39.

Baytex Energy (NYSE:BTE - Get Free Report) TSE: BTE last released its earnings results on Thursday, July 30th. The oil and gas producer reported $0.17 EPS for the quarter, beating the consensus estimate of $0.08 by $0.09. Baytex Energy had a negative return on equity of 7.77% and a negative net margin of 26.43%.The company had revenue of $449.32 million during the quarter, compared to analysts' expectations of $218.10 million. On average, analysts anticipate that Baytex Energy Corp will post 0.25 EPS for the current year.

Baytex Energy Announces Dividend

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 issued a dividend of $0.0225 per share. This represents a $0.09 annualized dividend and a yield of 1.9%. The ex-dividend date of this dividend is Tuesday, September 15th. Baytex Energy's payout ratio is currently -10.45%.

Analyst Ratings Changes

BTE has been the subject of several research analyst reports. Zacks Research downgraded Baytex Energy from a "hold" rating to a "strong sell" rating in a research report on Friday, July 17th. 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 restated a "hold" rating on shares of Baytex Energy in a research note on Monday, August 3rd. Royal Bank Of Canada reiterated a "sector perform" rating on shares of Baytex Energy in a research report on Monday, May 11th. Finally, Canadian Imperial Bank of Commerce reissued a "neutral" rating on shares of Baytex Energy in a report on Friday, July 10th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, five have issued a Hold rating and two have given a Sell rating to the company. Based on data from 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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