PDT Partners LLC Invests $4.53 Million in Baytex Energy Corp $BTE

Key Points

• PDT Partners LLC acquired 1.13 million Baytex Energy shares worth approximately $4.53 million, giving it a 0.16% stake. Institutional investors collectively own 46.15% of the company.
• Analysts maintain a generally cautious outlook, with Baytex carrying a consensus “Hold” rating based on one Strong Buy, three Buys, six Holds and one Sell.
• Baytex exceeded quarterly earnings expectations, reporting $0.17 in EPS versus the $0.08 estimate, while declaring a quarterly dividend of $0.0225 per share, representing a 2.0% annualized yield.

PDT Partners LLC bought a new stake in Baytex Energy Corp (NYSE:BTE - Free Report) TSE: BTE in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 1,132,926 shares of the oil and gas producer's stock, valued at approximately $4,532,000. PDT Partners LLC owned 0.16% of Baytex Energy as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in BTE. Legal & General Group Plc purchased a new position in Baytex Energy during the second quarter valued at $2,257,000. The Manufacturers Life Insurance Company bought a new stake in shares of Baytex Energy during the 2nd quarter valued at $2,252,000. Webs Creek Capital Management LP purchased a new stake in shares of Baytex Energy in the 2nd quarter worth about $51,086,024,000. Cibc World Market Inc. purchased a new stake in shares of Baytex Energy in the 2nd quarter worth about $9,443,000. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Baytex Energy in the 2nd quarter worth about $197,114,000. 46.15% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts have recently issued reports on BTE shares. TD Securities reiterated a "hold" rating on shares of Baytex Energy in a report on Monday, August 3rd. Canadian Imperial Bank of Commerce reaffirmed a "neutral" rating on shares of Baytex Energy in a research report on Friday, July 10th. Weiss Ratings upgraded Baytex Energy from a "sell (d)" rating to a "sell (d+)" rating in a research note on Tuesday, July 28th. Zacks Research raised Baytex Energy from a "strong sell" rating to a "hold" rating in a report on Thursday, August 20th. Finally, Royal Bank Of Canada reissued a "sector perform" rating on shares of Baytex Energy in a research note on Monday, May 11th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Hold".

Baytex Energy Trading Down 2.3%

Shares of BTE stock opened at $4.61 on Wednesday. The company has a current ratio of 2.82, a quick ratio of 2.79 and a debt-to-equity ratio of 0.06. Baytex Energy Corp has a 12-month low of $2.10 and a 12-month high of $5.36. The stock has a market capitalization of $3.22 billion, a P/E ratio of -6.88 and a beta of 0.39. The firm's 50 day moving average is $4.22 and its 200 day moving average is $4.31.

Baytex Energy (NYSE:BTE - Get Free Report) TSE: BTE last announced 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. The business had revenue of $449.32 million during the quarter, compared to analyst estimates of $218.10 million. Baytex Energy had a negative net margin of 26.43% and a negative return on equity of 7.77%. Research analysts expect that Baytex Energy Corp will post 0.41 earnings per share for the current year.

Baytex Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Tuesday, September 15th will be given a dividend of $0.0225 per share. This represents a $0.09 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date is Tuesday, September 15th. Baytex Energy's dividend payout ratio is -10.45%.

Baytex Energy 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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