Spark Investment Management LLC Makes New Investment in Baytex Energy Corp $BTE

Key Points

• Spark Investment Management acquired 259,000 Baytex Energy shares worth approximately $1.04 million, making BTE 2% of its portfolio. Institutional investors collectively own 46.15% of the company.
• Baytex shares rose 0.5% to $4.88, while the company reported quarterly earnings of $0.17 per share—beating estimates by $0.09—and revenue of $449.32 million.
• Baytex declared a quarterly dividend of $0.0225 per share, equivalent to a 1.8% annualized yield. Analysts’ consensus rating remains “Hold,” with most covering analysts maintaining neutral views.

Spark Investment Management LLC acquired a new stake in Baytex Energy Corp (NYSE:BTE - Free Report) TSE: BTE during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 259,000 shares of the oil and gas producer's stock, valued at approximately $1,038,000. Baytex Energy makes up 2.0% of Spark Investment Management LLC's portfolio, making the stock its 16th largest position.

Several other institutional investors have also recently made changes to their positions in the business. Bank of New York Mellon Corp raised its position in shares of Baytex Energy by 21.4% during the first quarter. Bank of New York Mellon Corp now owns 15,038 shares of the oil and gas producer's stock valued at $67,000 after buying an additional 2,652 shares during the last quarter. Cetera Investment Advisers boosted its stake in Baytex Energy by 45.9% during the fourth quarter. Cetera Investment Advisers now owns 16,060 shares of the oil and gas producer's stock valued at $52,000 after buying an additional 5,054 shares during the last quarter. Caitong International Asset Management Co. Ltd grew its holdings 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 valued at $44,000 after buying an additional 6,691 shares in the last quarter. United Capital Management of KS Inc. increased its stake in Baytex Energy by 11.1% in the 4th quarter. United Capital Management of KS Inc. now owns 100,000 shares of the oil and gas producer's stock worth $323,000 after acquiring an additional 10,000 shares during the last quarter. Finally, Barclays PLC boosted its position in shares of Baytex Energy by 14.6% during the 4th quarter. Barclays PLC now owns 81,854 shares of the oil and gas producer's stock valued at $264,000 after acquiring an additional 10,435 shares during the last quarter. Hedge funds and other institutional investors own 46.15% of the company's stock.

Baytex Energy Stock Up 0.5%

Shares of BTE traded up $0.03 during midday trading on Tuesday, reaching $4.88. 11,194,574 shares of the stock were exchanged, compared to its average volume of 19,691,857. The company has a market capitalization of $3.37 billion, a P/E ratio of -7.29 and a beta of 0.39. 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 52 week low of $2.18 and a 52 week high of $5.36. The company's 50 day moving average is $4.40 and its two-hundred day moving average is $4.41.

Baytex Energy (NYSE:BTE - Get Free Report) TSE: BTE last released its quarterly earnings data 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. The firm had revenue of $449.32 million during the quarter, compared to the consensus estimate of $218.10 million. Baytex Energy had a negative return on equity of 7.77% and a negative net margin of 26.43%. On average, sell-side analysts anticipate that Baytex Energy Corp will post 0.41 earnings per share for the current year.

Baytex Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Tuesday, September 15th will be paid a dividend of $0.0225 per share. This represents a $0.09 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date is Tuesday, September 15th. Baytex Energy's dividend payout ratio is -10.45%.

Analysts Set New Price Targets

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