The Manufacturers Life Insurance Company Acquires Shares of 562,496 Baytex Energy Corp $BTE

Key Points

• The Manufacturers Life Insurance Company acquired 562,496 Baytex Energy shares worth approximately $2.25 million, giving it a 0.08% stake. Institutional investors and hedge funds collectively own 46.15% of the company.
• Baytex reported quarterly EPS of $0.17, exceeding the $0.08 analyst consensus, while revenue reached $449.32 million versus estimates of $218.10 million. The stock opened at $5.07 and has traded between $2.15 and $5.36 over the past year.
• Baytex announced a quarterly dividend of $0.0225 per share, equivalent to an annualized $0.09 dividend and a 1.8% yield. Analysts maintain a consensus “Hold” rating, with six Holds, three Buys, one Strong Buy and one Sell.

The Manufacturers Life Insurance Company bought a new position in Baytex Energy Corp (NYSE:BTE - Free Report) TSE: BTE in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 562,496 shares of the oil and gas producer's stock, valued at approximately $2,252,000. The Manufacturers Life Insurance Company owned approximately 0.08% of Baytex Energy as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the stock. Bank of Nova Scotia purchased a new position in shares of Baytex Energy during the 3rd quarter valued at $26,000. Magnetar Financial LLC purchased a new stake in shares of Baytex Energy during the fourth quarter worth $35,000. Jump Financial LLC purchased a new stake in shares of Baytex Energy during the fourth quarter worth $39,000. Caitong International Asset Management Co. Ltd boosted its position in Baytex Energy by 98.4% during the fourth 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 purchasing an additional 6,691 shares during the last quarter. Finally, WINTON GROUP Ltd acquired a new stake in Baytex Energy during the fourth quarter valued at $47,000. Institutional investors and hedge funds own 46.15% of the company's stock.

Baytex Energy Stock Performance

BTE opened at $5.07 on Thursday. The firm has a market capitalization of $3.54 billion, a P/E ratio of -7.56 and a beta of 0.39. The stock's 50 day moving average price is $4.33 and its two-hundred day moving average price is $4.37. The company has a quick ratio of 2.79, a current ratio of 2.82 and a debt-to-equity ratio of 0.06. Baytex Energy Corp has a 12-month low of $2.15 and a 12-month high of $5.36.

Baytex Energy (NYSE:BTE - Get Free Report) TSE: BTE last issued its quarterly earnings results on Thursday, July 30th. The oil and gas producer reported $0.17 EPS for the quarter, topping analysts' consensus estimates 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 analyst estimates of $218.10 million. On average, equities analysts forecast that Baytex Energy Corp will post 0.41 earnings per share for the current year.

Baytex Energy Dividend Announcement

The business also recently announced 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. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $0.09 dividend on an annualized basis and a yield of 1.8%. Baytex Energy's payout ratio is -10.45%.

Wall Street Analysts Forecast Growth

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

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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