Webs Creek Capital Management LP Purchases New Position in Baytex Energy Corp $BTE

Key Points

• Webs Creek Capital Management acquired 12.77 million Baytex Energy shares, giving it approximately 1.83% of the company and making Baytex its third-largest holding at about 9.7% of assets.
• Institutional interest increased, with Goldman Sachs and Jane Street making particularly large additions; hedge funds and other institutions collectively owned 46.15% of Baytex shares.
• Baytex reported quarterly EPS of $0.17 versus the $0.08 consensus estimate and revenue of $449.3 million, while analysts’ overall rating remained Hold. The company also declared a quarterly dividend of $0.0225 per share, equivalent to a 1.9% annualized yield.

Webs Creek Capital Management LP acquired a new position in Baytex Energy Corp (NYSE:BTE - Free Report) TSE: BTE during the second quarter, according to its most recent filing with the SEC. The firm acquired 12,771,506 shares of the oil and gas producer's stock, valued at approximately $51,086,024,000. Baytex Energy comprises approximately 9.7% of Webs Creek Capital Management LP's holdings, making the stock its 3rd biggest holding. Webs Creek Capital Management LP owned about 1.83% of Baytex Energy at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Goldman Sachs Group Inc. grew its stake in Baytex Energy by 110.6% in the first quarter. Goldman Sachs Group Inc. now owns 7,127,074 shares of the oil and gas producer's stock worth $15,893,000 after purchasing an additional 3,743,234 shares during the period. Jane Street Group LLC increased its holdings in shares of Baytex Energy by 446.3% during the first quarter. Jane Street Group LLC now owns 2,646,885 shares of the oil and gas producer's stock valued at $5,903,000 after acquiring an additional 2,162,346 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of Baytex Energy by 19.0% during the second quarter. Geode Capital Management LLC now owns 1,802,016 shares of the oil and gas producer's stock valued at $3,226,000 after acquiring an additional 287,454 shares in the last quarter. Russell Investments Group Ltd. raised its position in shares of Baytex Energy by 10.7% in the 2nd quarter. Russell Investments Group Ltd. now owns 144,757 shares of the oil and gas producer's stock worth $261,000 after purchasing an additional 14,050 shares during the last quarter. Finally, Invesco Ltd. raised its holdings in Baytex Energy by 18.4% in the second quarter. Invesco Ltd. now owns 465,450 shares of the oil and gas producer's stock worth $833,000 after buying an additional 72,431 shares during the last quarter. 46.15% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the company. 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 reissued a "hold" rating on shares of Baytex Energy in a report on Monday, August 3rd. Canadian Imperial Bank of Commerce reissued a "neutral" rating on shares of Baytex Energy in a research report on Friday, July 10th. Zacks Research upgraded Baytex Energy from a "strong sell" rating to a "hold" rating in a research note on Thursday, August 20th. Finally, Royal Bank Of Canada reaffirmed a "sector perform" rating on shares of Baytex Energy in a research report on Monday, May 11th. One investment 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 assigned a Sell rating to the company's stock. According to MarketBeat, the company has an average rating of "Hold".

Baytex Energy Stock Performance

Baytex Energy stock opened at $4.72 on Tuesday. The company's 50-day moving average price is $4.22 and its 200-day moving average price is $4.31. 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 twelve month low of $2.10 and a twelve month high of $5.36. The company has a market cap of $3.30 billion, a PE ratio of -7.05 and a beta of 0.39.

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 earnings per share (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 firm had revenue of $449.32 million during the quarter, compared to analyst estimates of $218.10 million. On average, equities research analysts forecast that Baytex Energy Corp will post 0.41 EPS for the current fiscal year.

Baytex Energy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Tuesday, September 15th will be paid a $0.0225 dividend. 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 dividend payout ratio (DPR) is currently -10.45%.

Baytex Energy Company 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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