Wellington Management Group LLP Invests $1.01 Million in Baytex Energy Corp $BTE

Key Points

• Wellington Management initiated a $1.01 million position in Baytex Energy during the second quarter by purchasing 253,019 shares. Institutional investors now own 46.15% of the company, with several other funds also increasing or initiating stakes.
• Analysts maintain a broadly neutral outlook: Baytex has a consensus rating of “Hold”, with six Hold, three Buy, one Strong Buy and one Sell rating.
• Baytex reported quarterly EPS of $0.17, exceeding estimates of $0.08, while revenue reached $449.32 million versus the $218.10 million consensus estimate. The company also announced a quarterly dividend of $0.0225 per share, equivalent to a 1.8% annualized yield.

Wellington Management Group LLP bought a new stake in shares of Baytex Energy Corp (NYSE:BTE - Free Report) TSE: BTE in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 253,019 shares of the oil and gas producer's stock, valued at approximately $1,015,000.

A number of other hedge funds have also recently made changes to their positions in BTE. Encompass Capital Advisors LLC boosted its position in Baytex Energy by 43.9% in the 1st quarter. Encompass Capital Advisors LLC now owns 20,071,614 shares of the oil and gas producer's stock valued at $89,695,000 after buying an additional 6,123,098 shares during the period. Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Baytex Energy during the second quarter worth approximately $197,114,000. The Manufacturers Life Insurance Company purchased a new position in shares of Baytex Energy during the second quarter worth approximately $2,252,000. PenderFund Capital Management Ltd. bought a new stake in shares of Baytex Energy during the second quarter valued at approximately $972,000. Finally, Arrowstreet Capital Limited Partnership raised its stake in shares of Baytex Energy by 816.3% during the first quarter. Arrowstreet Capital Limited Partnership now owns 22,003,118 shares of the oil and gas producer's stock valued at $98,381,000 after acquiring an additional 19,601,808 shares in the last quarter. 46.15% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

BTE has been the topic of several research analyst reports. 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 reaffirmed a "neutral" rating on shares of Baytex Energy in a research report on Friday, July 10th. TD Securities reiterated a "hold" rating on shares of Baytex Energy in a report on Monday, August 3rd. Finally, Weiss Ratings raised Baytex Energy from a "sell (d)" rating to a "sell (d+)" rating in a research report on Tuesday, July 28th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, Baytex Energy currently has a consensus rating of "Hold".

Baytex Energy Trading Down 0.5%

NYSE:BTE opened at $5.01 on Friday. Baytex Energy Corp has a one year low of $2.18 and a one year 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 firm has a market cap of $3.46 billion, a P/E ratio of -7.48 and a beta of 0.39. The firm has a 50-day simple moving average of $4.47 and a 200-day simple moving average of $4.43.

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 (EPS) for the quarter, beating analysts' consensus estimates of $0.08 by $0.09. The firm had revenue of $449.32 million for the quarter, compared to the consensus estimate of $218.10 million. Baytex Energy had a negative net margin of 26.43% and a negative return on equity of 7.77%. Equities analysts anticipate that Baytex Energy Corp will post 0.41 EPS for the current fiscal year.

Baytex Energy Announces Dividend

The business also recently announced 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. The ex-dividend date is Tuesday, September 15th. This represents a $0.09 dividend on an annualized basis and a yield of 1.8%. Baytex Energy's dividend payout ratio is currently -8.96%.

Baytex Energy Profile

Baytex Energy Corp. is a Canadian oil and natural gas exploration and production company headquartered in Calgary, Alberta. The company focuses on the development and production of crude oil, condensate, natural gas liquids and natural gas from unconventional and conventional reserves.

Baytex operates primarily in the Western Canadian Sedimentary Basin, including resource plays in Alberta and Saskatchewan, and in the Eagle Ford shale in South Texas. Its Canadian operations provide exposure to heavy oil, light oil and natural gas assets, while its Eagle Ford operations are focused largely on liquids-rich production.

Founded in 1993, Baytex has grown through exploration, development and acquisitions.

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