Baytex Energy (NYSE:BTE) Reaches New 52-Week High - Should You Buy?

Key Points

• Baytex Energy reached a new 52-week high, trading as high as $5.49, with its 50-day and 200-day moving averages at $4.80 and $4.58, respectively.
• Analyst sentiment is generally positive, with a consensus rating of “Moderate Buy” based on three Strong Buy, two Buy, and six Hold ratings.
• Baytex exceeded quarterly earnings expectations, reporting $0.17 EPS versus the $0.08 estimate and $449.32 million in revenue, while paying a quarterly dividend of C$0.02 per share with a 1.7% yield.

Baytex Energy Corp (NYSE:BTE - Get Free Report) TSE: BTE reached a new 52-week high on Wednesday. The stock traded as high as $5.49 and last traded at $5.3750, with a volume of 22,868,485 shares trading hands. The stock had previously closed at $5.40.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the stock. Scotiabank reissued an "outperform" rating on shares of Baytex Energy in a report on Monday. Canadian Imperial Bank of Commerce reaffirmed a "neutral" rating on shares of Baytex Energy in a research report on Friday, October 9th. Weiss Ratings upgraded Baytex Energy from a "sell (d+)" rating to a "hold (c)" rating in a research note on Thursday, October 8th. Zacks Research raised Baytex Energy from a "hold" rating to a "strong-buy" rating in a research note on Monday, October 5th. Finally, TD Securities reissued a "hold" rating on shares of Baytex Energy in a research note on Monday, August 3rd. Three equities research analysts have rated the stock with a Strong Buy rating, two have given a Buy rating and six have given a Hold rating to the company. According to MarketBeat.com, Baytex Energy presently has a consensus rating of "Moderate Buy".

Baytex Energy Price Performance

The company has a current ratio of 2.82, a quick ratio of 2.79 and a debt-to-equity ratio of 0.06. The stock has a 50 day moving average of $4.80 and a 200-day moving average of $4.58.

Baytex Energy (NYSE:BTE - Get Free Report) TSE: BTE last posted 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. The firm had revenue of $449.32 million for the quarter, compared to analysts' expectations 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 0.42 EPS for the current year.

Baytex Energy Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, October 1st. Shareholders of record on Tuesday, September 15th were given a dividend of C$0.02 per share. This represents a $0.09 annualized dividend and a yield of 1.7%. The ex-dividend date of this dividend was Tuesday, September 15th. Baytex Energy's dividend payout ratio (DPR) is -8.96%.

Institutional Trading of Baytex Energy

Institutional investors have recently modified their holdings of the company. TD Waterhouse Canada Inc. raised its position in shares of Baytex Energy by 12.4% during the 3rd quarter. TD Waterhouse Canada Inc. now owns 113,648 shares of the oil and gas producer's stock worth $518,000 after purchasing an additional 12,540 shares during the last quarter. Triasima Portfolio Management inc. acquired a new stake in shares of Baytex Energy in the third quarter worth approximately $1,749,000. Tidal Investments LLC increased its position in shares of Baytex Energy by 34.3% during the second quarter. Tidal Investments LLC now owns 229,181 shares of the oil and gas producer's stock worth $917,000 after purchasing an additional 58,522 shares in the last quarter. Engineers Gate Manager LP purchased a new stake in shares of Baytex Energy during the second quarter worth $1,251,000. Finally, Squarepoint Ops LLC boosted its position in Baytex Energy by 49.2% during the second quarter. Squarepoint Ops LLC now owns 82,925 shares of the oil and gas producer's stock worth $332,000 after acquiring an additional 27,353 shares during the last quarter. 46.15% of the stock is currently owned by institutional investors.

About Baytex Energy

Baytex Energy Corp. is a Canadian oil and natural gas exploration and production company headquartered in Calgary, Alberta. The company develops and produces crude oil, condensate, natural gas liquids and natural gas.

Baytex's operations are focused on the Western Canadian Sedimentary Basin in Alberta and Saskatchewan and the Eagle Ford shale in South Texas. Its portfolio includes light oil, heavy oil and natural gas assets, with production sold into North American energy markets.

Founded in 1993, Baytex became a publicly traded corporation in 2010 after operating as an income trust.

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