Baytex Energy (NYSE:BTE) Shares Down 5.3% - What's Next?

Key Points

• Baytex Energy shares fell 5.3% to about $4.90, with trading volume significantly below its average. The stock’s average analyst rating remains “Hold,” despite mixed recommendations ranging from Strong Buy to Sell.
• Baytex reported quarterly earnings of $0.17 per share, exceeding the $0.08 consensus estimate, while revenue of $449.3 million also surpassed expectations. However, the company posted a negative net margin and return on equity.
• The company declared a quarterly dividend of $0.0225 per share, equivalent to an annualized dividend of $0.09 and a 1.8% yield. Institutional investors and hedge funds own approximately 46.15% of Baytex’s outstanding shares.

Baytex Energy Corp (NYSE:BTE - Get Free Report) TSE: BTE shares fell 5.3% on Wednesday . The stock traded as low as $4.95 and last traded at $4.8950. 2,783,978 shares traded hands during mid-day trading, a decline of 86% from the average daily volume of 19,519,564 shares. The stock had previously closed at $5.17.

Analysts Set New Price Targets

Several brokerages have recently commented on BTE. Canadian Imperial Bank of Commerce reaffirmed a "neutral" rating on shares of Baytex Energy in a research report on Friday, July 10th. TD Securities reissued a "hold" rating on shares of Baytex Energy in a report on Monday, August 3rd. Weiss Ratings upgraded Baytex Energy from a "sell (d)" rating to a "sell (d+)" rating in a research note on Tuesday, July 28th. Zacks Research raised Baytex Energy from a "strong sell" rating to a "hold" rating in a report on Thursday, August 20th. Finally, Raymond James Financial reaffirmed a "strong-buy" rating on shares of Baytex Energy in a report on Wednesday. Two research analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Baytex Energy presently has an average rating of "Hold".

Baytex Energy Trading Down 4.5%

The company has a quick ratio of 2.79, a current ratio of 2.82 and a debt-to-equity ratio of 0.06. The firm's 50 day simple moving average is $4.51 and its two-hundred day simple moving average is $4.45. The stock has a market cap of $3.41 billion, a P/E ratio of -7.38 and a beta of 0.39.

Baytex Energy (NYSE:BTE - Get Free Report) TSE: BTE last issued its earnings results on Thursday, July 30th. The oil and gas producer reported $0.17 earnings per share for the quarter, topping analysts' consensus estimates of $0.08 by $0.09. Baytex Energy had a negative net margin of 26.43% and a negative return on equity of 7.77%. The company had revenue of $449.32 million for the quarter, compared to analysts' expectations of $218.10 million. As a group, equities research analysts predict that Baytex Energy Corp will post 0.41 earnings per share for the current fiscal year.

Baytex Energy Announces Dividend

The firm 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. The ex-dividend date is Tuesday, September 15th. This represents a $0.09 annualized dividend and a yield of 1.8%. Baytex Energy's dividend payout ratio is -10.45%.

Hedge Funds Weigh In On Baytex Energy

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Tidal Investments LLC increased its holdings in shares of Baytex Energy by 34.3% in the 2nd quarter. Tidal Investments LLC now owns 229,181 shares of the oil and gas producer's stock worth $917,000 after acquiring an additional 58,522 shares during the period. Engineers Gate Manager LP bought a new position in Baytex Energy in the 2nd quarter worth about $1,251,000. Squarepoint Ops LLC grew its position in Baytex Energy by 49.2% in the 2nd quarter. Squarepoint Ops LLC now owns 82,925 shares of the oil and gas producer's stock worth $332,000 after purchasing an additional 27,353 shares during the last quarter. Mraz Amerine & Associates Inc. bought a new position in Baytex Energy in the 2nd quarter worth about $165,000. Finally, Spark Investment Management LLC acquired a new stake in shares of Baytex Energy in the second quarter valued at approximately $1,038,000. 46.15% of the stock is currently owned by institutional investors and hedge funds.

About Baytex Energy

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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