Baytex Energy (TSE:BTE) Reaches New 1-Year High - Still a Buy?

Key Points

• Baytex Energy shares reached a new 52-week high of C$7.42, up from the prior close of C$7.23, with nearly 4 million shares traded.
• Analyst sentiment is broadly positive, with an average “Moderate Buy” rating; National Bank Financial and Raymond James recently raised their price targets to C$9.50 and C$8.50, respectively. However, the average target of C$7.15 is below the current share price.
• Baytex reported C$0.24 in quarterly EPS and C$564.88 million in revenue, but continues to show losses and high leverage, including a negative net margin and debt-to-equity ratio of 6.94. It also pays a quarterly dividend of $0.0225 per share, yielding about 1.2%.

Baytex Energy Corp. (TSE:BTE - Get Free Report) NYSE: BTE shares hit a new 52-week high on Thursday. The company traded as high as C$7.42 and last traded at C$7.42, with a volume of 3,953,512 shares trading hands. The stock had previously closed at C$7.23.

Analyst Ratings Changes

Several research analysts have recently issued reports on BTE shares. National Bank Financial increased their target price on Baytex Energy from C$8.50 to C$9.50 and gave the stock an "outperform" rating in a research report on Wednesday, September 30th. Raymond James Financial boosted their target price on shares of Baytex Energy from C$8.00 to C$8.50 and gave the company a "strong-buy" rating in a report on Friday, July 31st. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and five have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of C$7.15.

Baytex Energy Price Performance

The firm has a fifty day moving average price of C$6.60 and a two-hundred day moving average price of C$6.35. The company has a quick ratio of 0.77, a current ratio of 2.82 and a debt-to-equity ratio of 6.94. The stock has a market capitalization of C$5.13 billion, a P/E ratio of -7.98, a P/E/G ratio of 0.12 and a beta of 0.60.

Baytex Energy (TSE:BTE - Get Free Report) NYSE: BTE last posted its quarterly earnings results on Thursday, July 30th. The company reported C$0.24 EPS for the quarter. Baytex Energy had a negative net margin of 131.38% and a negative return on equity of 26.41%. The firm had revenue of C$564.88 million for the quarter. On average, analysts expect that Baytex Energy Corp. will post 0.37 EPS for the current year.

Baytex Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 1st. Investors of record on Thursday, October 1st were given a dividend of $0.0225 per share. This represents a $0.09 annualized dividend and a yield of 1.2%. The ex-dividend date was Tuesday, September 15th. Baytex Energy's payout ratio is -7.34%.

About Baytex Energy

Baytex Energy Corp. is a Calgary -based energy company committed to driving shareholder value through disciplined execution. It operates a high-quality, high-return portfolio in the Western Canadian Sedimentary Basin, featuring the Pembina Duvernay and heavy oil plays in Alberta and Saskatchewan. These core assets are backed by an extensive drilling inventory and consistently generate strong cash flow.

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