Baytex Energy (TSE:BTE) Sets New 52-Week High - Here's What Happened

Key Points

• Baytex Energy shares reached a new 52-week high, trading as high as C$7.76 and closing the session near C$7.74, up 3.9%.
• Analyst sentiment is generally positive: Raymond James and National Bank Financial raised their price targets to C$8.50 and C$9.50, respectively. MarketBeat’s consensus rating is “Moderate Buy,” though its average target is C$7.15.
• Baytex reported quarterly revenue of C$564.88 million and EPS of C$0.24, but continued to post negative profitability metrics. The company also paid a quarterly dividend of $0.0225 per share, representing a 1.2% yield.

Baytex Energy Corp. (TSE:BTE - Get Free Report) NYSE: BTE hit a new 52-week high during mid-day trading on Friday. The stock traded as high as C$7.76 and last traded at C$7.74, with a volume of 3,958,834 shares. The stock had previously closed at C$7.45.

Wall Street Analyst Weigh In

A number of brokerages recently commented on BTE. Raymond James Financial boosted their target price on Baytex Energy from C$8.00 to C$8.50 and gave the company a "strong-buy" rating in a research report on Friday, July 31st. National Bank Financial lifted their target price on Baytex Energy from C$8.50 to C$9.50 and gave the company an "outperform" rating in a research report on Wednesday, September 30th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, Baytex Energy has an average rating of "Moderate Buy" and an average price target of C$7.15.

Baytex Energy Stock Up 3.9%

The stock's fifty day moving average is C$6.78 and its two-hundred day moving average is C$6.41. The company has a current ratio of 2.82, a quick ratio of 0.77 and a debt-to-equity ratio of 6.94. The company has a market capitalization of C$5.41 billion, a PE ratio of -8.41, a P/E/G ratio of 0.12 and a beta of 0.60.

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

Baytex Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 1st. Shareholders of record on Thursday, October 1st were issued a dividend of $0.0225 per share. This represents a $0.09 annualized dividend and a yield of 1.2%. The ex-dividend date of this dividend was Tuesday, September 15th. Baytex Energy's dividend 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.