Baytex Energy (TSE:BTE) Shares Break Above 200-Day Moving Average - Here's What Happened

Key Points

• Baytex shares rose above their 200-day moving average, reaching C$6.20 and last trading at C$6.19, with trading volume of about 3.73 million shares.
• Analyst sentiment is broadly positive: the consensus rating is Buy with a C$7.45 price target, and TD Securities and ATB Cormark recently upgraded the stock.
• Baytex reported quarterly earnings of C$0.23 per share on C$511.39 million in revenue and declared a quarterly dividend of $0.0225 per share.

Baytex Energy Corp. (TSE:BTE - Get Free Report) NYSE: BTE's stock price passed above its two hundred day moving average during trading on Thursday. The stock has a two hundred day moving average of C$6.17 and traded as high as C$6.20. Baytex Energy shares last traded at C$6.19, with a volume of 3,725,646 shares trading hands.

Analyst Upgrades and Downgrades

BTE has been the subject of several analyst reports. TD Securities raised Baytex Energy from a "hold" rating to a "strong-buy" rating in a research note on Friday, November 6th. ATB Cormark Capital Markets raised Baytex Energy from a "hold" rating to a "moderate buy" rating in a research report on Friday, November 6th. Raymond James Financial lifted their price objective on Baytex Energy from C$8.00 to C$8.50 and gave the company a "strong-buy" rating in a research note on Friday, July 31st. Jefferies Financial Group began coverage on Baytex Energy in a research report on Tuesday, October 27th. They set a "buy" rating and a C$9.00 price objective for the company. Finally, National Bank Financial upped their target price on shares of Baytex Energy from C$8.50 to C$9.50 and gave the stock an "outperform" rating in a research note on Wednesday, September 30th. Two equities research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the company currently has an average rating of "Buy" and a consensus price target of C$7.45.

Baytex Energy Trading Up 2.0%

The company has a current ratio of 2.61, a quick ratio of 0.77 and a debt-to-equity ratio of 6.91. The firm has a market cap of C$4.18 billion, a PE ratio of -8.36, a P/E/G ratio of 0.12 and a beta of 0.69. The business has a fifty day moving average price of C$6.82 and a 200 day moving average price of C$6.17.

Baytex Energy (TSE:BTE - Get Free Report) NYSE: BTE last announced its quarterly earnings results on Thursday, November 5th. The company reported C$0.23 earnings per share (EPS) for the quarter. The firm had revenue of C$511.39 million during the quarter. Baytex Energy had a negative return on equity of 26.71% and a negative net margin of 262.69%. Analysts forecast that Baytex Energy Corp. will post 0.37 EPS for the current year.

Baytex Energy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, October 1st. Investors of record on Thursday, October 1st were paid a dividend of $0.0225 per share. This represents a $0.09 annualized dividend and a yield of 1.5%. The ex-dividend date was Tuesday, September 15th. Baytex Energy's dividend payout ratio (DPR) is currently -9.12%.

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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