Baytex Energy Corp (NYSE:BTE) (TSE:BTE) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Wednesday.
According to Zacks, “Baytex Energy Trust is a conventional oil and gas income trust focused on maintaining its production and asset base through internal property development and delivering consistent returns to its unitholders. “
A number of other research analysts also recently commented on the company. AltaCorp Capital downgraded Baytex Energy Corp from an “outperform” rating to a “sector perform” rating in a report on Friday, October 6th. ValuEngine downgraded Baytex Energy Corp from a “sell” rating to a “strong sell” rating in a report on Friday, September 1st. BidaskClub downgraded Baytex Energy Corp from a “hold” rating to a “sell” rating in a report on Thursday, August 17th. Raymond James Financial, Inc. downgraded Baytex Energy Corp from a “market perform” rating to an “underperform” rating in a report on Wednesday, July 5th. Finally, UBS AG downgraded Baytex Energy Corp from a “market perform” rating to an “underperform” rating in a report on Wednesday, July 5th. Five analysts have rated the stock with a sell rating, five have issued a hold rating and one has assigned a buy rating to the company. Baytex Energy Corp presently has an average rating of “Hold” and a consensus target price of $7.44.
Shares of Baytex Energy Corp (NYSE:BTE) traded down 0.174% during midday trading on Wednesday, hitting $2.865. The stock had a trading volume of 813,391 shares. Baytex Energy Corp has a one year low of $2.13 and a one year high of $5.61. The company’s market cap is $674.56 million. The stock has a 50 day moving average of $2.74 and a 200-day moving average of $2.83.
Baytex Energy Corp (NYSE:BTE) (TSE:BTE) last issued its quarterly earnings results on Tuesday, August 1st. The oil and gas producer reported $0.03 EPS for the quarter, beating analysts’ consensus estimates of ($0.14) by $0.17. The firm had revenue of $207.22 million during the quarter. Baytex Energy Corp had a negative return on equity of 5.17% and a negative net margin of 38.91%. Analysts forecast that Baytex Energy Corp will post ($0.18) EPS for the current fiscal year.
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A number of hedge funds and other institutional investors have recently made changes to their positions in BTE. JPMorgan Chase & Co. raised its stake in Baytex Energy Corp by 63,346.0% during the second quarter. JPMorgan Chase & Co. now owns 361,642 shares of the oil and gas producer’s stock valued at $878,000 after buying an additional 361,072 shares in the last quarter. BNP Paribas Arbitrage SA acquired a new stake in Baytex Energy Corp during the second quarter valued at approximately $891,000. Vanguard Group Inc. raised its stake in Baytex Energy Corp by 4.8% during the first quarter. Vanguard Group Inc. now owns 4,443,765 shares of the oil and gas producer’s stock valued at $15,198,000 after buying an additional 204,913 shares in the last quarter. Van ECK Associates Corp acquired a new stake in Baytex Energy Corp during the first quarter valued at approximately $394,000. Finally, Sprott Inc. raised its stake in Baytex Energy Corp by 17.4% during the second quarter. Sprott Inc. now owns 540,000 shares of the oil and gas producer’s stock valued at $1,312,000 after buying an additional 80,000 shares in the last quarter. Hedge funds and other institutional investors own 15.79% of the company’s stock.
About Baytex Energy Corp
Baytex Energy Corp. (Baytex) is engaged in the business of acquiring, developing, exploiting and holding interests in petroleum and natural gas properties and related assets in Canada (Alberta and Saskatchewan) and in the United States (Texas). The Company’s crude oil and natural gas operations are organized into four business units: Lloydminster, Peace River, Conventional and United States.
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