Baytex Energy (TSE:BTE) Stock Price Down 13% on Analyst Downgrade

Shares of Baytex Energy Corp. (TSE:BTE) (NYSE:BTE) fell 13% on Thursday after CIBC lowered their price target on the stock from C$5.00 to C$4.25. The company traded as low as C$2.16 and last traded at C$2.21. 10,479,806 shares changed hands during trading, an increase of 117% from the average session volume of 4,833,076 shares. The stock had previously closed at C$2.54.

Several other equities analysts also recently commented on the stock. Raymond James cut their price target on shares of Baytex Energy from C$5.00 to C$4.00 in a report on Wednesday. Scotiabank raised Baytex Energy to a “hold” rating in a research note on Wednesday, March 19th. Royal Bank of Canada decreased their price target on Baytex Energy from C$5.50 to C$5.00 in a research note on Tuesday, January 14th. BMO Capital Markets cut their price objective on Baytex Energy from C$5.00 to C$4.00 in a research report on Wednesday, March 5th. Finally, TD Securities reduced their target price on Baytex Energy from C$5.50 to C$5.00 in a research note on Wednesday, March 5th. Four equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of C$5.33.

Baytex Energy Stock Performance

The firm’s fifty day moving average price is C$3.11 and its 200 day moving average price is C$3.64. The firm has a market cap of C$1.74 billion, a P/E ratio of -5.03, a price-to-earnings-growth ratio of 0.12 and a beta of 2.61. The company has a debt-to-equity ratio of 57.38, a quick ratio of 0.77 and a current ratio of 0.69.

Baytex Energy Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Tuesday, April 1st were paid a $0.0225 dividend. This represents a $0.09 dividend on an annualized basis and a yield of 4.07%. The ex-dividend date was Friday, March 14th. Baytex Energy’s dividend payout ratio (DPR) is -20.48%.

About Baytex Energy

Baytex Energy Corp., an energy company, engages in the acquisition, development, and production of crude oil and natural gas in the Western Canadian Sedimentary Basin and in the Eagle Ford, the United States. The company offers light oil and condensate, heavy oil, natural gas liquids, and natural gas.