The Manufacturers Life Insurance Company Buys New Shares in Baytex Energy Corp $BTE

The Manufacturers Life Insurance Company bought a new position in shares of Baytex Energy Corp (NYSE:BTE) (TSE:BTE) during the second quarter, HoldingsChannel reports. The firm bought 562,496 shares of the oil and gas producer’s stock, valued at approximately $2,252,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Magnetar Financial LLC acquired a new position in Baytex Energy in the 4th quarter valued at approximately $35,000. Bank of Nova Scotia bought a new stake in shares of Baytex Energy during the third quarter valued at approximately $26,000. Jump Financial LLC bought a new stake in shares of Baytex Energy during the fourth quarter valued at approximately $39,000. Capula Management Ltd acquired a new position in shares of Baytex Energy in the first quarter valued at $57,000. Finally, Caitong International Asset Management Co. Ltd raised its stake in shares of Baytex Energy by 98.4% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 13,490 shares of the oil and gas producer’s stock valued at $44,000 after purchasing an additional 6,691 shares in the last quarter. 46.15% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on BTE. Weiss Ratings upgraded shares of Baytex Energy from a “sell (d)” rating to a “sell (d+)” rating in a research note on Tuesday, July 28th. Canadian Imperial Bank of Commerce restated a “neutral” rating on shares of Baytex Energy in a research note on Friday, July 10th. TD Securities reaffirmed a “hold” rating on shares of Baytex Energy in a report on Monday, August 3rd. Royal Bank Of Canada reiterated a “sector perform” rating on shares of Baytex Energy in a research report on Monday, May 11th. Finally, Zacks Research raised shares of Baytex Energy from a “strong sell” rating to a “hold” rating in a research note on Thursday, August 20th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold”.

Baytex Energy Price Performance

Baytex Energy stock opened at $5.07 on Thursday. The business has a 50 day simple moving average of $4.33 and a 200 day simple moving average of $4.37. The company has a debt-to-equity ratio of 0.06, a current ratio of 2.82 and a quick ratio of 2.79. The company has a market capitalization of $3.54 billion, a PE ratio of -7.56 and a beta of 0.39. Baytex Energy Corp has a one year low of $2.15 and a one year high of $5.36.

Baytex Energy (NYSE:BTE) (TSE:BTE) last announced its quarterly earnings results on Thursday, July 30th. The oil and gas producer reported $0.17 earnings per share for the quarter, beating analysts’ consensus estimates of $0.08 by $0.09. Baytex Energy had a negative return on equity of 7.77% and a negative net margin of 26.43%.The firm had revenue of $449.32 million for the quarter, compared to analysts’ expectations of $218.10 million. On average, sell-side analysts forecast that Baytex Energy Corp will post 0.41 EPS for the current fiscal year.

Baytex Energy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Tuesday, September 15th will be paid a $0.0225 dividend. This represents a $0.09 annualized dividend and a dividend yield of 1.8%. The ex-dividend date is Tuesday, September 15th. Baytex Energy’s payout ratio is currently -10.45%.

Baytex Energy Profile

Baytex Energy Corp. is an oil & gas exploration and production company. The firm engages in the acquisition, development and production of crude oil and natural gas in the Western Canadian Sedimentary Basin and in the Eagle Ford in the United States. The company was founded on June 3, 1993 and is headquartered in Calgary, Canada.