Baytex Energy (NYSE:BTE) Shares Down 7.1% – Here’s Why

Baytex Energy Corp (NYSE:BTE) (TSE:BTE) fell 7.1% during mid-day trading on Monday. The company traded as low as $5.02 and last traded at $4.9960. 4,121,347 shares changed hands during mid-day trading, a decline of 79% from the average daily volume of 19,518,809 shares. The stock had previously closed at $5.38.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on BTE shares. Raymond James Financial reaffirmed a “strong-buy” rating on shares of Baytex Energy in a report on Wednesday, September 16th. Wall Street Zen raised Baytex Energy from a “hold” rating to a “buy” rating in a report on Saturday, October 17th. TD Securities restated a “hold” rating on shares of Baytex Energy in a research report on Monday, August 3rd. Weiss Ratings upgraded Baytex Energy from a “hold (c)” rating to a “hold (c+)” rating in a research report on Friday, October 23rd. Finally, Jefferies Financial Group began coverage on Baytex Energy in a research note on Tuesday, October 27th. They set a “buy” rating for the company. Three analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy”.

Baytex Energy Stock Performance

The company has a current ratio of 2.82, a quick ratio of 2.79 and a debt-to-equity ratio of 0.06. The company’s 50-day moving average is $4.93 and its two-hundred day moving average is $4.41. The stock has a market capitalization of $3.05 billion, a P/E ratio of -6.65 and a beta of 0.37.

Institutional Trading of Baytex Energy

Several hedge funds have recently added to or reduced their stakes in BTE. StoneX Group Inc. acquired a new position in Baytex Energy during the 3rd quarter valued at about $64,000. Pictet Asset Management Holding SA boosted its holdings in shares of Baytex Energy by 13.1% in the third quarter. Pictet Asset Management Holding SA now owns 132,617 shares of the oil and gas producer’s stock valued at $601,000 after acquiring an additional 15,382 shares in the last quarter. Ashton Thomas Private Wealth LLC bought a new stake in shares of Baytex Energy in the 3rd quarter worth $302,000. State of Wyoming lifted its holdings in shares of Baytex Energy by 4.3% in the third quarter. State of Wyoming now owns 45,625 shares of the oil and gas producer’s stock valued at $207,000 after buying an additional 1,881 shares during the period. Finally, Lakewood Asset Management LLC lifted its holdings in shares of Baytex Energy by 5.0% in the third quarter. Lakewood Asset Management LLC now owns 75,918 shares of the oil and gas producer’s stock valued at $344,000 after buying an additional 3,587 shares during the period. Institutional investors own 46.15% of the company’s stock.

Baytex Energy Company Profile

Baytex Energy Corp. is a Canadian oil and natural gas exploration and production company headquartered in Calgary, Alberta. The company develops and produces crude oil, condensate, natural gas liquids and natural gas.

Baytex’s operations are focused on the Western Canadian Sedimentary Basin in Alberta and Saskatchewan and the Eagle Ford shale in South Texas. Its portfolio includes light oil, heavy oil and natural gas assets, with production sold into North American energy markets.

Founded in 1993, Baytex became a publicly traded corporation in 2010 after operating as an income trust.