Baytex Energy (NYSE:BTE) Upgraded by Zacks Research to Hold Rating

Zacks Research upgraded shares of Baytex Energy (NYSE:BTE) (TSE:BTE) from a strong sell rating to a hold rating in a report published on Thursday morning,Zacks.com reports.

Other research analysts have also issued reports about the stock. 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. Royal Bank Of Canada reissued a “sector perform” rating on shares of Baytex Energy in a report on Monday, May 11th. TD Securities restated a “hold” rating on shares of Baytex Energy in a research report on Monday, August 3rd. Finally, Canadian Imperial Bank of Commerce reaffirmed a “neutral” rating on shares of Baytex Energy in a report on Friday, July 10th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Baytex Energy currently has a consensus rating of “Hold”.

Baytex Energy Stock Performance

NYSE:BTE opened at $4.80 on Thursday. 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 firm has a market cap of $3.35 billion, a price-to-earnings ratio of -7.16 and a beta of 0.39. The firm’s fifty day moving average price is $4.21 and its 200 day moving average price is $4.29. Baytex Energy has a 1-year low of $2.02 and a 1-year high of $5.36.

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

Baytex Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Tuesday, September 15th will be issued a $0.0225 dividend. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $0.09 dividend on an annualized basis and a yield of 1.9%. Baytex Energy’s dividend payout ratio (DPR) is -10.45%.

Hedge Funds Weigh In On Baytex Energy

A number of institutional investors and hedge funds have recently made changes to their positions in BTE. BTG Pactual Asset Management US LLC purchased a new position in shares of Baytex Energy in the 2nd quarter valued at about $1,681,000. Headlands Technologies LLC lifted its stake in shares of Baytex Energy by 436.4% in the second quarter. Headlands Technologies LLC now owns 100,570 shares of the oil and gas producer’s stock valued at $402,000 after purchasing an additional 81,821 shares during the period. Susquehanna International Group LLP boosted its holdings in Baytex Energy by 35.5% during the second quarter. Susquehanna International Group LLP now owns 190,217 shares of the oil and gas producer’s stock worth $761,000 after buying an additional 49,801 shares in the last quarter. Two Sigma Securities LLC purchased a new stake in Baytex Energy during the second quarter worth about $521,000. Finally, Wellington Management Group LLP acquired a new position in Baytex Energy during the second quarter worth about $1,015,000. 46.15% of the stock is owned by institutional investors and hedge funds.

About Baytex Energy

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.