Baytex Energy (TSE:BTE) Shares Cross Below 50 Day Moving Average – Here’s Why

Baytex Energy Corp. (TSE:BTE) (NYSE:BTE) passed below its 50 day moving average during trading on Monday. The stock has a 50 day moving average of C$6.92 and traded as low as C$6.69. Baytex Energy shares last traded at C$6.69, with a volume of 6,897,162 shares changing hands.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the stock. Raymond James Financial boosted their price objective on shares of Baytex Energy from C$8.00 to C$8.50 and gave the stock a “strong-buy” rating in a research report on Friday, July 31st. National Bank Financial raised their target price on shares of Baytex Energy from C$8.50 to C$9.50 and gave the company an “outperform” rating in a research report on Wednesday, September 30th. Finally, Jefferies Financial Group started coverage on shares of Baytex Energy in a research note on Tuesday, October 27th. They issued a “buy” rating and a C$9.00 price target on the stock. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, Baytex Energy has an average rating of “Moderate Buy” and a consensus target price of C$7.32.

Baytex Energy Stock Down 11.0%

The firm has a market cap of C$4.68 billion, a P/E ratio of -7.27, a price-to-earnings-growth ratio of 0.12 and a beta of 0.60. The company has a quick ratio of 0.77, a current ratio of 2.82 and a debt-to-equity ratio of 6.94. The firm has a fifty day moving average of C$6.92 and a 200-day moving average of C$6.11.

Baytex Energy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, October 1st. Shareholders of record on Thursday, October 1st were given a dividend of $0.0225 per share. The ex-dividend date of this dividend was Tuesday, September 15th. This represents a $0.09 annualized dividend and a dividend yield of 1.3%. Baytex Energy’s payout ratio is -7.34%.

About Baytex Energy

Baytex Energy Corp. is a Calgary -based energy company committed to driving shareholder value through disciplined execution. It operates a high-quality, high-return portfolio in the Western Canadian Sedimentary Basin, featuring the Pembina Duvernay and heavy oil plays in Alberta and Saskatchewan. These core assets are backed by an extensive drilling inventory and consistently generate strong cash flow.