Zacks Investment Research lowered shares of Baytex Energy (NYSE:BTE) (TSE:BTE) from a buy rating to a hold rating in a research report released on Tuesday morning.
According to Zacks, “Baytex Energy Trust is a conventional oil and gas income trust focused on maintaining its production and asset base through internal property development and delivering consistent returns to its unitholders. “
A number of other analysts have also recently issued reports on BTE. GMP Securities raised Baytex Energy from a hold rating to a buy rating in a research report on Friday, March 9th. ValuEngine cut Baytex Energy from a sell rating to a strong sell rating in a research report on Thursday, March 1st. Finally, AltaCorp Capital raised Baytex Energy to a buy rating and set a $5.75 price objective for the company in a research report on Monday, January 15th. Five analysts have rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the stock. The company has a consensus rating of Hold and a consensus price target of $4.42.
Baytex Energy (NYSE:BTE) (TSE:BTE) last announced its earnings results on Tuesday, March 6th. The oil and gas producer reported ($0.08) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.03. The firm had revenue of $302.19 million during the quarter, compared to analysts’ expectations of $278.72 million. Baytex Energy had a negative return on equity of 0.82% and a net margin of 10.56%. The business’s revenue was up 29.6% on a year-over-year basis. During the same period in the prior year, the firm earned ($1.66) EPS. sell-side analysts forecast that Baytex Energy will post -0.44 earnings per share for the current year.
A number of institutional investors have recently bought and sold shares of BTE. JPMorgan Chase & Co. lifted its position in Baytex Energy by 776.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 3,171,372 shares of the oil and gas producer’s stock worth $9,641,000 after acquiring an additional 2,809,730 shares during the period. Luminus Management LLC lifted its position in Baytex Energy by 27.9% during the 4th quarter. Luminus Management LLC now owns 9,267,300 shares of the oil and gas producer’s stock worth $27,814,000 after acquiring an additional 2,019,700 shares during the period. Mackenzie Financial Corp acquired a new stake in Baytex Energy during the 4th quarter worth approximately $2,962,000. Portland Investment Counsel Inc. acquired a new stake in Baytex Energy during the 4th quarter worth approximately $2,889,000. Finally, Ninepoint Partners LP acquired a new stake in Baytex Energy during the 3rd quarter worth approximately $1,716,000. 21.51% of the stock is owned by institutional investors.
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Baytex Energy Company Profile
Baytex Energy Corp. (Baytex) is engaged in the business of acquiring, developing, exploiting and holding interests in petroleum and natural gas properties and related assets in Canada (Alberta and Saskatchewan) and in the United States (Texas). The Company’s crude oil and natural gas operations are organized into four business units: Lloydminster, Peace River, Conventional and United States.
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