Baytex Energy (NYSE:BTE) Shares Gap Up to $1.09

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Shares of Baytex Energy Corp (NYSE:BTE) (TSE:BTE) gapped up before the market opened on Thursday . The stock had previously closed at $1.11, but opened at $1.09. Baytex Energy shares last traded at $1.09, with a volume of 9,200 shares.

Several equities analysts recently issued reports on the company. Raymond James reaffirmed a “hold” rating and set a $2.00 price objective on shares of Baytex Energy in a report on Monday, November 4th. ValuEngine cut Baytex Energy from a “hold” rating to a “sell” rating in a report on Tuesday, February 4th. Credit Suisse Group reduced their price objective on Baytex Energy from $3.50 to $3.00 and set an “outperform” rating for the company in a report on Friday, December 6th. Royal Bank of Canada dropped their price target on Baytex Energy from $3.00 to $2.50 and set a “buy” rating for the company in a research report on Friday, October 18th. Finally, Zacks Investment Research downgraded Baytex Energy from a “hold” rating to a “sell” rating in a research report on Monday, February 10th. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and five have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $2.16.

The company has a debt-to-equity ratio of 0.62, a current ratio of 0.99 and a quick ratio of 0.99. The firm has a 50-day simple moving average of $1.28 and a two-hundred day simple moving average of $1.30. The company has a market cap of $608.55 million, a PE ratio of 4.95 and a beta of 2.73.

A number of institutional investors have recently added to or reduced their stakes in BTE. K.J. Harrison & Partners Inc grew its position in shares of Baytex Energy by 80.8% in the third quarter. K.J. Harrison & Partners Inc now owns 208,600 shares of the oil and gas producer’s stock valued at $309,000 after purchasing an additional 93,200 shares during the period. Caymus Capital Partners L.P. purchased a new stake in shares of Baytex Energy in the third quarter valued at $4,301,000. CIBC Asset Management Inc grew its position in shares of Baytex Energy by 285.6% in the third quarter. CIBC Asset Management Inc now owns 1,251,579 shares of the oil and gas producer’s stock valued at $1,852,000 after purchasing an additional 927,000 shares during the period. Bank of America Corp DE grew its position in shares of Baytex Energy by 134.9% in the second quarter. Bank of America Corp DE now owns 377,848 shares of the oil and gas producer’s stock valued at $582,000 after purchasing an additional 216,972 shares during the period. Finally, DORCHESTER WEALTH MANAGEMENT Co grew its position in shares of Baytex Energy by 1.3% in the third quarter. DORCHESTER WEALTH MANAGEMENT Co now owns 2,252,650 shares of the oil and gas producer’s stock valued at $3,334,000 after purchasing an additional 28,100 shares during the period. 22.81% of the stock is owned by institutional investors.

About Baytex Energy (NYSE:BTE)

Baytex Energy Corp., an oil and gas company, acquires, develops, and produces oil and natural gas in the Western Canadian Sedimentary Basin and in the Eagle Ford in the United States. The company offers light oil, natural gas liquids, shale and natural gas, heavy gravity crude oil, bitumen, and heavy oil.

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