Baytex Energy (NYSE:BTE) (TSE:BTE) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Wednesday.
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. “
Other equities research analysts have also recently issued reports about the company. ValuEngine raised Baytex Energy from a “sell” rating to a “hold” rating in a research report on Thursday, August 2nd. Raymond James raised Baytex Energy from a “market perform” rating to an “outperform” rating in a research report on Monday. TD Securities reaffirmed a “buy” rating and set a $5.50 price objective on shares of Baytex Energy in a research report on Monday. Scotiabank raised Baytex Energy from a “sector perform” rating to an “outperform” rating in a research report on Thursday, August 23rd. Finally, Royal Bank of Canada reaffirmed an “average” rating and set a $5.50 price objective on shares of Baytex Energy in a research report on Tuesday. Three analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Baytex Energy presently has a consensus rating of “Buy” and an average target price of $5.10.
Baytex Energy stock opened at $2.08 on Wednesday. The company has a debt-to-equity ratio of 0.64, a quick ratio of 0.57 and a current ratio of 0.55. Baytex Energy has a one year low of $1.90 and a one year high of $4.85. The firm has a market cap of $1.19 billion, a P/E ratio of -104.00 and a beta of 3.18.
Baytex Energy (NYSE:BTE) (TSE:BTE) last released its quarterly earnings data on Friday, November 2nd. The oil and gas producer reported $0.05 EPS for the quarter, beating the consensus estimate of $0.01 by $0.04. Baytex Energy had a negative return on equity of 5.46% and a net margin of 1.84%. The company had revenue of $334.21 million for the quarter. As a group, equities analysts anticipate that Baytex Energy will post -0.25 EPS for the current fiscal year.
A number of hedge funds have recently bought and sold shares of the business. Luminus Management LLC lifted its holdings in Baytex Energy by 17.4% in the second quarter. Luminus Management LLC now owns 10,144,900 shares of the oil and gas producer’s stock valued at $33,774,000 after acquiring an additional 1,504,547 shares during the period. Waratah Capital Advisors Ltd. bought a new position in Baytex Energy in the third quarter valued at about $17,159,000. Ninepoint Partners LP bought a new position in Baytex Energy in the third quarter valued at about $14,259,000. FMR LLC lifted its holdings in Baytex Energy by 385.1% in the second quarter. FMR LLC now owns 4,367,809 shares of the oil and gas producer’s stock valued at $14,519,000 after acquiring an additional 3,467,400 shares during the period. Finally, Renaissance Technologies LLC lifted its holdings in Baytex Energy by 3,331.2% in the second quarter. Renaissance Technologies LLC now owns 4,172,395 shares of the oil and gas producer’s stock valued at $13,876,000 after acquiring an additional 4,050,795 shares during the period. 15.58% of the stock is currently owned by institutional investors.
Baytex Energy Company Profile
Baytex Energy Corp., an oil and gas company, engages in the acquisition, development, and production of oil and natural gas in the Western Canadian Sedimentary Basin and in the Eagle Ford in the United States. It offers heavy oil, heavy gravity crude oil, bitumen, light oil, and natural gas liquids. Its primary oil resource plays include the Eagle Ford in Texas, and the Peace River Oil Sands and Lloydminster heavy oil projects in North America.
Recommended Story: Dow Jones Industrial Average (DJIA)
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Baytex Energy Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Baytex Energy and related companies with MarketBeat.com's FREE daily email newsletter.