Zacks Investment Research upgraded shares of Baytex Energy Corp (NYSE:BTE) (TSE:BTE) from a sell rating to a hold rating in a report issued on Friday.
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 research firms have also recently issued reports on BTE. AltaCorp Capital reissued an outperform rating on shares of Baytex Energy Corp in a research note on Monday, May 15th. UBS AG cut Baytex Energy Corp from a market perform rating to an underperform rating in a research note on Wednesday, July 5th. Scotiabank cut Baytex Energy Corp from an outperform rating to a sector perform rating in a research note on Thursday, June 29th. Finally, Raymond James Financial, Inc. cut Baytex Energy Corp from a market perform rating to an underperform rating in a research note on Wednesday, July 5th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and a consensus price target of $7.44.
Baytex Energy Corp (BTE) traded up 0.192% during mid-day trading on Friday, hitting $2.605. 353,702 shares of the company traded hands. The company’s 50-day moving average price is $2.53 and its 200 day moving average price is $3.14. Baytex Energy Corp has a one year low of $2.13 and a one year high of $5.64. The company’s market capitalization is $613.35 million.
Baytex Energy Corp (NYSE:BTE) (TSE:BTE) last posted its earnings results on Tuesday, August 1st. The oil and gas producer reported $0.03 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.14) by $0.17. Baytex Energy Corp had a negative return on equity of 5.17% and a negative net margin of 38.91%. The business had revenue of $207.22 million during the quarter. On average, analysts anticipate that Baytex Energy Corp will post ($0.18) earnings per share for the current fiscal year.
Institutional investors have recently added to or reduced their stakes in the company. Timber Hill LLC purchased a new position in Baytex Energy Corp during the first quarter worth $106,000. Formidable Asset Management LLC increased its position in Baytex Energy Corp by 982.4% in the first quarter. Formidable Asset Management LLC now owns 394,000 shares of the oil and gas producer’s stock worth $131,000 after buying an additional 357,600 shares during the period. Paloma Partners Management Co purchased a new position in Baytex Energy Corp during the first quarter worth $180,000. Dynamic Technology Lab Private Ltd increased its position in Baytex Energy Corp by 138.3% in the first quarter. Dynamic Technology Lab Private Ltd now owns 63,506 shares of the oil and gas producer’s stock worth $217,000 after buying an additional 36,851 shares during the period. Finally, KCG Holdings Inc. increased its position in Baytex Energy Corp by 109.8% in the first quarter. KCG Holdings Inc. now owns 67,821 shares of the oil and gas producer’s stock worth $232,000 after buying an additional 35,497 shares during the period. 19.61% of the stock is owned by hedge funds and other institutional investors.
About Baytex Energy Corp
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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