Connor Clark & Lunn Investment Management Ltd. Takes Position in Baytex Energy Corp $BTE

Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Baytex Energy Corp (NYSE:BTE) (TSE:BTE) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 49,180,551 shares of the oil and gas producer’s stock, valued at approximately $197,114,000. Connor Clark & Lunn Investment Management Ltd. owned about 7.04% of Baytex Energy as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also modified their holdings of the company. Bank of Nova Scotia acquired a new stake in Baytex Energy during the 3rd quarter valued at approximately $26,000. Magnetar Financial LLC purchased a new position in shares of Baytex Energy during the 4th quarter valued at approximately $35,000. Jump Financial LLC acquired a new stake in shares of Baytex Energy during the fourth quarter worth approximately $39,000. Caitong International Asset Management Co. Ltd increased its stake in shares of Baytex Energy by 98.4% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 13,490 shares of the oil and gas producer’s stock worth $44,000 after buying an additional 6,691 shares during the last quarter. Finally, WINTON GROUP Ltd acquired a new stake in Baytex Energy in the fourth quarter valued at $47,000. Institutional investors and hedge funds own 46.15% of the company’s stock.

Analysts Set New Price Targets

BTE has been the subject of several recent analyst reports. TD Securities reissued a “hold” rating on shares of Baytex Energy in a report on Monday, August 3rd. Canadian Imperial Bank of Commerce restated a “neutral” rating on shares of Baytex Energy in a research note on Friday, July 10th. Royal Bank Of Canada reaffirmed a “sector perform” rating on shares of Baytex Energy in a research report on Monday, May 11th. Zacks Research upgraded Baytex Energy from a “strong sell” rating to a “hold” rating in a research note on Thursday. Finally, Weiss Ratings raised Baytex Energy from a “sell (d)” rating to a “sell (d+)” rating in a report on Tuesday, July 28th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, six have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Baytex Energy has a consensus rating of “Hold”.

Baytex Energy Stock Performance

Shares of BTE opened at $4.80 on Monday. The business’s fifty day moving average price is $4.21 and its 200 day moving average price is $4.30. Baytex Energy Corp has a 12-month low of $2.02 and a 12-month high of $5.36. The stock has a market capitalization of $3.35 billion, a PE ratio of -7.16 and a beta of 0.39. The company has a debt-to-equity ratio of 0.06, a current ratio of 2.82 and a quick ratio of 2.79.

Baytex Energy (NYSE:BTE) (TSE:BTE) last released its earnings results on Thursday, July 30th. The oil and gas producer reported $0.17 earnings per share for the quarter, beating the consensus estimate of $0.08 by $0.09. The firm had revenue of $449.32 million during the quarter, compared to analyst estimates of $218.10 million. Baytex Energy had a negative net margin of 26.43% and a negative return on equity of 7.77%. Equities research analysts forecast that Baytex Energy Corp will post 0.41 EPS for the current year.

Baytex Energy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Tuesday, September 15th will be issued a $0.0225 dividend. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $0.09 annualized dividend and a dividend yield of 1.9%. Baytex Energy’s payout ratio is -10.45%.

Baytex Energy Company Profile

Baytex Energy Corp. is an oil & gas exploration and production company. The firm engages in the acquisition, development and production of crude oil and natural gas in the Western Canadian Sedimentary Basin and in the Eagle Ford in the United States. The company was founded on June 3, 1993 and is headquartered in Calgary, Canada.