Baytex Energy (NYSE:BTE) Stock Price Down 7.1% – What’s Next?

Baytex Energy Corp (NYSE:BTE) (TSE:BTE)’s stock price dropped 7.1% on Monday. The company traded as low as $5.02 and last traded at $4.9960. 4,121,347 shares were traded during trading, a decline of 79% from the average daily volume of 19,518,809 shares. The stock had previously closed at $5.38.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on BTE. Weiss Ratings upgraded Baytex Energy from a “hold (c)” rating to a “hold (c+)” rating in a report on Friday, October 23rd. Jefferies Financial Group began coverage on Baytex Energy in a report on Tuesday, October 27th. They set a “buy” rating on the stock. Canadian Imperial Bank of Commerce restated a “neutral” rating on shares of Baytex Energy in a report on Friday, October 9th. Scotiabank restated an “outperform” rating on shares of Baytex Energy in a research report on Monday, October 19th. Finally, Zacks Research upgraded shares of Baytex Energy from a “hold” rating to a “strong-buy” rating in a research report on Monday, October 5th. Three research analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, Baytex Energy has a consensus rating of “Moderate Buy”.

Baytex Energy Stock Performance

The stock has a fifty day simple moving average of $4.93 and a 200-day simple moving average of $4.39. The stock has a market cap of $3.34 billion, a P/E ratio of -7.28 and a beta of 0.37. The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.79 and a current ratio of 2.82.

Baytex Energy (NYSE:BTE) (TSE:BTE) last issued its quarterly earnings results on Thursday, July 30th. The oil and gas producer reported $0.17 EPS for the quarter, topping the consensus estimate of $0.08 by $0.09. The firm had revenue of $449.32 million for the quarter, compared to analysts’ expectations of $218.10 million. Baytex Energy had a negative net margin of 26.43% and a negative return on equity of 7.77%. On average, equities analysts expect that Baytex Energy Corp will post 0.42 earnings per share for the current year.

Institutional Investors Weigh In On Baytex Energy

Hedge funds and other institutional investors have recently modified their holdings of the company. Capula Management Ltd bought a new position in shares of Baytex Energy in the first quarter worth $57,000. Commerce Bank acquired a new position in shares of Baytex Energy during the second quarter valued at about $60,000. Bank of New York Mellon Corp acquired a new stake in Baytex Energy in the 2nd quarter valued at $60,000. Cetera Investment Advisers raised its stake in shares of Baytex Energy by 31.5% in the first quarter. Cetera Investment Advisers now owns 21,120 shares of the oil and gas producer’s stock worth $94,000 after purchasing an additional 5,060 shares during the last quarter. Finally, Quantbot Technologies LP purchased a new position in Baytex Energy during the second quarter worth about $121,000. Institutional investors and hedge funds own 46.15% of the company’s stock.

Baytex Energy Company Profile

Baytex Energy Corp. is a Canadian oil and natural gas exploration and production company headquartered in Calgary, Alberta. The company develops and produces crude oil, condensate, natural gas liquids and natural gas.

Baytex’s operations are focused on the Western Canadian Sedimentary Basin in Alberta and Saskatchewan and the Eagle Ford shale in South Texas. Its portfolio includes light oil, heavy oil and natural gas assets, with production sold into North American energy markets.

Founded in 1993, Baytex became a publicly traded corporation in 2010 after operating as an income trust.