Baytex Energy Corp (NYSE:BTE) (TSE:BTE) shares dropped 8.7% on Wednesday . The stock traded as low as $2.62 and last traded at $2.64. Approximately 3,464,337 shares were traded during trading, an increase of 50% from the average daily volume of 2,311,108 shares. The stock had previously closed at $2.89.

BTE has been the subject of several recent research reports. Royal Bank of Canada raised Baytex Energy from a “sector perform” rating to an “outperform” rating in a research report on Tuesday, June 19th. TD Securities raised Baytex Energy from a “hold” rating to a “buy” rating in a research report on Tuesday, June 19th. Macquarie raised Baytex Energy from a “neutral” rating to an “outperform” rating in a research report on Tuesday, June 19th. Desjardins raised Baytex Energy from a “hold” rating to a “buy” rating in a research report on Tuesday, June 19th. Finally, ValuEngine cut Baytex Energy from a “hold” rating to a “sell” rating in a research report on Monday, July 2nd. One analyst has rated the stock with a sell rating, three have issued a hold rating and nine have given a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $4.69.

The company has a debt-to-equity ratio of 0.91, a current ratio of 0.57 and a quick ratio of 0.57. The stock has a market capitalization of $1.62 billion, a price-to-earnings ratio of -141.00 and a beta of 3.08.

Baytex Energy (NYSE:BTE) (TSE:BTE) last posted its quarterly earnings data on Tuesday, July 31st. The oil and gas producer reported ($0.19) earnings per share for the quarter, missing the consensus estimate of ($0.04) by ($0.15). Baytex Energy had a negative return on equity of 8.23% and a negative net margin of 0.55%. The firm had revenue of $269.39 million for the quarter. On average, equities research analysts predict that Baytex Energy Corp will post -0.25 EPS for the current fiscal year.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in BTE. Russell Investments Group Ltd. bought a new stake in Baytex Energy during the second quarter worth about $119,000. AMP Capital Investors Ltd bought a new stake in Baytex Energy during the second quarter worth about $131,000. Jane Street Group LLC raised its holdings in Baytex Energy by 310.8% during the first quarter. Jane Street Group LLC now owns 49,300 shares of the oil and gas producer’s stock worth $135,000 after acquiring an additional 37,300 shares in the last quarter. Fiera Capital Corp raised its holdings in Baytex Energy by 77.8% during the second quarter. Fiera Capital Corp now owns 42,235 shares of the oil and gas producer’s stock worth $140,000 after acquiring an additional 18,485 shares in the last quarter. Finally, Acadian Asset Management LLC bought a new stake in Baytex Energy during the second quarter worth about $168,000. Institutional investors and hedge funds own 12.66% of the company’s stock.

About Baytex Energy (NYSE:BTE)

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.

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