Baytex Energy (NYSE:BTE) Hits New 52-Week High – Time to Buy?

Baytex Energy Corp (NYSE:BTE) (TSE:BTE)’s stock price reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $5.29 and last traded at $5.2950, with a volume of 4238041 shares changing hands. The stock had previously closed at $5.17.

Analyst Ratings Changes

Several research analysts have recently commented on BTE shares. Wall Street Zen raised Baytex Energy from a “sell” rating to a “hold” rating in a research note on Saturday, January 31st. Royal Bank Of Canada reiterated a “sector perform” rating on shares of Baytex Energy in a research note on Monday, May 11th. Canaccord Genuity Group raised shares of Baytex Energy from a “hold” rating to a “strong-buy” rating in a report on Tuesday, April 14th. TD Securities restated a “hold” rating on shares of Baytex Energy in a research note on Monday, May 11th. Finally, Zacks Research raised shares of Baytex Energy from a “strong sell” rating to a “hold” rating in a report on Friday, April 3rd. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold”.

Baytex Energy Stock Performance

The firm’s 50-day moving average price is $4.40 and its 200-day moving average price is $3.64. The company has a debt-to-equity ratio of 0.06, a current ratio of 2.15 and a quick ratio of 2.12. The stock has a market cap of $3.85 billion, a P/E ratio of -7.53 and a beta of 0.39.

Baytex Energy (NYSE:BTE) (TSE:BTE) last posted its earnings results on Thursday, May 7th. The oil and gas producer reported ($0.08) earnings per share for the quarter, missing the consensus estimate of $0.01 by ($0.09). The company had revenue of $325.64 million for the quarter, compared to analysts’ expectations of $228.04 million. Baytex Energy had a negative net margin of 24.25% and a negative return on equity of 10.85%. Sell-side analysts expect that Baytex Energy Corp will post 0.18 earnings per share for the current fiscal year.

Baytex Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, July 2nd. Stockholders of record on Monday, June 15th will be given a dividend of $0.0225 per share. The ex-dividend date is Monday, June 15th. This represents a $0.09 dividend on an annualized basis and a dividend yield of 1.7%. Baytex Energy’s dividend payout ratio (DPR) is presently -8.57%.

Institutional Investors Weigh In On Baytex Energy

A number of hedge funds have recently made changes to their positions in BTE. Arrowstreet Capital Limited Partnership boosted its stake in Baytex Energy by 816.3% during the first quarter. Arrowstreet Capital Limited Partnership now owns 22,003,118 shares of the oil and gas producer’s stock valued at $98,381,000 after buying an additional 19,601,808 shares during the last quarter. Encompass Capital Advisors LLC purchased a new stake in shares of Baytex Energy during the 4th quarter worth approximately $45,054,000. TD Asset Management Inc raised its holdings in shares of Baytex Energy by 176.3% during the 4th quarter. TD Asset Management Inc now owns 10,287,145 shares of the oil and gas producer’s stock worth $33,321,000 after acquiring an additional 6,564,105 shares in the last quarter. Intact Investment Management Inc. boosted its position in shares of Baytex Energy by 214.0% during the 4th quarter. Intact Investment Management Inc. now owns 8,868,370 shares of the oil and gas producer’s stock valued at $28,687,000 after acquiring an additional 6,044,270 shares during the last quarter. Finally, State of Wisconsin Investment Board bought a new position in shares of Baytex Energy during the 4th quarter valued at approximately $15,690,000. 46.15% of the stock is currently owned by hedge funds and other institutional investors.

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.