Baytex Energy Corp. (BTE) Trading 3% Higher
Baytex Energy Corp. (NYSE:BTE) shares traded up 3% during mid-day trading on Wednesday . The company traded as high as $3.86 and last traded at $3.77, with a volume of 1,513,729 shares trading hands. The stock had previously closed at $3.66.
A number of research analysts have recently issued reports on the company. TD Securities reaffirmed a “hold” rating and set a $7.50 price objective on shares of Baytex Energy Corp. in a research note on Wednesday, August 3rd. Scotiabank reaffirmed an “outperform” rating and set a $8.75 price objective on shares of Baytex Energy Corp. in a research note on Sunday, July 31st. Credit Suisse Group AG reaffirmed a “hold” rating and set a $6.50 price objective on shares of Baytex Energy Corp. in a research note on Friday, July 29th. Barclays PLC reduced their price objective on Baytex Energy Corp. from $9.00 to $8.00 and set an “equal weight” rating on the stock in a research note on Friday, July 29th. Finally, Zacks Investment Research cut Baytex Energy Corp. from a “buy” rating to a “hold” rating in a research note on Thursday, July 21st. Eight investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Baytex Energy Corp. currently has an average rating of “Hold” and an average target price of $7.53.
The firm has a 50 day moving average price of $4.74 and a 200-day moving average price of $4.82. The stock’s market capitalization is $818.66 million.
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Baytex Energy Corp. (NYSE:BTE) last announced its quarterly earnings results on Thursday, July 28th. The company reported ($0.41) EPS for the quarter, missing the consensus estimate of ($0.10) by $0.31. The company earned $195.73 million during the quarter, compared to analysts’ expectations of $195.99 million. Baytex Energy Corp. had a negative return on equity of 4.67% and a negative net margin of 120.39%. The company’s quarterly revenue was down 42.9% on a year-over-year basis. Equities research analysts predict that Baytex Energy Corp. will post ($0.54) EPS for the current year.
Hedge funds have recently made changes to their positions in the company. Norges Bank bought a new stake in shares of Baytex Energy Corp. during the fourth quarter valued at approximately $11,817,000. Canada Pension Plan Investment Board boosted its stake in shares of Baytex Energy Corp. by 15.4% in the first quarter. Canada Pension Plan Investment Board now owns 1,236,381 shares of the company’s stock valued at $4,904,000 after buying an additional 164,564 shares during the last quarter. UBS Group AG boosted its stake in shares of Baytex Energy Corp. by 1.5% in the first quarter. UBS Group AG now owns 148,305 shares of the company’s stock valued at $588,000 after buying an additional 2,154 shares during the last quarter. Scotia Capital Inc. boosted its stake in shares of Baytex Energy Corp. by 29.9% in the first quarter. Scotia Capital Inc. now owns 866,040 shares of the company’s stock valued at $3,415,000 after buying an additional 199,124 shares during the last quarter. Finally, HBK Investments L P boosted its stake in shares of Baytex Energy Corp. by 16.2% in the first quarter. HBK Investments L P now owns 1,492,300 shares of the company’s stock valued at $5,924,000 after buying an additional 208,440 shares during the last quarter. Institutional investors and hedge funds own 26.90% of the company’s stock.
About Baytex Energy Corp.
Baytex Energy Corp. 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 three business units: Lloydminster, Central and United States.
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