Baytex Energy Corp. (BTE) Sees Large Growth in Short Interest
Baytex Energy Corp. (NYSE:BTE) was the recipient of a large increase in short interest during the month of September. As of September 30th, there was short interest totalling 23,227,604 shares, an increase of 33.0% from the September 15th total of 17,462,082 shares. Based on an average trading volume of 2,790,920 shares, the days-to-cover ratio is currently 8.3 days. Approximately 11.2% of the shares of the stock are short sold.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in BTE. Legal & General Group Plc boosted its stake in Baytex Energy Corp. by 36.7% in the second quarter. Legal & General Group Plc now owns 756,088 shares of the company’s stock valued at $4,364,000 after buying an additional 203,111 shares during the period. Jane Street Group LLC boosted its stake in Baytex Energy Corp. by 590.0% in the second quarter. Jane Street Group LLC now owns 391,533 shares of the company’s stock valued at $2,267,000 after buying an additional 334,787 shares during the period. Cubist Systematic Strategies LLC purchased a new stake in Baytex Energy Corp. during the second quarter valued at $155,000. Paloma Partners Management Co purchased a new stake in Baytex Energy Corp. during the second quarter valued at $241,000. Finally, A.R.T. Advisors LLC purchased a new stake in Baytex Energy Corp. during the second quarter valued at $1,935,000. Hedge funds and other institutional investors own 26.90% of the company’s stock.
Shares of Baytex Energy Corp. (NYSE:BTE) opened at 4.28 on Monday. Baytex Energy Corp. has a 12 month low of $1.08 and a 12 month high of $7.14. The firm’s market capitalization is $905.40 million. The company has a 50 day moving average of $4.29 and a 200-day moving average of $4.85.
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Baytex Energy Corp. (NYSE:BTE) last released its earnings results on Thursday, July 28th. The company reported ($0.41) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.10) by $0.31. Baytex Energy Corp. had a negative net margin of 120.39% and a negative return on equity of 4.67%. The business earned $195.73 million during the quarter, compared to the consensus estimate of $195.99 million. The company’s revenue was down 42.9% compared to the same quarter last year. Analysts predict that Baytex Energy Corp. will post ($0.54) EPS for the current year.
A number of equities research analysts have commented on the stock. TD Securities reissued a “hold” rating and set a $7.50 price objective on shares of Baytex Energy Corp. in a report on Wednesday, August 3rd. Scotiabank reissued an “outperform” rating and set a $8.75 price objective on shares of Baytex Energy Corp. in a report on Sunday, July 31st. Credit Suisse Group AG restated a “hold” rating and set a $6.50 target price on shares of Baytex Energy Corp. in a research report on Friday, July 29th. Barclays PLC cut their target price on shares of Baytex Energy Corp. from $9.00 to $8.00 and set an “equal weight” rating on the stock in a research report on Friday, July 29th. Finally, Zacks Investment Research downgraded shares of Baytex Energy Corp. from a “buy” rating to a “hold” rating in a research report on Thursday, July 21st. Eight analysts have rated the stock with a hold rating and two have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $7.53.
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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