Baytex Energy Corp (NYSE:BTE) Rating Lowered to Underperform at Raymond James Financial, Inc.
Baytex Energy Corp (NYSE:BTE) (TSE:BTE) was downgraded by equities research analysts at Raymond James Financial, Inc. from a “market perform” rating to an “underperform” rating in a report issued on Wednesday, Marketbeat.com reports.
A number of other equities analysts have also recently issued reports on the stock. AltaCorp Capital reiterated an “outperform” rating on shares of Baytex Energy Corp in a research note on Monday, May 15th. Scotiabank cut shares of Baytex Energy Corp from an “outperform” rating to a “sector perform” rating in a research note on Thursday, June 29th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and two have issued a buy rating to the stock. Baytex Energy Corp presently has a consensus rating of “Hold” and an average target price of $7.18.
Shares of Baytex Energy Corp (NYSE BTE) remained flat at $2.28 during mid-day trading on Wednesday. 1,867,173 shares of the stock traded hands. The company has a 50-day moving average of $2.83 and a 200-day moving average of $3.60. Baytex Energy Corp has a 12 month low of $2.13 and a 12 month high of $5.78. The company’s market cap is $533.99 million.
A number of institutional investors have recently modified their holdings of the company. Norges Bank acquired a new position in shares of Baytex Energy Corp during the fourth quarter worth $20,732,000. Schroder Investment Management Group raised its position in shares of Baytex Energy Corp by 121.1% in the first quarter. Schroder Investment Management Group now owns 2,981,853 shares of the oil and gas producer’s stock worth $13,687,000 after buying an additional 1,633,500 shares during the period. Renaissance Technologies LLC acquired a new position in shares of Baytex Energy Corp during the fourth quarter worth $5,501,000. FMR LLC acquired a new position in shares of Baytex Energy Corp during the fourth quarter worth $4,397,000. Finally, Two Sigma Investments LP acquired a new position in shares of Baytex Energy Corp during the fourth quarter worth $2,040,000. 19.70% of the stock is owned by institutional investors and hedge funds.
About Baytex Energy Corp
Baytex Energy Corp. (Baytex) 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 four business units: Lloydminster, Peace River, Conventional and United States.
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