Baytex Energy Corp (BTE) Upgraded at Zacks Investment Research
Baytex Energy Corp (NYSE:BTE) (TSE:BTE) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Friday.
According to Zacks, “Baytex Energy Trust is a conventional oil and gas income trust focused on maintaining its production and asset base through internal property development and delivering consistent returns to its unitholders. “
A number of other equities research analysts have also issued reports on BTE. Raymond James Financial, Inc. lowered shares of Baytex Energy Corp from a “market perform” rating to an “underperform” rating in a report on Wednesday, July 5th. AltaCorp Capital reissued an “outperform” rating on shares of Baytex Energy Corp in a report on Friday, May 5th. Scotiabank lowered shares of Baytex Energy Corp from an “outperform” rating to a “sector perform” rating in a report on Thursday, June 29th. Finally, UBS AG lowered shares of Baytex Energy Corp from a “market perform” rating to an “underperform” rating in a report on Wednesday, July 5th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the company. Baytex Energy Corp presently has an average rating of “Hold” and an average price target of $7.44.
Shares of Baytex Energy Corp (NYSE:BTE) traded up 1.17% during trading on Friday, hitting $2.60. 1,056,352 shares of the company’s stock were exchanged. The company has a 50-day moving average of $2.52 and a 200-day moving average of $3.15. The company’s market cap is $612.17 million. Baytex Energy Corp has a 12-month low of $2.13 and a 12-month high of $5.64.
Baytex Energy Corp (NYSE:BTE) (TSE:BTE) last issued its earnings results on Tuesday, August 1st. The oil and gas producer reported $0.03 EPS for the quarter, beating the Zacks’ consensus estimate of ($0.14) by $0.17. The business had revenue of $207.22 million during the quarter. Baytex Energy Corp had a negative net margin of 38.91% and a negative return on equity of 5.17%. On average, equities analysts expect that Baytex Energy Corp will post ($0.18) earnings per share for the current fiscal year.
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Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Bank of Montreal Can raised its position in Baytex Energy Corp by 1.0% in the second quarter. Bank of Montreal Can now owns 717,403 shares of the oil and gas producer’s stock valued at $1,744,000 after buying an additional 7,259 shares during the last quarter. Commerzbank Aktiengesellschaft FI raised its position in Baytex Energy Corp by 7.9% in the second quarter. Commerzbank Aktiengesellschaft FI now owns 268,930 shares of the oil and gas producer’s stock valued at $653,000 after buying an additional 19,635 shares during the last quarter. UBS Asset Management Americas Inc. raised its position in Baytex Energy Corp by 6.5% in the second quarter. UBS Asset Management Americas Inc. now owns 451,992 shares of the oil and gas producer’s stock valued at $1,096,000 after buying an additional 27,622 shares during the last quarter. Timber Hill LLC acquired a new position in Baytex Energy Corp during the first quarter valued at approximately $106,000. Finally, KCG Holdings Inc. raised its position in Baytex Energy Corp by 109.8% in the first quarter. KCG Holdings Inc. now owns 67,821 shares of the oil and gas producer’s stock valued at $232,000 after buying an additional 35,497 shares during the last quarter. 19.75% of the stock is owned by institutional investors and hedge funds.
Baytex Energy Corp Company Profile
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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