Arrowstreet Capital Limited Partnership Purchases 19,601,808 Shares of Baytex Energy Corp $BTE

Arrowstreet Capital Limited Partnership boosted its position in shares of Baytex Energy Corp (NYSE:BTE) (TSE:BTE) by 816.3% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 22,003,118 shares of the oil and gas producer’s stock after purchasing an additional 19,601,808 shares during the period. Arrowstreet Capital Limited Partnership’s holdings in Baytex Energy were worth $98,381,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in BTE. Bank of New York Mellon Corp boosted its holdings in shares of Baytex Energy by 21.4% in the 1st quarter. Bank of New York Mellon Corp now owns 15,038 shares of the oil and gas producer’s stock worth $67,000 after acquiring an additional 2,652 shares in the last quarter. Cetera Investment Advisers raised its position in Baytex Energy by 45.9% in the 4th quarter. Cetera Investment Advisers now owns 16,060 shares of the oil and gas producer’s stock valued at $52,000 after purchasing an additional 5,054 shares during the last quarter. Caitong International Asset Management Co. Ltd boosted its stake in Baytex Energy by 98.4% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 13,490 shares of the oil and gas producer’s stock worth $44,000 after purchasing an additional 6,691 shares in the last quarter. Lakewood Asset Management LLC grew its holdings in shares of Baytex Energy by 13.3% during the fourth quarter. Lakewood Asset Management LLC now owns 67,571 shares of the oil and gas producer’s stock worth $218,000 after purchasing an additional 7,921 shares during the last quarter. Finally, United Capital Management of KS Inc. increased its stake in shares of Baytex Energy by 11.1% in the fourth quarter. United Capital Management of KS Inc. now owns 100,000 shares of the oil and gas producer’s stock valued at $323,000 after buying an additional 10,000 shares in the last quarter. 46.15% of the stock is currently owned by institutional investors and hedge funds.

Baytex Energy Price Performance

Shares of BTE stock opened at $4.33 on Friday. Baytex Energy Corp has a 52-week low of $1.93 and a 52-week high of $5.36. The stock has a market cap of $3.08 billion, a PE ratio of -6.18 and a beta of 0.40. The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.12 and a current ratio of 2.15. The firm’s 50 day moving average price is $4.44 and its two-hundred day moving average price is $4.14.

Baytex Energy (NYSE:BTE) (TSE:BTE) last issued its earnings results on Thursday, May 7th. The oil and gas producer reported ($0.08) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.01 by ($0.09). The company had revenue of $325.64 million for the quarter, compared to the consensus estimate of $228.04 million. Baytex Energy had a negative return on equity of 10.85% and a negative net margin of 24.25%. As a group, analysts forecast that Baytex Energy Corp will post 0.26 EPS for the current year.

Baytex Energy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, July 2nd. Shareholders of record on Monday, June 15th were issued a dividend of $0.0225 per share. The ex-dividend date was Monday, June 15th. This represents a $0.09 annualized dividend and a yield of 2.1%. Baytex Energy’s payout ratio is currently -10.00%.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the stock. TD Securities reissued a “hold” rating on shares of Baytex Energy in a report on Monday, May 11th. Scotiabank reiterated an “outperform” rating on shares of Baytex Energy in a research report on Tuesday, April 21st. Zacks Research cut shares of Baytex Energy from a “hold” rating to a “strong sell” rating in a research note on Friday, July 17th. Weiss Ratings lowered shares of Baytex Energy from a “sell (d+)” rating to a “sell (d)” rating in a report on Wednesday, June 24th. Finally, Raymond James Financial raised shares of Baytex Energy from a “hold” rating to a “moderate buy” rating in a report on Monday, March 30th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, five have issued a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold”.

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.