Baytex Energy (NYSE:BTE) Stock Rating Upgraded by Zacks Research

by · The Markets Daily

Baytex Energy (NYSE:BTE – Get Free Report) (TSE:BTE) was upgraded by analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a note issued to investors on Monday, Zacks reports.

BTE has been the subject of several other research reports. Canadian Imperial Bank of Commerce reaffirmed a “neutral” rating on shares of Baytex Energy in a research note on Friday, July 10th. TD Securities reissued a “hold” rating on shares of Baytex Energy in a report on Monday, August 3rd. Weiss Ratings raised Baytex Energy from a “sell (d)” rating to a “sell (d+)” rating in a report on Tuesday, July 28th. Finally, Raymond James Financial reaffirmed a “strong-buy” rating on shares of Baytex Energy in a research note on Wednesday, September 16th. Three research analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Baytex Energy presently has a consensus rating of “Moderate Buy”.

Get Our Latest Stock Report on BTE

Baytex Energy Price Performance

BTE stock opened at $4.68 on Monday. The company has a debt-to-equity ratio of 0.06, a current ratio of 2.82 and a quick ratio of 2.79. Baytex Energy has a one year low of $2.18 and a one year high of $5.36. The stock has a market cap of $3.23 billion, a PE ratio of -6.99 and a beta of 0.40. The firm has a 50 day simple moving average of $4.65 and a two-hundred day simple moving average of $4.52.

Baytex Energy (NYSE:BTE – Get Free Report) (TSE:BTE) last issued its quarterly earnings results on Thursday, July 30th. The oil and gas producer reported $0.17 EPS for the quarter, topping analysts’ consensus estimates of $0.08 by $0.09. The firm had revenue of $449.32 million for the quarter, compared to analyst estimates of $218.10 million. Baytex Energy had a negative net margin of 26.43% and a negative return on equity of 7.77%. On average, analysts predict that Baytex Energy will post 0.41 EPS for the current fiscal year.

Institutional Investors Weigh In On Baytex Energy

Several hedge funds have recently added to or reduced their stakes in the stock. The Manufacturers Life Insurance Company bought a new stake in Baytex Energy in the 2nd quarter worth about $2,252,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in Baytex Energy in the 2nd quarter worth about $197,114,000. Encompass Capital Advisors LLC lifted its stake in Baytex Energy by 43.9% during the 1st quarter. Encompass Capital Advisors LLC now owns 20,071,614 shares of the oil and gas producer’s stock valued at $89,695,000 after acquiring an additional 6,123,098 shares during the period. Bank of America Corp DE bought a new position in Baytex Energy during the 2nd quarter valued at about $16,633,000. Finally, Engineers Gate Manager LP purchased a new stake in shares of Baytex Energy during the 2nd quarter valued at about $1,251,000. 46.15% of the stock is owned by institutional investors.

About Baytex Energy

(Get Free Report)

Baytex Energy Corp. (NYSE: BTE) is a Canadian oil and gas exploration and production company headquartered in Calgary, Alberta. The company’s operations are focused on the development and production of crude oil, condensate, natural gas liquids and natural gas.

Baytex’s asset base is concentrated in Western Canada, including the Clearwater and Viking oil plays in Alberta and Saskatchewan, and in the Eagle Ford shale region of South Texas. The company sells its production into North American markets through established pipeline, processing and transportation infrastructure.

Baytex traces its history to the Canadian energy sector in the 1990s and has expanded through a combination of exploration, development and acquisitions.

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