Baytex Energy (NYSE:BTE) Upgraded at ValuEngine

ValuEngine upgraded shares of Baytex Energy (NYSE:BTE) (TSE:BTE) from a sell rating to a hold rating in a research report released on Tuesday, October 2nd.

A number of other brokerages also recently issued reports on BTE. National Bank Financial raised shares of Baytex Energy from a sector perform rating to an outperform rating in a research report on Monday, July 23rd. Scotiabank raised shares of Baytex Energy from a sector perform rating to an outperform rating in a report on Thursday, August 23rd. Zacks Investment Research raised shares of Baytex Energy from a hold rating to a buy rating and set a $3.75 target price for the company in a report on Tuesday, July 10th. Macquarie raised shares of Baytex Energy from a neutral rating to an outperform rating in a report on Wednesday, June 27th. Finally, Royal Bank of Canada raised shares of Baytex Energy from a sector perform rating to an outperform rating in a report on Wednesday, June 27th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and nine have assigned a buy rating to the company’s stock. The company has an average rating of Buy and a consensus price target of $4.69.

Shares of BTE stock opened at $2.82 on Tuesday. Baytex Energy has a 1 year low of $2.30 and a 1 year high of $4.85. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 0.91. The firm has a market cap of $1.62 billion, a PE ratio of -142.50 and a beta of 3.08.

Baytex Energy (NYSE:BTE) (TSE:BTE) last issued its quarterly earnings data on Tuesday, July 31st. The oil and gas producer reported ($0.19) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.15). Baytex Energy had a negative net margin of 0.55% and a negative return on equity of 8.23%. The business had revenue of $269.39 million for the quarter. On average, sell-side analysts forecast that Baytex Energy will post -0.25 earnings per share for the current fiscal year.

Several institutional investors and hedge funds have recently added to or reduced their stakes in BTE. Russell Investments Group Ltd. bought a new position in shares of Baytex Energy during the 2nd quarter valued at about $119,000. AMP Capital Investors Ltd bought a new position in shares of Baytex Energy during the 2nd quarter valued at about $131,000. Jane Street Group LLC boosted its holdings in shares of Baytex Energy by 310.8% during the 1st quarter. Jane Street Group LLC now owns 49,300 shares of the oil and gas producer’s stock valued at $135,000 after purchasing an additional 37,300 shares during the last quarter. Fiera Capital Corp boosted its holdings in shares of Baytex Energy by 77.8% during the 2nd quarter. Fiera Capital Corp now owns 42,235 shares of the oil and gas producer’s stock valued at $140,000 after purchasing an additional 18,485 shares during the last quarter. Finally, Acadian Asset Management LLC purchased a new stake in shares of Baytex Energy during the 2nd quarter valued at about $168,000. 12.66% of the stock is owned by institutional investors and hedge funds.

Baytex Energy Company Profile

Baytex Energy Corp., an oil and gas company, engages in the acquisition, development, and production of oil and natural gas in the Western Canadian Sedimentary Basin and in the Eagle Ford in the United States. It offers heavy oil, heavy gravity crude oil, bitumen, light oil, and natural gas liquids. Its primary oil resource plays include the Eagle Ford in Texas, and the Peace River Oil Sands and Lloydminster heavy oil projects in North America.

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Analyst Recommendations for Baytex Energy (NYSE:BTE)

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