Baytex Energy (BTE) Announces Quarterly Earnings Results

Baytex Energy (NYSE:BTE) (TSE:BTE) announced its earnings results on Friday, November 2nd. The oil and gas producer reported $0.05 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.01 by $0.04, MarketWatch Earnings reports. The company had revenue of $334.21 million during the quarter. Baytex Energy had a net margin of 1.84% and a negative return on equity of 5.46%.

Baytex Energy stock traded down $0.09 during trading on Friday, reaching $1.99. The stock had a trading volume of 3,355,726 shares, compared to its average volume of 3,220,512. Baytex Energy has a 52-week low of $1.90 and a 52-week high of $4.85. The company has a quick ratio of 0.57, a current ratio of 0.55 and a debt-to-equity ratio of 0.64. The company has a market capitalization of $1.20 billion, a P/E ratio of -99.50 and a beta of 3.18.

A number of institutional investors have recently modified their holdings of BTE. Jane Street Group LLC lifted its stake in Baytex Energy by 310.8% in the first quarter. Jane Street Group LLC now owns 49,300 shares of the oil and gas producer’s stock worth $135,000 after acquiring an additional 37,300 shares during the last quarter. Millennium Management LLC acquired a new stake in Baytex Energy during the first quarter worth approximately $822,000. Acadian Asset Management LLC acquired a new stake in Baytex Energy during the second quarter worth approximately $168,000. TD Asset Management Inc. raised its holdings in Baytex Energy by 4.0% during the second quarter. TD Asset Management Inc. now owns 977,032 shares of the oil and gas producer’s stock worth $3,248,000 after purchasing an additional 37,800 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. raised its holdings in Baytex Energy by 46.7% during the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 3,540,502 shares of the oil and gas producer’s stock worth $11,762,000 after purchasing an additional 1,127,790 shares in the last quarter. Institutional investors own 15.58% of the company’s stock.

Several research analysts have weighed in on BTE shares. ValuEngine lowered shares of Baytex Energy from a “hold” rating to a “sell” rating in a research note on Friday, September 14th. Desjardins reaffirmed a “buy” rating on shares of Baytex Energy in a research note on Friday, November 2nd. National Bank Financial raised shares of Baytex Energy from a “sector perform” rating to an “outperform” rating in a research note on Monday, July 23rd. Royal Bank of Canada reissued an “average” rating and issued a $5.50 price objective on shares of Baytex Energy in a research note on Tuesday. Finally, Scotiabank raised shares of Baytex Energy from a “sector perform” rating to an “outperform” rating in a research note on Thursday, August 23rd. Three analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $5.10.

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About Baytex Energy

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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Earnings History for Baytex Energy (NYSE:BTE)

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