Baytex Energy (NYSE:BTE) Downgraded by Veritas Investment Research to Sell

Veritas Investment Research downgraded shares of Baytex Energy (NYSE:BTE) (TSE:BTE) from a buy rating to a sell rating in a report released on Tuesday, January 22nd, The Fly reports.

Other equities analysts have also recently issued reports about the stock. Zacks Investment Research cut shares of Baytex Energy from a hold rating to a sell rating in a research note on Monday, January 21st. Raymond James raised shares of Baytex Energy from a market perform rating to an outperform rating in a research note on Monday, November 5th. ValuEngine raised shares of Baytex Energy from a sell rating to a hold rating in a research note on Tuesday, October 2nd. TD Securities reaffirmed a buy rating and set a $5.50 price target on shares of Baytex Energy in a research note on Monday, November 5th. Finally, Royal Bank of Canada reaffirmed an average rating and set a $5.50 price target on shares of Baytex Energy in a research note on Tuesday, November 6th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and seven have assigned a buy rating to the stock. The company presently has an average rating of Hold and a consensus target price of $4.90.

Shares of NYSE:BTE opened at $1.65 on Tuesday. Baytex Energy has a 52 week low of $1.38 and a 52 week high of $4.85. The firm has a market capitalization of $871.35 million, a price-to-earnings ratio of -82.50 and a beta of 2.51. The company has a debt-to-equity ratio of 0.64, a current ratio of 0.55 and a quick ratio of 0.55.

A number of institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its position in Baytex Energy by 137.9% in the 3rd quarter. Vanguard Group Inc. now owns 12,889,037 shares of the oil and gas producer’s stock valued at $37,507,000 after buying an additional 7,471,495 shares during the period. Vanguard Group Inc boosted its position in Baytex Energy by 137.9% in the 3rd quarter. Vanguard Group Inc now owns 12,889,037 shares of the oil and gas producer’s stock valued at $37,507,000 after buying an additional 7,471,495 shares during the period. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp purchased a new stake in Baytex Energy in the 3rd quarter valued at about $45,435,000. FMR LLC boosted its position in Baytex Energy by 57.3% in the 3rd quarter. FMR LLC now owns 6,870,487 shares of the oil and gas producer’s stock valued at $19,947,000 after buying an additional 2,502,678 shares during the period. Finally, Mackenzie Financial Corp boosted its position in Baytex Energy by 482.4% in the 3rd quarter. Mackenzie Financial Corp now owns 6,670,706 shares of the oil and gas producer’s stock valued at $19,412,000 after buying an additional 5,525,313 shares during the period. 30.25% of the stock is owned by institutional investors.

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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The Fly

Analyst Recommendations for Baytex Energy (NYSE:BTE)

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