Baytex Energy (NYSE:BTE) Lifted to Buy at Eight Capital

Eight Capital upgraded shares of Baytex Energy (NYSE:BTE) (TSE:BTE) from a neutral rating to a buy rating in a report published on Friday morning, The Fly reports. Eight Capital currently has $1.15 price objective on the oil and gas producer’s stock.

Several other brokerages have also recently commented on BTE. TD Securities cut shares of Baytex Energy from a buy rating to a hold rating in a research report on Friday, March 13th. Royal Bank of Canada dropped their price objective on shares of Baytex Energy from $0.80 to $0.60 and set a sector perform rating on the stock in a research note on Friday, March 20th. Stifel Nicolaus lowered shares of Baytex Energy from a buy rating to a hold rating and set a $0.40 price objective on the stock. in a research note on Thursday, March 19th. ValuEngine lowered shares of Baytex Energy from a sell rating to a strong sell rating in a research note on Tuesday, March 3rd. Finally, Stifel Firstegy lowered shares of Baytex Energy from a buy rating to a hold rating in a research note on Thursday, March 19th. Four analysts have rated the stock with a sell rating, eight have issued a hold rating and two have given a buy rating to the stock. Baytex Energy has a consensus rating of Hold and a consensus price target of $0.97.

Shares of BTE stock opened at $0.48 on Friday. The company has a debt-to-equity ratio of 3.10, a quick ratio of 0.89 and a current ratio of 0.89. Baytex Energy has a one year low of $0.19 and a one year high of $1.78. The company’s 50-day simple moving average is $0.42 and its 200-day simple moving average is $0.73. The stock has a market capitalization of $270.29 million, a price-to-earnings ratio of -0.14 and a beta of 3.15.

Baytex Energy (NYSE:BTE) (TSE:BTE) last issued its quarterly earnings results on Thursday, May 7th. The oil and gas producer reported ($0.09) EPS for the quarter, missing the consensus estimate of ($0.06) by ($0.03). Baytex Energy had a positive return on equity of 2.47% and a negative net margin of 148.06%. The company had revenue of $250.99 million for the quarter. As a group, research analysts forecast that Baytex Energy will post -3.49 EPS for the current year.

Large investors have recently made changes to their positions in the business. Canada Pension Plan Investment Board increased its stake in shares of Baytex Energy by 77.3% in the first quarter. Canada Pension Plan Investment Board now owns 906,100 shares of the oil and gas producer’s stock valued at $213,000 after purchasing an additional 395,100 shares during the period. CIBC Asset Management Inc increased its stake in shares of Baytex Energy by 102.9% in the first quarter. CIBC Asset Management Inc now owns 1,724,345 shares of the oil and gas producer’s stock valued at $409,000 after purchasing an additional 874,317 shares during the period. Bank of America Corp DE increased its stake in shares of Baytex Energy by 35.2% in the fourth quarter. Bank of America Corp DE now owns 1,042,990 shares of the oil and gas producer’s stock valued at $1,512,000 after purchasing an additional 271,638 shares during the period. Norges Bank acquired a new stake in shares of Baytex Energy in the fourth quarter valued at approximately $10,313,000. Finally, Banco Bilbao Vizcaya Argentaria S.A. acquired a new stake in shares of Baytex Energy in the fourth quarter valued at approximately $108,000. Institutional investors own 21.15% of the company’s stock.

About Baytex Energy

Baytex Energy Corp., an oil and gas company, acquires, develops, and produces oil and natural gas in the Western Canadian Sedimentary Basin and in the Eagle Ford in the United States. The company offers light oil, natural gas liquids, shale and natural gas, heavy gravity crude oil, bitumen, and heavy oil.

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