Raymond James Increases Baytex Energy (NYSE:BTE) Price Target to $0.40

Baytex Energy (NYSE:BTE) (TSE:BTE) had its price objective boosted by Raymond James from $0.30 to $0.40 in a research note released on Friday, The Fly reports. Raymond James currently has an underperform rating on the oil and gas producer’s stock.

Several other brokerages also recently issued reports on BTE. Stifel Firstegy downgraded Baytex Energy from a buy rating to a hold rating in a research note on Thursday, March 19th. Canaccord Genuity reaffirmed a hold rating and set a $0.50 price target on shares of Baytex Energy in a research note on Thursday, March 19th. Stifel Nicolaus downgraded Baytex Energy from a buy rating to a hold rating and set a $0.40 price target for the company. in a research note on Thursday, March 19th. Eight Capital raised Baytex Energy from a neutral rating to a buy rating and set a $1.15 price target for the company in a research note on Friday. Finally, Tudor Pickering reaffirmed a hold rating and set a $0.50 price target on shares of Baytex Energy in a research note on Friday, May 8th. Four equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have given a buy rating to the stock. The stock has an average rating of Hold and an average target price of $0.97.

NYSE:BTE opened at $0.48 on Friday. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 3.10. Baytex Energy has a 1-year low of $0.19 and a 1-year high of $1.78. The firm has a market capitalization of $270.29 million, a price-to-earnings ratio of -0.14 and a beta of 3.15. The stock has a fifty day simple moving average of $0.42 and a 200 day simple moving average of $0.73.

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

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Great West Life Assurance Co. Can grew its holdings in Baytex Energy by 33.2% in the 4th quarter. Great West Life Assurance Co. Can now owns 74,136 shares of the oil and gas producer’s stock valued at $106,000 after buying an additional 18,491 shares during the last quarter. Banco Bilbao Vizcaya Argentaria S.A. acquired a new stake in shares of Baytex Energy during the 4th quarter worth approximately $108,000. Oxford Asset Management LLP grew its holdings in shares of Baytex Energy by 110.0% during the 4th quarter. Oxford Asset Management LLP now owns 77,390 shares of the oil and gas producer’s stock worth $112,000 after purchasing an additional 40,533 shares in the last quarter. UBS Asset Management Americas Inc. grew its holdings in shares of Baytex Energy by 30.1% during the 4th quarter. UBS Asset Management Americas Inc. now owns 267,286 shares of the oil and gas producer’s stock worth $388,000 after purchasing an additional 61,802 shares in the last quarter. Finally, Ingalls & Snyder LLC acquired a new stake in shares of Baytex Energy during the 1st quarter worth approximately $67,000. 21.15% of the stock is currently owned by hedge funds and other institutional investors.

Baytex Energy Company Profile

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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