Zacks Investment Research upgraded shares of Baytex Energy (NYSE:BTE) (TSE:BTE) from a sell rating to a hold rating in a research report sent to investors on Monday.
According to Zacks, “Baytex Energy Trust is a conventional oil and gas income trust focused on maintaining its production and asset base through internal property development and delivering consistent returns to its unitholders. “
Several other research firms have also commented on BTE. Macquarie lowered shares of Baytex Energy from an outperform rating to a neutral rating in a research report on Friday, January 18th. Veritas Investment Research lowered shares of Baytex Energy from a buy rating to a sell rating in a research report on Tuesday, January 22nd. CIBC restated a buy rating and set a $5.75 price target on shares of Baytex Energy in a research report on Wednesday, November 21st. TD Securities restated a buy rating on shares of Baytex Energy in a research report on Monday, December 17th. Finally, ValuEngine upgraded shares of Baytex Energy from a sell rating to a hold rating in a research report on Wednesday, January 2nd. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have assigned a buy rating to the company’s stock. Baytex Energy currently has a consensus rating of Hold and a consensus target price of $4.90.
BTE stock opened at $1.52 on Monday. The company has a debt-to-equity ratio of 0.64, a current ratio of 0.55 and a quick ratio of 0.55. Baytex Energy has a 1-year low of $1.38 and a 1-year high of $4.85. The firm has a market cap of $843.60 million, a price-to-earnings ratio of -76.00 and a beta of 2.51.
A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Royce & Associates LP bought a new position in Baytex Energy in the 4th quarter valued at about $1,206,000. Scotia Capital Inc. grew its position in Baytex Energy by 34.5% in the 4th quarter. Scotia Capital Inc. now owns 935,978 shares of the oil and gas producer’s stock valued at $1,646,000 after buying an additional 240,263 shares in the last quarter. Toronto Dominion Bank grew its position in Baytex Energy by 21.6% in the 4th quarter. Toronto Dominion Bank now owns 1,635,058 shares of the oil and gas producer’s stock valued at $2,882,000 after buying an additional 290,700 shares in the last quarter. CLARET ASSET MANAGEMENT Corp grew its position in Baytex Energy by 410.0% in the 4th quarter. CLARET ASSET MANAGEMENT Corp now owns 25,500 shares of the oil and gas producer’s stock valued at $45,000 after buying an additional 20,500 shares in the last quarter. Finally, Canada Pension Plan Investment Board bought a new position in Baytex Energy in the 4th quarter valued at about $4,335,000. Hedge funds and other institutional investors own 30.25% of the company’s stock.
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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