Baytex Energy (NYSE:BTE) Downgraded by Zacks Investment Research

Zacks Investment Research cut shares of Baytex Energy (NYSE:BTE) (TSE:BTE) from a hold rating to a sell rating in a research note issued to investors on Monday, Zacks.com reports.

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 analysts also recently weighed in on BTE. Raymond James reaffirmed a hold rating and issued a $2.00 target price on shares of Baytex Energy in a report on Monday, November 4th. Stifel Firstegy reaffirmed a buy rating on shares of Baytex Energy in a report on Thursday, February 6th. ValuEngine downgraded shares of Baytex Energy from a hold rating to a sell rating in a report on Tuesday, February 4th. Credit Suisse Group dropped their price objective on shares of Baytex Energy from $3.50 to $3.00 and set an outperform rating for the company in a report on Friday, December 6th. Finally, Royal Bank of Canada dropped their price objective on shares of Baytex Energy from $3.00 to $2.50 and set a buy rating for the company in a report on Friday, October 18th. Two investment analysts have rated the stock with a sell rating, one has given a hold rating and five have assigned a buy rating to the stock. The stock has an average rating of Hold and a consensus target price of $2.16.

Shares of Baytex Energy stock opened at $1.09 on Monday. The company has a market capitalization of $608.55 million, a P/E ratio of -6.41 and a beta of 2.73. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.99 and a current ratio of 0.99. The company has a fifty day moving average of $1.29 and a 200 day moving average of $1.31. Baytex Energy has a fifty-two week low of $1.00 and a fifty-two week high of $2.32.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. D. E. Shaw & Co. Inc. bought a new position in shares of Baytex Energy in the 2nd quarter valued at about $59,000. Corient Capital Partners LLC lifted its holdings in shares of Baytex Energy by 119.9% in the 3rd quarter. Corient Capital Partners LLC now owns 46,961 shares of the oil and gas producer’s stock valued at $70,000 after acquiring an additional 25,601 shares during the last quarter. Virtu Financial LLC lifted its holdings in shares of Baytex Energy by 168.0% in the 4th quarter. Virtu Financial LLC now owns 49,919 shares of the oil and gas producer’s stock valued at $72,000 after acquiring an additional 31,295 shares during the last quarter. Tower Research Capital LLC TRC lifted its holdings in shares of Baytex Energy by 110.7% in the 3rd quarter. Tower Research Capital LLC TRC now owns 61,188 shares of the oil and gas producer’s stock valued at $91,000 after acquiring an additional 32,141 shares during the last quarter. Finally, Great West Life Assurance Co. Can lifted its holdings in shares of 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 acquiring an additional 18,491 shares during the last quarter. 22.81% of the stock is owned by institutional investors and hedge funds.

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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