Zacks Investment Research upgraded shares of Baytex Energy (NYSE:BTE) (TSE:BTE) from a hold rating to a strong-buy rating in a report released on Thursday morning. They currently have $3.75 price objective on the oil and gas producer’s stock.
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. “
BTE has been the topic of several other reports. AltaCorp Capital upgraded Baytex Energy from a sector perform rating to an outperform rating in a research report on Wednesday, February 14th. ValuEngine downgraded Baytex Energy from a sell rating to a strong sell rating in a research report on Thursday, March 1st. Finally, GMP Securities upgraded Baytex Energy from a hold rating to a buy rating in a research report on Friday, March 9th. Five investment analysts have rated the stock with a sell rating, one has issued a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. The company has a consensus rating of Hold and a consensus target price of $4.58.
Baytex Energy (NYSE:BTE) (TSE:BTE) last announced its quarterly earnings data on Tuesday, March 6th. The oil and gas producer reported ($0.08) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.11) by $0.03. Baytex Energy had a negative return on equity of 0.82% and a net margin of 10.56%. The business had revenue of $302.19 million for the quarter, compared to the consensus estimate of $278.72 million. During the same period in the previous year, the business earned ($1.66) earnings per share. The business’s revenue was up 29.6% on a year-over-year basis. equities analysts expect that Baytex Energy will post -0.44 earnings per share for the current year.
Large investors have recently bought and sold shares of the stock. Two Sigma Advisers LP purchased a new stake in shares of Baytex Energy in the fourth quarter worth about $240,000. Aperio Group LLC lifted its position in shares of Baytex Energy by 386.5% in the fourth quarter. Aperio Group LLC now owns 91,099 shares of the oil and gas producer’s stock worth $273,000 after buying an additional 72,373 shares in the last quarter. Penbrook Management LLC purchased a new stake in shares of Baytex Energy in the fourth quarter worth about $343,000. HBK Investments L P lifted its position in shares of Baytex Energy by 145.6% in the fourth quarter. HBK Investments L P now owns 163,100 shares of the oil and gas producer’s stock worth $489,000 after buying an additional 96,700 shares in the last quarter. Finally, The Manufacturers Life Insurance Company lifted its position in shares of Baytex Energy by 39.5% in the fourth quarter. The Manufacturers Life Insurance Company now owns 269,268 shares of the oil and gas producer’s stock worth $808,000 after buying an additional 76,262 shares in the last quarter. Institutional investors own 21.41% of the company’s stock.
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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