Zacks Investment Research Lowers Baytex Energy (NYSE:BTE) to Sell

Zacks Investment Research cut shares of Baytex Energy (NYSE:BTE) (TSE:BTE) from a hold rating to a sell rating in a research report released on Thursday morning, 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. “

Other equities research analysts also recently issued research reports about the company. Scotiabank upped their price target on Baytex Energy from $0.60 to $0.65 and gave the stock an underperform rating in a report on Monday, June 15th. Credit Suisse Group increased their target price on shares of Baytex Energy from $0.60 to $0.70 and gave the company a neutral rating in a report on Tuesday, July 14th. Eight Capital upgraded shares of Baytex Energy from a neutral rating to a buy rating and set a $1.15 price target on the stock in a report on Friday, June 26th. Tudor Pickering reiterated a hold rating and issued a $0.50 price objective on shares of Baytex Energy in a research note on Friday, May 8th. Finally, Raymond James boosted their target price on Baytex Energy from $0.30 to $0.40 and gave the stock an underperform rating in a research note on Friday, June 26th. Four analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have given a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and an average price target of $0.71.

NYSE:BTE opened at $0.47 on Thursday. The company has a debt-to-equity ratio of 3.10, a current ratio of 0.89 and a quick ratio of 0.89. Baytex Energy has a one year low of $0.19 and a one year high of $1.78. The firm has a 50-day moving average of $0.50 and a 200-day moving average of $0.59.

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 (EPS) for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.03). The company had revenue of $250.99 million for the quarter. Baytex Energy had a negative net margin of 199.92% and a negative return on equity of 6.76%. As a group, sell-side analysts expect that Baytex Energy will post -3.56 EPS for the current year.

Several institutional investors have recently added to or reduced their stakes in the company. Valeo Financial Advisors LLC bought a new stake in shares of Baytex Energy in the 2nd quarter worth approximately $27,000. Oxford Asset Management LLP raised its stake in shares of Baytex Energy by 110.0% in the fourth quarter. Oxford Asset Management LLP now owns 77,390 shares of the oil and gas producer’s stock valued at $112,000 after buying an additional 40,533 shares during the period. UBS Asset Management Americas Inc. raised its stake in shares of Baytex Energy by 30.1% in the fourth quarter. UBS Asset Management Americas Inc. now owns 267,286 shares of the oil and gas producer’s stock valued at $388,000 after buying an additional 61,802 shares during the period. Ingalls & Snyder LLC purchased a new position in shares of Baytex Energy during the 1st quarter valued at $67,000. Finally, Deutsche Bank AG grew its stake in shares of Baytex Energy by 153.6% during the 1st quarter. Deutsche Bank AG now owns 296,994 shares of the oil and gas producer’s stock worth $70,000 after acquiring an additional 179,861 shares during the period. 21.14% of the stock is 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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