Baytex Energy’s (BTE) “Buy” Rating Reiterated at CIBC

CIBC reiterated their buy rating on shares of Baytex Energy (NYSE:BTE) (TSE:BTE) in a research note issued to investors on Wednesday. The firm currently has a $5.75 price target on the oil and gas producer’s stock.

Other equities analysts also recently issued research reports about the company. ValuEngine upgraded Baytex Energy from a sell rating to a hold rating in a report on Thursday, August 2nd. Zacks Investment Research upgraded Baytex Energy from a sell rating to a hold rating in a report on Wednesday, November 7th. Raymond James upgraded Baytex Energy from a market perform rating to an outperform rating in a report on Monday, November 5th. TD Securities restated a buy rating and set a $5.50 target price on shares of Baytex Energy in a report on Monday, November 5th. Finally, Scotiabank upgraded Baytex Energy from a sector perform rating to an outperform rating in a report on Thursday, August 23rd. Three equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The company has an average rating of Buy and a consensus target price of $5.21.

Shares of Baytex Energy stock opened at $1.85 on Wednesday. The company has a quick ratio of 0.55, a current ratio of 0.55 and a debt-to-equity ratio of 0.64. The company has a market cap of $1.04 billion, a P/E ratio of -92.50 and a beta of 3.18. Baytex Energy has a 52 week low of $1.67 and a 52 week high of $4.85.

Baytex Energy (NYSE:BTE) (TSE:BTE) last announced its earnings results on Friday, November 2nd. The oil and gas producer reported $0.05 EPS for the quarter, beating analysts’ consensus estimates of $0.01 by $0.04. The company had revenue of $334.21 million during the quarter. Baytex Energy had a negative return on equity of 5.46% and a net margin of 1.84%. On average, equities analysts predict that Baytex Energy will post -0.25 earnings per share for the current fiscal year.

A number of hedge funds have recently modified their holdings of BTE. Russell Investments Group Ltd. purchased a new stake in Baytex Energy in the second quarter worth $119,000. AMP Capital Investors Ltd purchased a new stake in Baytex Energy in the second quarter worth $131,000. Fiera Capital Corp grew its stake in Baytex Energy by 77.8% in the second quarter. Fiera Capital Corp now owns 42,235 shares of the oil and gas producer’s stock worth $140,000 after purchasing an additional 18,485 shares during the period. Shell Asset Management Co. grew its stake in Baytex Energy by 131.5% in the third quarter. Shell Asset Management Co. now owns 50,466 shares of the oil and gas producer’s stock worth $146,000 after purchasing an additional 28,666 shares during the period. Finally, Acadian Asset Management LLC purchased a new stake in Baytex Energy in the second quarter worth $168,000. 17.13% of the stock is currently owned by institutional investors.

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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Analyst Recommendations for Baytex Energy (NYSE:BTE)

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