Baytex Energy (NYSE:BTE) Announces Earnings Results, Beats Estimates By $0.09 EPS

Baytex Energy (NYSE:BTE – Get Free Report) (TSE:BTE) announced its quarterly earnings results on Thursday. The oil and gas producer reported $0.17 earnings per share for the quarter, topping analysts’ consensus estimates of $0.08 by $0.09, Zacks reports. The firm had revenue of $449.32 million for the quarter, compared to the consensus estimate of $218.10 million. Baytex Energy had a negative return on equity of 10.85% and a negative net margin of 24.25%.

Baytex Energy Stock Performance

NYSE BTE traded up $0.32 on Friday, reaching $4.58. The stock had a trading volume of 17,914,915 shares, compared to its average volume of 20,559,279. The company has a debt-to-equity ratio of 0.06, a current ratio of 2.15 and a quick ratio of 2.12. The firm has a fifty day moving average of $4.35 and a two-hundred day moving average of $4.18. Baytex Energy has a 1-year low of $1.93 and a 1-year high of $5.36. The company has a market cap of $3.26 billion, a P/E ratio of -6.54 and a beta of 0.40.

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Baytex Energy Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Tuesday, September 15th will be paid a $0.0225 dividend. The ex-dividend date is Tuesday, September 15th. This represents a $0.09 annualized dividend and a yield of 2.0%. Baytex Energy’s payout ratio is -8.57%.

Institutional Investors Weigh In On Baytex Energy

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Goldman Sachs Group Inc. grew its stake in shares of Baytex Energy by 110.6% in the first quarter. Goldman Sachs Group Inc. now owns 7,127,074 shares of the oil and gas producer’s stock valued at $15,893,000 after acquiring an additional 3,743,234 shares in the last quarter. Jane Street Group LLC boosted its holdings in Baytex Energy by 446.3% in the 1st quarter. Jane Street Group LLC now owns 2,646,885 shares of the oil and gas producer’s stock valued at $5,903,000 after purchasing an additional 2,162,346 shares during the period. Geode Capital Management LLC grew its position in shares of Baytex Energy by 19.0% during the 2nd quarter. Geode Capital Management LLC now owns 1,802,016 shares of the oil and gas producer’s stock worth $3,226,000 after purchasing an additional 287,454 shares in the last quarter. Russell Investments Group Ltd. grew its position in shares of Baytex Energy by 10.7% during the 2nd quarter. Russell Investments Group Ltd. now owns 144,757 shares of the oil and gas producer’s stock worth $261,000 after purchasing an additional 14,050 shares in the last quarter. Finally, Invesco Ltd. increased its holdings in shares of Baytex Energy by 18.4% during the second quarter. Invesco Ltd. now owns 465,450 shares of the oil and gas producer’s stock worth $833,000 after purchasing an additional 72,431 shares during the period. Institutional investors and hedge funds own 46.15% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently commented on BTE shares. TD Securities reiterated a “hold” rating on shares of Baytex Energy in a research note on Monday, May 11th. Weiss Ratings upgraded Baytex Energy from a “sell (d)” rating to a “sell (d+)” rating in a research note on Tuesday. Royal Bank Of Canada reaffirmed a “sector perform” rating on shares of Baytex Energy in a report on Monday, May 11th. Scotiabank reaffirmed an “outperform” rating on shares of Baytex Energy in a research report on Tuesday, April 21st. Finally, Canaccord Genuity Group upgraded shares of Baytex Energy from a “hold” rating to a “strong-buy” rating in a report on Tuesday, April 14th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, five have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, Baytex Energy currently has a consensus rating of “Hold”.

Check Out Our Latest Analysis on BTE

Baytex Energy Company Profile

(Get Free Report)

Baytex Energy Corp. is an oil & gas exploration and production company. The firm engages in the acquisition, development and production of crude oil and natural gas in the Western Canadian Sedimentary Basin and in the Eagle Ford in the United States. The company was founded on June 3, 1993 and is headquartered in Calgary, Canada.

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