Baytex Energy (BTE) Upgraded at Zacks Investment Research

Zacks Investment Research upgraded shares of Baytex Energy (NYSE:BTE) (TSE:BTE) from a hold rating to a buy rating in a research note issued to investors on Tuesday morning. The firm currently has $3.25 target price 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. “

Several other analysts have also recently issued reports on the stock. GMP Securities upgraded shares of Baytex Energy from a hold rating to a buy rating in a research report on Monday, November 13th. Canaccord Genuity restated a buy rating and set a $4.25 target price on shares of Baytex Energy in a research report on Thursday, November 2nd. Barclays lowered shares of Baytex Energy from an equal weight rating to an underweight rating in a research report on Monday, October 30th. AltaCorp Capital lowered shares of Baytex Energy from an outperform rating to a sector perform rating in a research report on Friday, October 6th. Finally, ValuEngine lowered shares of Baytex Energy from a sell rating to a strong sell rating in a research report on Sunday, December 31st. Five equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the stock. The company has a consensus rating of Hold and a consensus price target of $3.75.

Shares of Baytex Energy (NYSE:BTE) traded up $0.02 during midday trading on Tuesday, hitting $3.28. 2,249,900 shares of the stock traded hands, compared to its average volume of 2,037,033. The company has a debt-to-equity ratio of 0.92, a current ratio of 0.74 and a quick ratio of 0.74. The stock has a market cap of $767.73, a PE ratio of -2.73 and a beta of 3.42. Baytex Energy has a 52-week low of $2.13 and a 52-week high of $5.13.

A number of institutional investors have recently bought and sold shares of BTE. JPMorgan Chase & Co. raised its position in Baytex Energy by 776.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 3,171,372 shares of the oil and gas producer’s stock worth $9,641,000 after purchasing an additional 2,809,730 shares during the period. Ninepoint Partners LP purchased a new position in shares of Baytex Energy during the third quarter worth approximately $1,716,000. Citadel Advisors LLC boosted its stake in shares of Baytex Energy by 614.8% during the third quarter. Citadel Advisors LLC now owns 312,849 shares of the oil and gas producer’s stock valued at $942,000 after purchasing an additional 269,083 shares in the last quarter. BNP Paribas Arbitrage SA bought a new position in shares of Baytex Energy during the second quarter valued at approximately $891,000. Finally, Vanguard Group Inc. boosted its stake in shares of Baytex Energy by 3.4% during the second quarter. Vanguard Group Inc. now owns 4,593,778 shares of the oil and gas producer’s stock valued at $11,163,000 after purchasing an additional 150,013 shares in the last quarter. 16.47% of the stock is currently owned by institutional investors.

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Baytex Energy Company Profile

Baytex Energy Corp. (Baytex) is engaged in the business of acquiring, developing, exploiting and holding interests in petroleum and natural gas properties and related assets in Canada (Alberta and Saskatchewan) and in the United States (Texas). The Company’s crude oil and natural gas operations are organized into four business units: Lloydminster, Peace River, Conventional and United States.

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