Baytex Energy (BTE) Releases Quarterly Earnings Results, Beats Expectations By $0.04 EPS

Baytex Energy (NYSE:BTE) (TSE:BTE) released its quarterly earnings data on Friday. The oil and gas producer reported $0.05 earnings per share for the quarter, beating the consensus estimate of $0.01 by $0.04, MarketWatch Earnings reports. The company had revenue of $334.21 million during the quarter. Baytex Energy had a negative net margin of 0.55% and a negative return on equity of 8.23%.

BTE stock traded down $0.06 during midday trading on Friday, reaching $2.06. 5,310,867 shares of the company’s stock traded hands, compared to its average volume of 2,933,714. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.57 and a current ratio of 0.57. Baytex Energy has a 52 week low of $1.90 and a 52 week high of $4.85.

A number of hedge funds have recently made changes to their positions in BTE. Fiera Capital Corp boosted its holdings in Baytex Energy by 77.8% during the 2nd quarter. Fiera Capital Corp now owns 42,235 shares of the oil and gas producer’s stock worth $140,000 after acquiring an additional 18,485 shares during the last quarter. CIBC Asset Management Inc boosted its holdings in Baytex Energy by 37.2% during the 2nd quarter. CIBC Asset Management Inc now owns 128,046 shares of the oil and gas producer’s stock worth $426,000 after acquiring an additional 34,752 shares during the last quarter. Russell Investments Group Ltd. purchased a new position in Baytex Energy during the 2nd quarter worth $119,000. Jane Street Group LLC boosted its holdings in Baytex Energy by 310.8% during the 1st quarter. Jane Street Group LLC now owns 49,300 shares of the oil and gas producer’s stock worth $135,000 after acquiring an additional 37,300 shares during the last quarter. Finally, TD Asset Management Inc. boosted its holdings in Baytex Energy by 4.0% during the 2nd quarter. TD Asset Management Inc. now owns 977,032 shares of the oil and gas producer’s stock worth $3,248,000 after acquiring an additional 37,800 shares during the last quarter. Institutional investors and hedge funds own 13.22% of the company’s stock.

BTE has been the subject of a number of recent research reports. Desjardins restated a “buy” rating on shares of Baytex Energy in a research note on Friday. ValuEngine upgraded shares of Baytex Energy from a “sell” rating to a “hold” rating in a research note on Thursday, August 2nd. Zacks Investment Research lowered shares of Baytex Energy from a “buy” rating to a “hold” rating in a research note on Tuesday, August 21st. Raymond James upgraded shares of Baytex Energy to a “hold” rating and set a $5.00 price target for the company in a research note on Thursday, August 23rd. Finally, Scotiabank upgraded shares of Baytex Energy from a “sector perform” rating to an “outperform” rating in a research note on Thursday, August 23rd. One analyst has rated the stock with a sell rating, two have issued a hold rating and eight have assigned a buy rating to the company’s stock. Baytex Energy currently has an average rating of “Buy” and a consensus target price of $4.83.

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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Earnings History for Baytex Energy (NYSE:BTE)

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