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

Baytex Energy (NYSE:BTE) (TSE:BTE) released its earnings results on Thursday. The oil and gas producer reported $0.17 earnings per share for the quarter, beating the consensus estimate 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 7.27% and a negative net margin of 26.43%.

Baytex Energy Trading Up 6.9%

Shares of NYSE:BTE traded up $0.29 on Friday, hitting $4.55. 27,963,758 shares of the company’s stock were exchanged, compared to its average volume of 17,196,716. Baytex Energy has a 12 month low of $1.93 and a 12 month high of $5.36. The stock has a market capitalization of $3.23 billion, a price-to-earnings ratio of -6.80 and a beta of 0.40. The business’s 50 day simple moving average is $4.34 and its two-hundred day simple moving average is $4.18. The company has a debt-to-equity ratio of 0.06, a current ratio of 2.15 and a quick ratio of 2.12.

Baytex Energy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders 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 dividend on an annualized basis and a yield of 2.0%. Baytex Energy’s dividend payout ratio (DPR) is presently -10.00%.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in BTE. Alliancebernstein L.P. lifted its holdings in Baytex Energy by 7.4% during the 2nd quarter. Alliancebernstein L.P. now owns 10,710,876 shares of the oil and gas producer’s stock valued at $19,172,000 after buying an additional 738,337 shares in the last quarter. Goldman Sachs Group Inc. grew its stake in Baytex Energy by 110.6% in the 1st quarter. Goldman Sachs Group Inc. now owns 7,127,074 shares of the oil and gas producer’s stock worth $15,893,000 after acquiring an additional 3,743,234 shares in the last quarter. UBS Group AG grew its stake in Baytex Energy by 39.5% in the 3rd quarter. UBS Group AG now owns 5,129,075 shares of the oil and gas producer’s stock worth $12,002,000 after acquiring an additional 1,452,603 shares in the last quarter. State of Wisconsin Investment Board purchased a new position in shares of Baytex Energy during the fourth quarter worth approximately $15,690,000. Finally, First Trust Advisors LP increased its position in shares of Baytex Energy by 74.2% during the second quarter. First Trust Advisors LP now owns 3,842,206 shares of the oil and gas producer’s stock worth $6,878,000 after acquiring an additional 1,636,233 shares during the period. 46.15% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have commented on BTE shares. Zacks Research lowered shares of Baytex Energy from a “hold” rating to a “strong sell” rating in a research note on Friday, July 17th. TD Securities reissued a “hold” rating on shares of Baytex Energy in a research note on Monday, May 11th. Canaccord Genuity Group upgraded shares of Baytex Energy from a “hold” rating to a “strong-buy” rating in a report on Tuesday, April 14th. Scotiabank reaffirmed an “outperform” rating on shares of Baytex Energy in a research note on Tuesday, April 21st. Finally, Royal Bank Of Canada reiterated a “sector perform” rating on shares of Baytex Energy in a report on Monday, May 11th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, five have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold”.

Baytex Energy Company Profile

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.