Vanguard Group Inc. increased its position in Baytex Energy Corp (NYSE:BTE) (TSE:BTE) by 137.9% during the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 12,889,037 shares of the oil and gas producer’s stock after buying an additional 7,471,495 shares during the period. Vanguard Group Inc. owned 2.33% of Baytex Energy worth $37,507,000 at the end of the most recent reporting period.
A number of other large investors have also recently added to or reduced their stakes in BTE. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp bought a new stake in shares of Baytex Energy in the third quarter valued at approximately $45,435,000. Waratah Capital Advisors Ltd. bought a new stake in shares of Baytex Energy in the third quarter valued at approximately $17,159,000. Mackenzie Financial Corp boosted its position in shares of Baytex Energy by 482.4% in the third quarter. Mackenzie Financial Corp now owns 6,670,706 shares of the oil and gas producer’s stock valued at $19,412,000 after acquiring an additional 5,525,313 shares during the period. Ninepoint Partners LP bought a new stake in shares of Baytex Energy in the third quarter valued at approximately $14,259,000. Finally, Point72 Asset Management L.P. bought a new stake in shares of Baytex Energy in the third quarter valued at approximately $8,706,000. Hedge funds and other institutional investors own 30.25% of the company’s stock.
Shares of NYSE:BTE traded up $0.02 during midday trading on Tuesday, reaching $1.74. The company’s stock had a trading volume of 5,900 shares, compared to its average volume of 1,886,046. Baytex Energy Corp has a fifty-two week low of $1.38 and a fifty-two week high of $4.85. The firm has a market cap of $954.60 million, a PE ratio of -87.38 and a beta of 2.51. The company has a debt-to-equity ratio of 0.64, a quick ratio of 0.55 and a current ratio of 0.55.
BTE has been the subject of several research reports. Zacks Investment Research cut Baytex Energy from a “buy” rating to a “sell” rating in a research report on Tuesday, October 23rd. Desjardins reaffirmed a “buy” rating on shares of Baytex Energy in a research report on Friday, November 2nd. TD Securities reaffirmed a “buy” rating and issued a $5.50 target price on shares of Baytex Energy in a research report on Monday, November 5th. Raymond James raised Baytex Energy from a “market perform” rating to an “outperform” rating in a research report on Monday, November 5th. Finally, Royal Bank of Canada reiterated an “average” rating and set a $5.50 price objective on shares of Baytex Energy in a research note on Tuesday, November 6th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and six have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $4.90.
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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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