Baytex Energy Corp. (NYSE:BTE) price on Thursday, August 31, rose 0.74% above its previous day’s close as an upside momentum from buyers pushed the stock’s value to $4.07.
A look at the stock’s price movement, the level at last check in today’s session was $4.04, moving within a range at $4.01 and $4.08. The beta value (5-Year monthly) was 2.93 while the PE ratio in trailing twelve months stood at 2.59. Turning to its 52-week performance, $6.02 and $2.89 were the 52-week high and 52-week low respectively. Overall, BTE moved 2.78% over the past month.
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Baytex Energy Corp.’s market cap currently stands at around $4.76 billion, with investors looking forward to this quarter’s earnings report slated for Nov 02, 2023. The company has a Forward Dividend ratio of 0.09, with its dividend yield at 2.21%. As such, investors might be keen on an upside in the stock’s price ahead of the scheduled earnings report. Analysts project the company’s earnings per share (EPS) to be $0.13, which has seen fiscal year 2023 EPS growth forecast to increase to $0.64 and about $0.86 for fiscal year 2024. Per the data, EPS growth is expected to be -42.30% for 2023 and 34.40% for the next financial year.
Analysts have a consensus estimate of $766.24 million for the company’s revenue for the quarter, with a low and high estimate of $766.24 million and $766.24 million respectively. The average forecast suggests up to a 83.60% growth in sales growth compared to quarterly growth in the same period last fiscal year. Wall Street analysts have also projected the company’s year-on-year revenue for 2023 to grow to $2.35 billion, representing a 38.00% jump on that reported in the last financial year.
Revisions could be used as tool to get short term price movement insight, and for the company that in the past seven days was no upward and no downward review(s). Turning to the stock’s technical picture we see that short term indicators suggest on average that BTE is a 100% Buy. On the other hand, the stock is on average a Hold as suggested by medium term indicators while long term indicators are putting the stock in 50% Buy category.
12 analyst(s) have given their forecast ratings for the stock on a scale of 1.00-5.00 for a strong buy to strong sell recommendation. A total of 6 analyst(s) rate the stock as a Hold, 6 recommend BTE as a Buy and 0 give it an Overweight rating. Meanwhile, 0 analyst(s) rate the stock as Underweight and 0 say it is a Sell. As such, the average rating for the stock is Overweight which could provide an opportunity for investors keen on increasing their holdings of the company’s stock.
The technical evaluation for the stock shows the PEG ratio is 0.14, with BTE’s current price about 2.10% and 10.94% off the 20-day and 50-day simple moving averages respectively. The Relative Strength Index (RSI, 14) currently prints 61.23, while 7-day volatility ratio is 2.33% and 3.22% in the 30-day chart. Further, Baytex Energy Corp. (BTE) has a beta value of 2.08, and an average true range (ATR) of 0.13. Analysts have given the company’s stock an average 52-week price target of $5.19, forecast between a low of $3.86 and high of $6.42. Looking at the price targets, the low is 5.16% off recent price level in today’s trading while to achieve the yearly target high, it has to move -57.74%. Nonetheless, investors will most likely welcome a -32.19% jump to $5.38 which is the analysts’ median price.
In the market, a comparison of Baytex Energy Corp. (BTE) and its peers suggest the former has performed considerably stronger. Data shows BTE’s intraday price has changed 0.74% today and -22.44% over the past year. Comparatively, Enerplus Corporation (ERF) has moved 0.59% so far today and only 12.08% in the past 12 months. Looking at another peer, we see that Crescent Point Energy Corp. (CPG) price has gained 0.82% on the day. However, the stock is 8.44% off its price today a year ago. If we look at the PE ratio, we find that Baytex Energy Corp.’s ratio stands at 2.59 compared to Enerplus Corporation’s 4.71 and Crescent Point Energy Corp.’s 11.68. Elsewhere, the overall performance for the S&P 500 and Dow Jones Industrial shows that the indexes are up 0.36% and 0.34% respectively on the day as seen in early trades.
If we refocus on Baytex Energy Corp. (NYSE:BTE), historical trading data shows that trading volumes averaged 3.88 million over the past 10 days and 5.78 million over the past 3 months. The company’s latest data on shares outstanding shows there are 862.19 million shares.
The 20.71% of Baytex Energy Corp.’s shares are in the hands of company insiders while institutional holders own 17.14% of the company’s shares. Also important is the data on short interest which shows that short shares stood at 16.11 million on Aug 14, 2023, giving us a short ratio of 3.33. The data shows that as of Aug 14, 2023 short interest in Baytex Energy Corp. (BTE) stood at 1.87% of shares outstanding, with shares short rising to 16.02 million registered in Jul 13, 2023. Current price change has pushed the stock -9.76% YTD, which shows the potential for further growth is there. It is this reason that could see investor optimism for the BTE stock continues to rise going into the next quarter.