Connor Clark & Lunn Investment Management Ltd. Invests $197.11 Million in Baytex Energy Corp $BTE

Connor Clark & Lunn Investment Management Ltd. purchased a new position in Baytex Energy Corp (NYSE:BTE) (TSE:BTE) during the 2nd quarter, HoldingsChannel reports. The firm purchased 49,180,551 shares of the oil and gas producer’s stock, valued at approximately $197,114,000. Connor Clark & Lunn Investment Management Ltd. owned 0.07% of Baytex Energy at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Arrowstreet Capital Limited Partnership grew its stake in Baytex Energy by 816.3% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 22,003,118 shares of the oil and gas producer’s stock worth $98,381,000 after buying an additional 19,601,808 shares during the last quarter. Ninepoint Partners LP bought a new stake in Baytex Energy in the second quarter valued at $68,000,000. Encompass Capital Advisors LLC bought a new stake in Baytex Energy in the fourth quarter valued at $45,054,000. TD Asset Management Inc boosted its holdings in shares of Baytex Energy by 176.3% during the fourth quarter. TD Asset Management Inc now owns 10,287,145 shares of the oil and gas producer’s stock valued at $33,321,000 after acquiring an additional 6,564,105 shares during the period. Finally, Intact Investment Management Inc. boosted its holdings in shares of Baytex Energy by 214.0% during the fourth quarter. Intact Investment Management Inc. now owns 8,868,370 shares of the oil and gas producer’s stock valued at $28,687,000 after acquiring an additional 6,044,270 shares during the period. Institutional investors and hedge funds own 46.15% of the company’s stock.

Baytex Energy Price Performance

Shares of NYSE BTE opened at $4.80 on Monday. Baytex Energy Corp has a fifty-two week low of $2.02 and a fifty-two week high of $5.36. The firm’s 50-day simple moving average is $4.21 and its 200 day simple moving average is $4.30. The company has a quick ratio of 2.79, a current ratio of 2.82 and a debt-to-equity ratio of 0.06. The stock has a market cap of $3.35 billion, a P/E ratio of -7.16 and a beta of 0.39.

Baytex Energy (NYSE:BTE) (TSE:BTE) last posted its quarterly earnings data on Thursday, July 30th. The oil and gas producer reported $0.17 earnings per share for the quarter, topping the consensus estimate of $0.08 by $0.09. The business had revenue of $449.32 million during the quarter, compared to the consensus estimate of $218.10 million. Baytex Energy had a negative net margin of 26.43% and a negative return on equity of 7.77%. Equities analysts expect that Baytex Energy Corp will post 0.41 EPS for the current year.

Baytex Energy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Tuesday, September 15th will be paid a $0.0225 dividend. This represents a $0.09 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date of this dividend is Tuesday, September 15th. Baytex Energy’s dividend payout ratio is currently -10.45%.

Analysts Set New Price Targets

BTE has been the subject of several recent research reports. Canadian Imperial Bank of Commerce restated a “neutral” rating on shares of Baytex Energy in a research report on Friday, July 10th. Weiss Ratings raised Baytex Energy from a “sell (d)” rating to a “sell (d+)” rating in a report on Tuesday, July 28th. Zacks Research raised Baytex Energy from a “strong sell” rating to a “hold” rating in a report on Thursday. Royal Bank Of Canada reiterated a “sector perform” rating on shares of Baytex Energy in a research report on Monday, May 11th. Finally, TD Securities reissued a “hold” rating on shares of Baytex Energy in a report on Monday, August 3rd. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold”.

Baytex Energy 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.