Baytex Energy Corp [NYSE: BTE] stock went on a downward path that fall over -2.71% on Monday, amounting to a one-week price decrease of less than -7.93%. The company report on November 13, 2023 at 8:00 AM that Baytex Receives Notice of Confirmation for Tax Reassessment.
Calgary, Alberta–(Newsfile Corp. – November 13, 2023) – Baytex Energy Corp. (TSX: BTE) (NYSE: BTE) (“Baytex”) announces that certain of its wholly owned indirect subsidiaries have received a notice of confirmation (the “Confirmation Letters” or “Letters”) from the Appeals Division of the Canada Revenue Agency (the “CRA”) that deny non-capital loss deductions relevant to the calculation of income taxes for the years 2011 through 2014. As previously disclosed, Baytex received notices of reassessment in 2016 and the Letters advise that the reassessments have been confirmed.
By way of background, in 2010 Baytex acquired several privately held commercial trusts (the “Trusts”) that had accumulated substantial non-capital losses which were subsequently used to reduce the taxable income of the Trusts by $591 million. In June 2016, Baytex received reassessments from the CRA that denied non-capital loss deductions relevant to the calculation of income taxes. In September 2016, Baytex filed notices of objection with the CRA appealing each reassessment received. In July 2023, Baytex received a letter from the CRA proposing to confirm the reassessments and Baytex submitted a response to this proposal in October 2023. The Confirmation Letters were received on November 10, 2023.
Over the last 12 months, BTE stock dropped by -27.12%. The one-year Baytex Energy Corp stock forecast points to a potential upside of 31.9. The average equity rating for BTE stock is currently 1.50, trading closer to a bullish pattern in the stock market.
The market cap for the stock reached $3.41 billion, with 862.20 million shares outstanding and 751.34 million shares in the current float. Compared to the average trading volume of 8.20M shares, BTE stock reached a trading volume of 10745628 in the most recent trading day, which is why market watchdogs consider the stock to be active.
Guru’s Opinion on Baytex Energy Corp [BTE]:
Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for BTE shares is $5.80 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on BTE stock is a recommendation set at 1.50. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.
National Bank Financial have made an estimate for Baytex Energy Corp shares, keeping their opinion on the stock as Outperform, with their previous recommendation back on November 03, 2023.
The Average True Range (ATR) for Baytex Energy Corp is set at 0.20, with the Price to Sales ratio for BTE stock in the period of the last 12 months amounting to 1.91. The Price to Book ratio for the last quarter was 0.95, with the Price to Cash per share for the same quarter was set at 0.02. Price to Free Cash Flow for BTE in the course of the last twelve months was 25.31 with Quick ratio for the last quarter at 0.77.
BTE Stock Performance Analysis:
Baytex Energy Corp [BTE] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -7.93. With this latest performance, BTE shares dropped by -9.20% in over the last four-week period, additionally plugging by 18.62% over the last 6 months – not to mention a drop of -27.12% in the past year of trading.
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for BTE stock in for the last two-week period is set at 40.40, with the RSI for the last a single of trading hit 37.22, and the three-weeks RSI is set at 43.27 for Baytex Energy Corp [BTE]. The present Moving Average for the last 50 days of trading for this stock 4.23, while it was recorded at 3.95 for the last single week of trading, and 3.85 for the last 200 days.
Insight into Baytex Energy Corp Fundamentals:
Operating Margin for any stock indicates how profitable investing would be, and Baytex Energy Corp [BTE] shares currently have an operating margin of +40.97 and a Gross Margin at +44.38. Baytex Energy Corp’s Net Margin is presently recorded at +36.78.
Return on Total Capital for BTE is now 25.19, given the latest momentum, and Return on Invested Capital for the company is 22.64. Return on Equity for this stock inclined to 32.65, with Return on Assets sitting at 17.22. When it comes to the capital structure of this company, Baytex Energy Corp [BTE] has a Total Debt to Total Equity ratio set at 30.93. Additionally, BTE Total Debt to Total Capital is recorded at 23.62, with Total Debt to Total Assets ending up at 18.36. Long-Term Debt to Equity for the company is recorded at 30.81, with the Long-Term Debt to Total Capital now at 23.53.
Reflecting on the efficiency of the workforce at the company, Baytex Energy Corp [BTE] managed to generate an average of $3,854,077 per employee. Receivables Turnover for the company is 11.58 with a Total Asset Turnover recorded at a value of 0.47.Baytex Energy Corp’s liquidity data is similarly interesting compelling, with a Quick Ratio of 0.77 and a Current Ratio set at 0.77.
BTE Stock EPS
The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for BTE. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for Baytex Energy Corp go to 18.20%.
Baytex Energy Corp [BTE] Institutonal Ownership Details
The top three institutional holders of BTE stocks are: VANGUARD GROUP INC with ownership of 1.3 billion shares, which is approximately 8.2579%. BLACKROCK INC., holding 1.04 billion shares of the stock with an approximate value of $201.66 billion in BTE stocks shares; and BERKSHIRE HATHAWAY INC, currently with $177.59 billion in BTE stock with ownership which is approximately 5.7994%.