The stock of Baytex Energy Corp. (NYSE:BTE) is now priced at $0.49 and the shares are -0.02 points down or -4% lower compared to its previous closing price of $0.51. The stock had 1.598 million contracts set over the past session. BTE shares’ daily volume is compared to its average trading volume at 3.043 million shares. However, it has a float of 547 million and although its performance was -2.71% over the week, it’s one to watch. It means the stock’s downside potential is -100% with the BTE share price recently placing at $0.4812 to $0.5262. However, some brokerage firms have priced the stock below the average, including one that has called $0.44.
The shorts are running away from the Baytex Energy Corp. stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the BTE shares have declined. Short interest in the stock represents just 2.38% of its float, but the volume has dropped by 0.
In the last trading session, Baytex Energy Corp. (NYSE:BTE) dropped by -$0.0137 over the week and gained $0.0025 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $1.78. The stock recorded its established 52-week high on 09/23/19.
Since 03/30/20, the stock has traded to a low of $0.19 at 158.74%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 3.1. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Baytex Energy Corp.’s two-week RSI is 42.91. This suggests that the stock is neutral at the moment and that BTE shares’ price movement remains stable. The stochastic readings are equally revealing at 23.2% meaning the BTE share price is currently in overbought territory.
The technical chart shows that the BTE stock will likely settle at between $0.5181 and $0.5447 per share. However, if the stock dips below $0.4731, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $0.4547.
Currently, the stock is trading in the green of MACD, with a reading of 0.0004. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at Scotiabank cut their recommendation for BTE from Sector Perform to Sector Underperform in April 07 review. Credit Suisse analysts downgraded their recommendation of the stock from Outperform to Neutral in a flash note released to investors on March 25. Raymond James seeing the stock struggling downgraded it from Outperform to Mkt Perform on October 25.
The average rating for the BTE equity is 3.33 and is currently gathering a bearish momentum. Of 7 analysts tracking Baytex Energy Corp. polled by Reuters, 5 rated BTE as a hold. The remaining 2 analysts were split evenly. However, the split wasn’t equal as a majority (0) rated it as a buy or strong buy. 2 analyst advised investors against buying the stock or to sell if they own any of the stock.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Baytex Energy Corp. (NYSE:BTE) will decrease by about -99.85%, which will see them reach $191 million. The company’s full-year revenues are, however, expected to increase by about 63.38%, up from $474 million to $774 million. BTE’s expected adjusted earnings should drop almost -91.6% to end up at -$0.11 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -94.44% to record -$0.1/share.