Recent insider trends for Baytex Energy Corp. (NYSE:BTE) have caught the attention of investors. Analysts monitor insider data to understand the sentiment of a company’s largest and most important shareholders. BTE’s insider trading patterns have some implications for where the stock might be headed.
Institutions own 18.28% of Baytex Energy Corp. (BTE)’s shares. The total value of these holdings, in millions, is $108. Among active positions in the latest quarter, 43 holders increased their positions by a total of 9.93 million shares, 46 holders decreased the positions by a total of 6.02 million shares, and 27 holders held their positions. This works out to a net increase in ownership of 3.91 million shares, and suggests that institutions are feeling bullish about the stock.
Among new and sold out positions, 12 holders initiated new positions by a total of 1.65 million shares and 11 holders exited their positions by a total of 1.14 million shares. This nets out to an increase of 514190 shares and is a bullish sign for BTE.
Insider ownership increased by a total of 0 shares, which suggests that BTE’s key executives are feeling more optimistic about the outlook for the stock. The data from the past twelve months tells a similar story: and ownership increased by a net of 0 shares.
Short interest, or the number of a stock’s tradable shares currently being shorted, is another metric investors use to get a pulse on sentiment. Baytex Energy Corp. (NYSE:BTE)’s short interest is 15.08 million shares, or 6.50% of the float. This represents a decrease of -12% in the number of shares being shorted compared to the previous reading, and implies that investors felt less pessimistic about the stock during the past two weeks.
In light of the insider ownership and trading data it makes sense to consider technicals to see if they come to a similar conclusion about the outlook for BTE. A composite of 13 technical indicators that includes measures such as moving averages and momentum oscillators suggests that BTE is a sell, which implies that BTE is expected to underperform the market based on prior trading patterns.
Institutional ownership trends suggest that the stock is cheap and the insider trading data indicates that insiders are bullish. Technical indicators (also) suggest that Baytex Energy Corp. (NYSE:BTE) is overvalued.