Shares of Baytex Energy Corp. (BTE) surged over 6% in pre-market trading on Thursday, November 1st, following the release of the company's third-quarter financial results.
The Canadian energy company reported net income of CA$0.23 per diluted share for the quarter ended September 30th, an increase from CA$0.15 per share in the same period last year. This came in above the average analyst estimate of CA$0.19 per share, according to Capital IQ.
Despite a year-over-year decline in revenue to CA$1.02 billion from CA$1.11 billion, Baytex Energy maintained its quarterly dividend at CA$0.0225 per share, payable to shareholders on January 2nd. The strong earnings results and consistent dividend payout helped drive investor confidence in the company, fueling the stock's rally.
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