Baytex Energy (TSE:BTE) Lifted to Outperform at CIBC
Baytex Energy (TSE:BTE) (NYSE:BTE) was upgraded by research analysts at CIBC from a “neutral” rating to an “outperform” rating in a research report issued to clients and investors on Friday, August 24th.
Several other research analysts also recently weighed in on the stock. Raymond James raised shares of Baytex Energy from an “underperform” rating to a “market perform” rating and cut their target price for the company from C$5.00 to C$4.75 in a research note on Thursday, August 23rd. National Bank Financial boosted their target price on shares of Baytex Energy from C$5.25 to C$7.25 and gave the company an “outperform” rating in a research note on Tuesday, July 24th. CSFB upped their price objective on shares of Baytex Energy from C$5.50 to C$6.00 in a research note on Wednesday, July 11th. Canaccord Genuity upped their price objective on shares of Baytex Energy from C$6.25 to C$7.00 in a research note on Tuesday, July 10th. Finally, Desjardins raised shares of Baytex Energy from a “hold” rating to a “buy” rating in a research note on Wednesday, June 20th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and eight have given a buy rating to the company’s stock. Baytex Energy has an average rating of “Buy” and a consensus target price of C$5.81.
Shares of TSE BTE traded up C$0.02 during trading on Friday, hitting C$3.57. 2,402,600 shares of the company were exchanged, compared to its average volume of 4,550,840. Baytex Energy has a 1 year low of C$2.95 and a 1 year high of C$6.23.
In other Baytex Energy news, insider Edward David Lafehr purchased 23,500 shares of the stock in a transaction dated Friday, June 22nd. The shares were bought at an average cost of C$4.27 per share, with a total value of C$100,345.00. Also, Director Trudy Marie Curran purchased 17,685 shares of the stock in a transaction dated Thursday, June 21st. The shares were acquired at an average cost of C$4.22 per share, for a total transaction of C$74,630.70. Over the last three months, insiders have purchased 131,185 shares of company stock worth $480,076.
Baytex Energy Company Profile
Baytex Energy Corp., an oil and gas company, engages in the acquisition, development, and production of oil and natural gas in the Western Canadian Sedimentary Basin and in the Eagle Ford in the United States. It offers heavy oil, heavy gravity crude oil, bitumen, light oil, and natural gas liquids. Its primary oil resource plays include the Eagle Ford in Texas, and the Peace River Oil Sands and Lloydminster heavy oil projects in North America.
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