Baytex Energy Corp. (BTE) Upgraded at GMP Securities
Baytex Energy Corp. (TSE:BTE) (NYSE:BTE) was upgraded by stock analysts at GMP Securities from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Monday, November 13th. The brokerage presently has a C$5.00 target price on the stock, up from their previous target price of C$4.00. GMP Securities’ target price would indicate a potential upside of 20.77% from the company’s previous close.
Several other analysts have also recently weighed in on BTE. TD Securities increased their price target on shares of Baytex Energy from C$4.00 to C$4.25 and gave the company a “hold” rating in a research note on Wednesday, August 2nd. Canaccord Genuity increased their price target on shares of Baytex Energy from C$3.50 to C$4.25 in a research note on Wednesday, August 2nd. BMO Capital Markets increased their price target on shares of Baytex Energy from C$3.50 to C$4.00 in a research note on Friday, November 3rd. Barclays PLC cut shares of Baytex Energy from an “equal weight” rating to an “underweight” rating and dropped their price target for the company from C$3.50 to C$2.50 in a research note on Monday, October 30th. Finally, AltaCorp Capital cut shares of Baytex Energy from an “outperform” rating to a “sector perform” rating in a research note on Friday, October 6th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the company. The stock has an average rating of “Hold” and an average price target of C$4.98.
Baytex Energy (BTE) traded up C$0.08 during mid-day trading on Monday, reaching C$4.14. 3,610,000 shares of the company’s stock were exchanged, compared to its average volume of 3,450,000. Baytex Energy has a 12 month low of C$2.76 and a 12 month high of C$7.35.
Baytex Energy Company Profile
Baytex Energy Corp. (Baytex) is engaged in the business of acquiring, developing, exploiting and holding interests in petroleum and natural gas properties and related assets in Canada (Alberta and Saskatchewan) and in the United States (Texas). The Company’s crude oil and natural gas operations are organized into four business units: Lloydminster, Peace River, Conventional and United States.
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