Analysts have been quite happy with Baytex Energy (BTE) stock lately, as after CIBC and Raymond James rated the stock a Buy this past month, there is another positive note, this time from Scotiabank. Yesterday, analyst Patrick Bryden gave a Buy rating to BTE and set a C$5.25 price target.
According to TipRanks.com, Bryden ‘s ranking currently consits of no stars on a 0-5 ranking scale, with an average return of -16.9% and a 25.7% success rate. Bryden covers the Basic Materials sector, focusing on stocks such as Freehold Royalties Ltd, PrairieSky Royalty Ltd, and Baytex Energy Corp.
Currently, the analyst consensus on Baytex Energy is a Strong Buy with an average price target of C$4.81, a 121.7% upside from current levels. In a report issued on December 17, TD Securities also maintained a Buy rating on the stock with a C$5 price target.
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Based on Baytex Energy’s latest earnings release for the quarter ending September 30, the company reported a quarterly net profit of C$27.41 million. In comparison, last year the company had a GAAP net loss of C$9.23 million.
Baytex Energy Corp. engages in the acquisition, development, and production of crude oil and natural gas. It operates through the following segments: Canada, United States, and Corporate. The Canada segment explores, develops, and produces crude oil and natural gas in Western Canada.
The company’s shares closed on Wednesday at C$2.17, close to its 52-week low of C$1.98.
