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Desjardins Thinks Baytex Energy’s Stock is Going to Recover


A Wall Street analyst has provided a review for the Materials company on February 7, but retained the same rating on the stock. Desjardins’ analyst Chris MacCulloch reiterates their Buy rating on the shares of Baytex Energy (BTE), with a C$3.50 price target.

According to TipRanks.com, MacCulloch has currently no stars on a ranking scale of 0-5 stars, with an average return of -30.4% and a 0.0% success rate. MacCulloch covers the Basic Materials sector, focusing on stocks such as Tamarack Valley Energy Ltd, Athabasca Oil Corporation, and Freehold Royalties Ltd.

Baytex Energy has an analyst consensus of Moderate Buy, with a price target consensus of C$3.85, representing an 88.7% upside. In a report issued on February 1, CIBC also reiterated a Buy rating on the stock with a C$4.25 price target.

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The company has a one-year high of C$6.23 and a one-year low of C$1.87. Currently, Baytex Energy has an average volume of 5.34M.

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 Monday at C$2.04, close to its 52-week low of C$1.87.

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