Baytex Energy (TSE:BTE) Price Target Raised to C$3.75 at Scotiabank

Baytex Energy (TSE:BTE) (NYSE:BTE) had its price objective lifted by research analysts at Scotiabank from C$2.75 to C$3.75 in a research report issued to clients and investors on Thursday, BayStreet.CA reports. Scotiabank’s target price suggests a potential downside of 1.83% from the company’s previous close.

A number of other brokerages also recently weighed in on BTE. BMO Capital Markets increased their price target on shares of Baytex Energy from C$1.75 to C$2.75 and gave the company a “na” rating in a research report on Monday, June 21st. Raymond James restated an “outperform” rating and set a C$3.50 target price on shares of Baytex Energy in a report on Friday, September 3rd. Finally, CIBC restated a “hold” rating and set a C$3.00 target price on shares of Baytex Energy in a report on Thursday, September 2nd. Seven equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of C$2.35.

TSE:BTE traded up C$0.16 during mid-day trading on Thursday, reaching C$3.82. 3,920,131 shares of the company were exchanged, compared to its average volume of 4,517,083. Baytex Energy has a 12 month low of C$0.39 and a 12 month high of C$3.87. The company has a fifty day moving average of C$2.68 and a 200 day moving average of C$2.15. The company has a quick ratio of 0.41, a current ratio of 0.43 and a debt-to-equity ratio of 99.88. The stock has a market cap of C$2.16 billion and a PE ratio of 1.77.

Baytex Energy (TSE:BTE) (NYSE:BTE) last issued its quarterly earnings data on Wednesday, July 28th. The company reported C($0.13) EPS for the quarter, missing analysts’ consensus estimates of C$0.07 by C($0.20). The business had revenue of C$442.35 million for the quarter. On average, equities research analysts anticipate that Baytex Energy will post 0.52 EPS for the current fiscal year.

In other news, Senior Officer Edward David Lafehr bought 15,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 9th. The stock was acquired at an average cost of C$2.28 per share, with a total value of C$34,200.00. Following the completion of the purchase, the insider now owns 1,142,561 shares of the company’s stock, valued at C$2,605,039.08. Also, Director Mark Bly bought 25,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 3rd. The stock was purchased at an average cost of C$2.27 per share, with a total value of C$56,760.00. Following the completion of the purchase, the director now directly owns 378,353 shares of the company’s stock, valued at approximately C$859,012.65.

About Baytex Energy

Baytex Energy Corp., an oil and gas company, acquires, develops, and produces oil and natural gas in the Western Canadian Sedimentary Basin and in the Eagle Ford, the United States. The company offers light oil and condensate, heavy oil, natural gas liquids, and natural gas. Its principal oil and natural gas properties include the Eagle Ford property in Texas, Viking and Lloydminster properties in Alberta and Saskatchewan, Peace River and Duvernay properties in Alberta.

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Analyst Recommendations for Baytex Energy (TSE:BTE)

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