Baytex Energy (TSE:BTE) Price Target Raised to C$8.50 at Raymond James Financial

Key Points

• Raymond James raised Baytex Energy’s price target from C$8.00 to C$8.50 and maintained a “strong-buy” rating, implying 32.61% upside from the stock’s C$6.41 trading price.
• Analyst sentiment is broadly positive: Baytex has a consensus “Moderate Buy” rating and an average price target of C$7.05, with several firms recently raising their targets.
• Baytex reported quarterly EPS of C$0.24 on revenue of C$564.88 million, but continued to post a negative net margin and return on equity. A company director also sold 77,600 shares worth approximately C$531,560.

Baytex Energy (TSE:BTE - Get Free Report) NYSE: BTE had its price objective lifted by equities researchers at Raymond James Financial from C$8.00 to C$8.50 in a research note issued to investors on Friday,BayStreet.CA reports. The brokerage currently has a "strong-buy" rating on the stock. Raymond James Financial's target price points to a potential upside of 32.61% from the company's current price.

BTE has been the topic of a number of other research reports. Scotia upped their target price on Baytex Energy from C$6.50 to C$7.50 and gave the company a "sector outperform" rating in a research note on Friday, May 8th. National Bank Financial raised their price target on Baytex Energy from C$7.50 to C$8.50 and gave the stock a "sector perform" rating in a research report on Friday, May 8th. Royal Bank Of Canada boosted their price target on Baytex Energy from C$6.50 to C$7.00 and gave the stock a "sector perform" rating in a report on Monday, May 11th. Canaccord Genuity Group raised Baytex Energy from a "hold" rating to a "buy" rating and boosted their price target for the stock from C$5.25 to C$7.00 in a report on Tuesday, April 14th. Finally, TD increased their price objective on Baytex Energy from C$6.00 to C$6.50 and gave the company a "hold" rating in a research note on Monday, May 11th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of C$7.05.

Baytex Energy Price Performance

TSE:BTE traded up C$0.41 during mid-day trading on Friday, hitting C$6.41. 5,131,073 shares of the company's stock traded hands, compared to its average volume of 6,388,763. The company has a debt-to-equity ratio of 6.84, a quick ratio of 0.77 and a current ratio of 2.15. The company has a market cap of C$4.57 billion, a PE ratio of -6.68, a price-to-earnings-growth ratio of 0.12 and a beta of 0.41. The firm's 50 day simple moving average is C$6.11 and its 200 day simple moving average is C$5.78. Baytex Energy has a 1 year low of C$2.68 and a 1 year high of C$7.37.

Baytex Energy (TSE:BTE - Get Free Report) NYSE: BTE last announced its quarterly earnings results on Thursday, July 30th. The company reported C$0.24 earnings per share (EPS) for the quarter. Baytex Energy had a negative net margin of 83.88% and a negative return on equity of 23.15%. The company had revenue of C$564.88 million for the quarter. Sell-side analysts expect that Baytex Energy will post 0.3703367 EPS for the current year.

Insider Activity

In related news, Director Stephen David Lile Reynish sold 77,600 shares of the business's stock in a transaction that occurred on Tuesday, June 2nd. The shares were sold at an average price of C$6.85, for a total value of C$531,560.00. Following the completion of the sale, the director directly owned 15,400 shares in the company, valued at approximately C$105,490. The trade was a 83.44% decrease in their ownership of the stock. Corporate insiders own 0.83% of the company's stock.

Baytex Energy Company Profile

Baytex Energy Corp. is a Calgary -based energy company committed to driving shareholder value through disciplined execution. It operates a high-quality, high-return portfolio in the Western Canadian Sedimentary Basin, featuring the Pembina Duvernay and heavy oil plays in Alberta and Saskatchewan. These core assets are backed by an extensive drilling inventory and consistently generate strong cash flow.

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