Baytex Energy (TSE:BTE) Raised to Buy at Canaccord Genuity Group

Key Points

• Canaccord Genuity upgraded Baytex Energy from a "hold" to a buy and raised its price target to C$7.00, implying roughly a 20.7% upside from the current price.
• Analyst sentiment has firmed overall—five analysts now rate the stock a Buy and three a Hold, with an average target of C$6.18 and a MarketBeat consensus of "Moderate Buy."
• Insiders bought 49,800 shares in the past three months (insiders own 0.83% of the company), indicating insider accumulation amid the analyst upgrades.

Baytex Energy (TSE:BTE - Get Free Report) NYSE: BTE was upgraded by Canaccord Genuity Group from a "hold" rating to a "buy" rating in a research report issued to clients and investors on Tuesday,BayStreet.CA reports. The brokerage currently has a C$7.00 price target on the stock, up from their previous price target of C$5.25. Canaccord Genuity Group's target price points to a potential upside of 20.69% from the company's current price.

BTE has been the topic of several other reports. TD Securities raised their price target on Baytex Energy from C$5.00 to C$5.50 and gave the stock a "hold" rating in a research report on Thursday, March 5th. National Bank Financial raised their price objective on Baytex Energy from C$5.00 to C$5.75 and gave the stock an "outperform" rating in a research note on Thursday, March 5th. Raymond James Financial raised Baytex Energy from a "hold" rating to a "moderate buy" rating and raised their price objective for the stock from C$5.50 to C$7.00 in a research note on Monday, March 30th. Scotiabank raised their price objective on Baytex Energy from C$5.25 to C$5.50 and gave the stock an "outperform" rating in a research note on Tuesday, January 20th. Finally, Royal Bank Of Canada raised their price objective on Baytex Energy from C$5.00 to C$6.50 and gave the stock a "sector perform" rating in a research note on Wednesday, April 8th. Five equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of C$6.18.

Baytex Energy Trading Down 1.7%

BTE traded down C$0.10 during mid-day trading on Tuesday, reaching C$5.80. The stock had a trading volume of 3,925,712 shares, compared to its average volume of 7,579,729. The stock has a market capitalization of C$4.28 billion, a P/E ratio of -7.44, a P/E/G ratio of 0.12 and a beta of 0.42. The company has a debt-to-equity ratio of 4.94, a quick ratio of 0.77 and a current ratio of 3.61. The firm's fifty day simple moving average is C$5.41 and its two-hundred day simple moving average is C$4.53. Baytex Energy has a 52 week low of C$2.00 and a 52 week high of C$6.35.

Baytex Energy (TSE:BTE - Get Free Report) NYSE: BTE last announced its quarterly earnings data on Wednesday, March 4th. The company reported C($1.11) EPS for the quarter. Baytex Energy had a negative net margin of 40.77% and a negative return on equity of 16.25%. On average, equities analysts predict that Baytex Energy will post 0.3703367 EPS for the current year.

Insider Buying and Selling

In related news, insider James Robert Maclean bought 10,000 shares of the stock in a transaction that occurred on Friday, March 20th. The shares were acquired at an average price of C$5.73 per share, with a total value of C$57,300.00. Following the completion of the transaction, the insider owned 185,322 shares in the company, valued at C$1,061,895.06. The trade was a 5.70% increase in their ownership of the stock. Also, insider Chad Lundberg bought 11,000 shares of the stock in a transaction that occurred on Monday, March 30th. The stock was bought at an average cost of C$6.15 per share, for a total transaction of C$67,650.00. Following the transaction, the insider owned 613,401 shares of the company's stock, valued at C$3,772,416.15. The trade was a 1.83% increase in their position. Insiders acquired a total of 49,800 shares of company stock worth $293,188 in the last three months. Insiders own 0.83% of the company's stock.

About Baytex Energy

Baytex Energy Corp is an oil and gas company. Geographically, the group operates in Canada and the United States. The company derives a majority of revenue from Canada. Its Canada segment includes the exploration, development, and production of crude oil and natural gas in Western Canada.

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