Baytex Energy (TSE:BTE) Stock Price Expected to Rise, ATB Cormark Capital Markets Analyst Says

Key Points

• ATB Cormark Capital Markets raised its target price on Baytex Energy from C$7.00 to C$8.50, implying roughly 27.44% upside from the prior close while maintaining a "sector perform" rating.
• The stock carries a consensus rating of Moderate Buy (five Buy, five Hold) with a consensus target of C$7.00 after several brokers lifted their price targets in recent months.
• Insiders acquired 49,800 shares over the past three months, and although Baytex reported quarterly EPS of C($0.09) with negative margins, sell‑side analysts forecast about 0.37 EPS for the current year.

Baytex Energy (TSE:BTE - Get Free Report) NYSE: BTE had its target price boosted by analysts at ATB Cormark Capital Markets from C$7.00 to C$8.50 in a research report issued on Friday,BayStreet.CA reports. The brokerage presently has a "sector perform" rating on the stock. ATB Cormark Capital Markets' price objective would indicate a potential upside of 27.44% from the company's previous close.

BTE has been the subject of several other research reports. TD Securities raised their target price on Baytex Energy from C$5.00 to C$5.50 and gave the stock a "hold" rating in a research note on Thursday, March 5th. Raymond James Financial raised shares of Baytex Energy from a "hold" rating to a "moderate buy" rating and lifted their price target for the company from C$5.50 to C$7.00 in a research note on Monday, March 30th. Scotiabank upped their price objective on shares of Baytex Energy from C$5.25 to C$5.50 and gave the stock an "outperform" rating in a research report on Tuesday, January 20th. Canaccord Genuity Group upgraded shares of Baytex Energy from a "hold" rating to a "buy" rating and lifted their price objective for the company from C$5.25 to C$7.00 in a research note on Tuesday, April 14th. Finally, Royal Bank Of Canada lifted their target price on Baytex Energy from C$5.00 to C$6.50 and gave the company a "sector perform" rating in a report on Wednesday, April 8th. Five research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of C$7.00.

Baytex Energy Price Performance

BTE traded up C$0.03 on Friday, reaching C$6.67. The stock had a trading volume of 4,958,102 shares, compared to its average volume of 7,523,539. Baytex Energy has a fifty-two week low of C$2.18 and a fifty-two week high of C$7.14. The company has a current ratio of 3.61, a quick ratio of 0.77 and a debt-to-equity ratio of 4.94. The company has a market capitalization of C$4.92 billion, a price-to-earnings ratio of -8.55, a price-to-earnings-growth ratio of 0.12 and a beta of 0.58. The firm has a 50-day moving average of C$5.86 and a 200-day moving average of C$4.87.

Baytex Energy (TSE:BTE - Get Free Report) NYSE: BTE last released its quarterly earnings results on Thursday, May 7th. The company reported C($0.09) earnings per share (EPS) for the quarter. The business had revenue of C$401.37 million for the quarter. Baytex Energy had a negative net margin of 40.77% and a negative return on equity of 16.25%. As a group, sell-side analysts anticipate that Baytex Energy will post 0.3703367 EPS for the current year.

Insider Buying and Selling

In related news, insider Chad Lundberg acquired 11,000 shares of the business's 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 purchase, the insider owned 613,401 shares in the company, valued at C$3,772,416.15. The trade was a 1.83% increase in their position. Also, insider Chadwick Kalmakoff purchased 15,000 shares of the stock in a transaction on Friday, March 20th. The shares were purchased at an average cost of C$5.73 per share, for a total transaction of C$85,950.00. Following the acquisition, the insider directly owned 382,331 shares of the company's stock, valued at approximately C$2,190,756.63. This represents a 4.08% increase in their ownership of the stock. In the last three months, insiders have acquired 49,800 shares of company stock worth $293,188. Corporate 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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