Scotiabank Upgrades Baytex Energy (TSE:BTE) to Outperform

Key Points

• Scotiabank upgraded Baytex Energy from "sector perform" to "outperform" and raised its price objective to C$5.25 (from C$4.00), implying roughly a 19.9% upside from the current price.
• Analyst consensus is a "Moderate Buy" (four Buys, three Holds) with an average target of C$4.78; the stock traded at C$4.38 on heavy volume and Baytex reported C$0.04 EPS last quarter while showing a negative return on equity (−8.96%) and negative net margin (−10.45%).

Baytex Energy (TSE:BTE - Get Free Report) NYSE: BTE was upgraded by investment analysts at Scotiabank from a "hold" rating to an "outperform" rating in a research note issued on Thursday, MarketBeat reports. The firm currently has a C$5.25 target price on the stock, up from their previous target price of C$4.00. Scotiabank's price objective would suggest a potential upside of 19.59% from the stock's current price.

Several other equities research analysts have also recently issued reports on the stock. Capital One Financial raised shares of Baytex Energy to a "hold" rating in a research report on Monday, October 27th. National Bankshares cut their target price on shares of Baytex Energy from C$4.75 to C$4.50 and set an "outperform" rating on the stock in a report on Wednesday, October 22nd. Five equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of C$4.78.

Baytex Energy Trading Down 0.2%

TSE BTE traded down C$0.01 during trading on Thursday, hitting C$4.39. The stock had a trading volume of 1,722,015 shares, compared to its average volume of 5,523,967. The company has a quick ratio of 0.77, a current ratio of 0.69 and a debt-to-equity ratio of 57.38. The company has a market capitalization of C$3.37 billion, a PE ratio of 15.68, a PEG ratio of 0.12 and a beta of 0.72. The firm has a 50 day moving average price of C$3.37 and a 200 day moving average price of C$2.88. Baytex Energy has a twelve month low of C$1.91 and a twelve month high of C$4.55.

Baytex Energy (TSE:BTE - Get Free Report) NYSE: BTE last issued its quarterly earnings results on Thursday, October 30th. The company reported C$0.04 EPS for the quarter. The company had revenue of C$746.42 million during the quarter. Baytex Energy had a negative net margin of 10.45% and a negative return on equity of 8.96%. As a group, equities research analysts forecast that Baytex Energy will post 0.3703367 earnings per share for the current year.

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.