Baytex Energy (TSE:BTE) Stock Price Expected to Rise, Raymond James Financial Analyst Says

Baytex Energy (TSE:BTE) (NYSE:BTE) had its price target boosted by stock analysts at Raymond James Financial from C$8.00 to C$8.50 in a research report issued to clients and investors on Friday,BayStreet.CA reports. The firm currently has a “strong-buy” rating on the stock. Raymond James Financial’s price target indicates a potential upside of 32.61% from the company’s previous close.

Several other research firms have also issued reports on BTE. Canaccord Genuity Group raised shares of Baytex Energy from a “hold” rating to a “buy” rating and increased their price objective for the stock from C$5.25 to C$7.00 in a research report on Tuesday, April 14th. Scotia increased their price target on Baytex Energy from C$6.50 to C$7.50 and gave the company a “sector outperform” rating in a report on Friday, May 8th. ATB Cormark Capital Markets raised their price objective on Baytex Energy from C$7.00 to C$8.50 and gave the company a “sector perform” rating in a research report on Friday, May 8th. TD boosted their price objective on Baytex Energy from C$6.00 to C$6.50 and gave the stock a “hold” rating in a research note on Monday, May 11th. Finally, National Bank Financial upped their target price 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. One investment 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 stock. According to MarketBeat, Baytex Energy currently has an average rating of “Moderate Buy” and an average price target of C$7.05.

Baytex Energy Trading Up 6.8%

Shares of TSE BTE traded up C$0.41 during midday trading on Friday, hitting C$6.41. The stock had a trading volume of 5,131,073 shares, compared to its average volume of 6,388,763. The company has a market capitalization of C$4.57 billion, a price-to-earnings ratio of -6.68, a PEG ratio of 0.12 and a beta of 0.41. Baytex Energy has a 1-year low of C$2.68 and a 1-year high of C$7.37. The company has a quick ratio of 0.77, a current ratio of 2.15 and a debt-to-equity ratio of 6.84. The company has a fifty day moving average price of C$6.11 and a 200 day moving average price of C$5.78.

Baytex Energy (TSE:BTE) (NYSE:BTE) last posted its earnings results on Thursday, July 30th. The company reported C$0.24 earnings per share (EPS) for the quarter. The firm had revenue of C$564.88 million during the quarter. Baytex Energy had a negative net margin of 83.88% and a negative return on equity of 23.15%. On average, analysts predict that Baytex Energy will post 0.3703367 earnings per share for the current year.

Insider Buying and Selling

In other Baytex Energy news, Director Stephen David Lile Reynish sold 77,600 shares of the company’s stock in a transaction dated 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 transaction, the director directly owned 15,400 shares of the company’s stock, valued at C$105,490. This represents a 83.44% decrease in their position. 0.83% of the stock is owned by corporate insiders.

About Baytex Energy

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.