BMO Capital Markets Upgrades Baytex Energy (TSE:BTE) to “Outperform”

Baytex Energy (TSE:BTE) (NYSE:BTE) was upgraded by BMO Capital Markets from a “hold” rating to an “outperform” rating in a report released on Thursday, MarketBeat reports. The brokerage presently has a C$6.00 price target on the stock, up from their prior price target of C$3.00. BMO Capital Markets’ target price suggests a potential upside of 36.67% from the stock’s previous close.

A number of other brokerages have also issued reports on BTE. Scotiabank upgraded Baytex Energy from a “sector perform” rating to an “outperform” rating and raised their target price for the stock from C$4.00 to C$5.25 in a research note on Thursday. National Bankshares cut their price objective on 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. Finally, Capital One Financial raised Baytex Energy to a “hold” rating in a report on Monday, October 27th. Five equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of C$4.78.

Baytex Energy Stock Performance

Shares of Baytex Energy stock traded down C$0.01 during midday trading on Thursday, hitting C$4.39. The company had a trading volume of 1,722,015 shares, compared to its average volume of 5,523,967. The company has a fifty day simple moving average of C$3.37 and a 200 day simple moving average of C$2.88. The stock has a market cap of C$3.37 billion, a price-to-earnings ratio of 15.68, a PEG ratio of 0.12 and a beta of 0.72. The company has a quick ratio of 0.77, a current ratio of 0.69 and a debt-to-equity ratio of 57.38. Baytex Energy has a 12-month low of C$1.91 and a 12-month high of C$4.55.

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

Baytex Energy Company Profile

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.