Stifel Nicolaus raises Baytex Energy (TSE:BTE) price target to C$9.00

Baytex Energy (TSE:BTE – Get a Rating) (NYSE:BTE) had its price target raised by stock analysts Stifel Nicolaus from C$8.25 to C$9.00 in a research note released Monday to investors, BayStreet.CA reports. Stifel Nicolaus’ price target indicates a potential upside of 39.32% from the company’s current price.

BTE has been the subject of a number of other reports. Raymond James set a target price of C$9.00 on Baytex Energy and gave the company an “outperform” rating in a Monday, May 2 report. National Bankshares raised its price target on Baytex Energy shares from C$8.75 to C$9.50 and gave the company an “outperform” rating in a report released Friday, April 29. Standpoint Research reiterated a “buy” rating and set a price target of C$8.25 (previously C$7.00) on Baytex Energy shares in a Monday, May 2 report. Royal Bank of Canada raised its price target on Baytex Energy shares from C$6.00 to C$7.00 and gave the company an “industry performance” rating in a report released on Monday 2 may. Finally, Scotiabank raised its price target on Baytex Energy from C$6.75 to C$9.00 in a Wednesday, June 8 research report. Two equity research analysts gave the stock a hold rating and three gave the company a buy rating. According to MarketBeat data, Baytex Energy has an average “Moderate Buy” rating and a consensus target price of C$8.05.

BTE traded at C$0.21 during midday trading on Monday, reaching C$6.46. 3,217,365 shares were traded, against an average volume of 7,431,709. The company’s fifty-day moving average is C$6.89 and its two-hundred-day moving average is C$5.71. Baytex Energy has a 1-year low of C$1.75 and a 1-year high of C$9.16. The company has a market capitalization of C$3.68 billion and a PE ratio of 2.18. The company has a current ratio of 0.53, a quick ratio of 0.52 and a debt ratio of 57.82.

Baytex Energy (TSE:BTE – Get Rating) (NYSE:BTE) last reported quarterly earnings data on Thursday, April 28. The company reported earnings per share of CA$0.10 for the quarter, missing analyst consensus estimates of CA$0.19 by CA$0.09. The company had revenue of C$673.83 million for the quarter. As a group, research analysts expect Baytex Energy to post 1.11 earnings per share for the current year.

In other Baytex Energy news, Senior Officer Rodney Gray purchased 20,000 shares of the company in a trade dated Thursday, June 23. The stock was acquired at an average price of CA$5.69 per share, for a total transaction of CA$113,700.00. Following the completion of the purchase, the insider now owns 934,024 shares of the company, valued at C$5,309,926.44. Additionally, manager Mark Bly bought 12,000 shares in a trade that took place on Thursday, June 23. The shares were purchased at an average cost of CA$5.59 per share, for a total transaction of CA$67,080.00. Following the acquisition, the director now owns 421,544 shares of the company, valued at CA$2,356,430.96. In the past ninety days, insiders have purchased 39,700 shares of the company worth $228,289.

Baytex Energy Company Profile (Get a rating)

Baytex Energy Corp., an oil and gas company, acquires, develops and produces oil and natural gas in the Western Canadian Sedimentary Basin and Texas, United States. The Company offers light oil and condensate, heavy oil, natural gas liquids and natural gas. Its principal oil and gas properties include Eagle Ford property in Texas, Viking and Lloydminster properties in Alberta and Saskatchewan, Peace River and Duvernay properties in Alberta.

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