Baytex Energy (TSE:BTE) Receives New C$8.50 Price Target at CIBC


Baytex Energy (TSE:BTE – Get a Rating) (NYSE:BTE) saw its target price reduced by CIBC analysts from C$10.00 to C$8.50 in a research report released Monday to clients and investors, BayStreet.CA reports. CIBC’s price target indicates a potential upside of 30.37% from the company’s previous close.

Several other brokerages have also recently weighed in on BTE. Scotiabank raised its price target on shares of Baytex Energy from C$6.75 to C$9.00 in a Wednesday, June 8 report. National Bankshares lowered its price target on Baytex Energy shares from C$10.50 to C$10.00 and set an “outperform” rating for the company in a report released Monday, July 18. BMO Capital Markets raised its price target on shares of Baytex Energy from C$8.00 to C$8.50 in a Friday, April 29 report. TD Securities raised its price target on shares of Baytex Energy from C$6.50 to C$7.50 and gave the company a “holding” rating in a Friday, April 29 report. Finally, Standpoint Research lowered its price target on shares of Baytex Energy from CA$9.00 to CA$8.57 in a Thursday, July 28, report. Two analysts have rated the stock with a hold rating and three have issued a buy rating for the company’s stock. According to MarketBeat, Baytex Energy currently has a consensus rating of “Moderate Buy” and a consensus target price of C$8.23.

Baytex Energy Price Performance

Baytex Energy stock traded C$0.02 midday on Monday, hitting C$6.52. The stock recorded a trading volume of 4,301,042 shares, compared to an average volume of 7,082,364 shares. The company has a market capitalization of C$3.65 billion and a P/E ratio of 4.37. The company has a current ratio of 0.62, a quick ratio of 0.59 and a debt ratio of 46.97. The company’s 50-day moving average is C$6.42 and its 200-day moving average is C$6.21. Baytex Energy has a 1-year low of C$1.94 and a 1-year high of C$9.16.

Baytex Energy (TSE:BTE – Get Rating) (NYSE:BTE) last reported results on Wednesday, July 27. The company reported earnings per share of C$0.32 for the quarter, beating the consensus estimate of C$0.28 by C$0.04. The company had revenue of C$854.17 million in the quarter. On average, sell-side analysts expect Baytex Energy to post 1.47 earnings per share for the current fiscal year.

Insider activity

In other Baytex Energy news, Senior Officer Rodney Gray purchased 20,000 shares of the company in a trade dated Thursday, June 23. The shares were purchased at an average cost of CA$5.69 per share, for a total transaction of CA$113,700.00. Following the transaction, the insider now owns 934,024 shares of the company, valued at C$5,309,926.44. In other Baytex Energy news, Senior Officer Rodney Gray purchased 20,000 shares of the company in a trade dated Thursday, June 23. The shares were purchased at an average cost of CA$5.69 per share, for a total transaction of CA$113,700.00. Following the transaction, the insider now owns 934,024 shares of the company, valued at C$5,309,926.44. Additionally, director Mark Bly purchased 12,000 shares of the company in a transaction dated Thursday, June 23. The shares were acquired at an average price of CA$5.59 per share, for a total transaction of CA$67,080.00. Following completion of the transaction, the administrator now directly owns 421,544 shares of the company, valued at approximately C$2,356,430.96.

About Baytex Energy

(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.

See also

Analyst recommendations for Baytex Energy (TSE: BTE)

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