Desjardins Sticks to Its Hold Rating for Baytex Energy

By Carrie Williams

Wall Street analyst has provided a rating update for the Materials sector company today, while remaining neutral on the stock. Analyst Kristopher Zack from Desjardins reiterated a Hold rating on Baytex Energy (TSX: BTE), with a C$6 price target.

According to TipRanks.com, Zack is ranked #4520 out of 4619 analysts.

Currently, the analyst consensus on Baytex Energy is Hold and the average price target is C$4.56, representing a 54.6% upside.

In a report issued on August 21, RBC Capital also reiterated a Hold rating on the stock with a C$4 price target.

Based on Baytex Energy’s latest earnings report for the quarter ending June 30, the company posted quarterly revenue of C$214 million and quarterly net profit of C$9.27 million. In comparison, last year the company earned revenue of C$153 million and had a GAAP net loss of C$86.94 million.

Baytex Energy Corp. operates as an exploration company, which engages in the acquisition, development and production of crude oil and natural gas in the Western Canadian Sedimentary Basin and in the Eagle Ford in the U.S. It operates through the following segments: Canada, U.S., and Corporate.

The company’s shares closed on Tuesday at C$2.95, close to its 52-week high of C$7.35.