Raymond James Sticks to Their Buy Rating for Baytex Energy (BTE)

By Ryan Adsit

In a latest note to investors, a research analyst has provided a rating update for the Materials sector company, Baytex Energy (BTEResearch Report). Raymond James’ analyst Jeremy Mccrea reiterates their Buy rating on the shares, with a C$3 price target.

According to TipRanks.com, Mccrea is currently ranked with no stars on a 0-5 star ranking scale, with an average return of -9.0% and a 25.7% success rate. Mccrea covers the Basic Materials sector, focusing on stocks such as Tamarack Valley Energy Ltd, Painted Pony Petroleum Ltd, and Freehold Royalties Ltd.

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Currently, the analyst consensus on Baytex Energy is a Strong Buy with an average price target of C$3.50, representing an 83.2% upside. In a report issued on July 18, CIBC also maintained a Buy rating on the stock with a C$4 price target.

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Based on Baytex Energy’s latest earnings release for the quarter ending March 31, the company reported a quarterly net profit of C$11.34 million. In comparison, last year the company had a GAAP net loss of C$58.76 million.

Baytex Energy Corp. is an oil and gas exploration & production company, which engages in the acquisition, development and production of crude oil and natural gas. The company was founded on October 22, 2010 and is headquartered in Calgary, Canada.

The company’s shares closed on Friday at C$1.91, close to its 52-week low of C$1.74.