Raymond James Thinks Baytex Energy’s Stock is Going to Recover

By Carrie Williams

Baytex Energy (BTEResearch Report), the Materials sector company was revisited today, and remains undervalued for at least one analyst on the street. Analyst Jeremy Mccrea from Raymond James rated Baytex Energy (BTEResearch Report) a Buy, setting a C$3 price target.

According to TipRanks.com, Mccrea is ranked 0 out of 5 stars with an average return of -9.7% and a 24.4% success rate. Mccrea covers the Basic Materials sector, focusing on stocks such as Painted Pony Petroleum Ltd, Tamarack Valley Energy Ltd, and Freehold Royalties Ltd.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Baytex Energy with a C$3.50 average price target, which is an 85.2% upside from current levels. In a report issued on June 28, GMP FirstEnergy also maintained a Buy rating on the stock with a C$4 price target.

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Baytex Energy’s market cap is currently C$1.06B and has a P/E ratio of 0. The company has a Price to Book ratio of 0.35.

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 Thursday at C$1.89, close to its 52-week low of C$1.80.