Baytex Exits U.S. Eagle Ford in $2.96 Billion Deal to Refocus on Canada and Cut Debt

Baytex Energy ( (TSE:BTE) ) just unveiled an update.

Baytex Energy has completed the sale of its U.S. Eagle Ford assets for net proceeds of US$2.14 billion, or about C$2.96 billion after closing adjustments, in a move that exits its U.S. position to concentrate on its core Canadian operations. The deal leaves Baytex in a net cash position, allowing it to repay credit facilities, redeem high-coupon senior notes and launch a tender offer for additional debt, while also signalling a renewed commitment to shareholder returns through an expanded share buyback program and a sharpened focus on its high-return Canadian energy platform.

The most recent analyst rating on (TSE:BTE) stock is a Buy with a C$5.00 price target. To see the full list of analyst forecasts on Baytex Energy stock, see the TSE:BTE Stock Forecast page.

Spark’s Take on TSE:BTE Stock

According to Spark, TipRanks’ AI Analyst, TSE:BTE is a Outperform.

Baytex Energy’s strong technical momentum and solid financial performance are the primary drivers of the score. While the company faces challenges with debt levels and commodity price impacts, its operational efficiency and liquidity provide a stable outlook.

To see Spark’s full report on TSE:BTE stock, click here.

More about Baytex Energy

Baytex Energy Corp. is a Calgary-based oil and gas producer focused on a high-quality, high-return portfolio in the Western Canadian Sedimentary Basin, including the Pembina Duvernay and heavy oil plays in Alberta and Saskatchewan. Supported by an extensive drilling inventory that generates strong cash flow, the company is listed on both the Toronto Stock Exchange and the New York Stock Exchange.

Average Trading Volume: 5,813,641

Technical Sentiment Signal: Buy

Current Market Cap: C$3.33B

See more data about BTE stock on TipRanks’ Stock Analysis page.