Baytex Energy upgraded to Buy at TD after ‘unjustified’ selloff

TD Securities analyst Menno Hulshof upgraded Baytex Energy (BTE) to Buy from Hold with a C$7 price target, arguing that the selloff in the shares after the company announced a deal to acquire Eagle Ford pure-play Ranger Oil (ROCC) was "unjustified." The transaction solidifies Baytex’s positioning as a multi-basin operator and accelerates shareholder capital returns, according to the firm, which believes the market reaction to the transaction was "overly punitive" given its view that the deal "positives outweigh the negatives."