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."
Confident Investing Starts Here:
- Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions
- Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter
Published first on TheFly
See today’s best-performing stocks on TipRanks >>
Read More on BTE:
- Baytex Energy upgraded to Buy from Hold at TD Securities
- Baytex Energy to Acquire Ranger Oil for $2.5 Billion
- Baytex Energy to acquire Ranger Oil for $2.5B including assumption of debt
- Baytex Energy to merge with Ranger Oil in cash and stock deal
Looking for a trading platform? Check out TipRanks' Best Online Brokers guide, and find the ideal broker for your trades.
Report an Issue