BMO Capital upgraded Baytex Energy (BTE) to Outperform from Market Perform with a price target of C$6, up from C$3. The company’s U.S. Eagle Ford exit marks a pivotal moment for Baytex as it has returned to its roots as a focused Canadian producer, anchored by top-tier heavy oil and Duvernay assets, the analyst tells investors in a research note. This streamlined portfolio positions the company for disciplined growth, enhanced shareholder value, and a strong balance sheet, BMO added.
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