Baytex Energy upgraded to Outperform from Market Perform at Raymond James

Raymond James upgraded Baytex Energy (BTE) to Outperform from Market Perform with a price target of C$5.50, up from C$3.50, after the company announced the sale of its U.S. Eagle Ford assets to an undisclosed buyer for $3.25B. The deal repositions Baytex into a “high-return” Duvernay and heavy oil producer with a “best-in-class” balance sheet, the analyst tells investors in a research note. Raymond James says the sale is immediately accretive while providing Baytex with enough capital to repay all of its outstanding debt and shift focus to an “aggressive” share repurchase program.