Scotiabank analyst Kevin Fisk upgraded Baytex Energy (BTE) to Outperform from Sector Perform with a price target of C$5.25, up from C$4. Baytex selling its Eagle Ford assets for $2.305B is “a significant turning point” as the proceeds strengthen the balance sheet, which has historically been an issue for the company, the analyst tells investors. The transaction focuses Baytex on its higher-return Canadian assets and the Pembina Duverney growth program is now more impactful, the analyst added.
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Read More on BTE:
- Baytex Energy’s Strategic Repositioning and Financial Strength Drive Buy Rating
- Baytex Energy upgraded to Outperform from Market Perform at BMO Capital
- Baytex Energy Divests U.S. Assets to Focus on Canadian Growth
- Baytex Energy Corp trading resumes
- Baytex Energy to sell U.S. Eagle Ford assets for $2.305B