Shares of Baytex Energy Corp. (BTE) surged as much as 7.77% in morning trading on Thursday, November 1st, after the Canadian energy company reported better-than-expected financial results for the third quarter of 2024.
The key driver behind the stock's rally was Baytex Energy's robust earnings performance. The company reported a net income of CA$0.23 per diluted share for the quarter ended September 30th, surpassing the average analyst estimate of CA$0.19 per share, according to Capital IQ.
Despite a year-over-year decline in revenue from CA$1.11 billion to CA$1.02 billion, Baytex Energy maintained its quarterly dividend at CA$0.0225 per share, payable to shareholders on January 2nd. This consistent dividend payout, combined with the better-than-expected earnings, helped bolster investor confidence in the company's financial strength and future prospects.
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