We recently published a list of 10 Firms End 2024 Stronger With Impressive Gains. In this article, we are going to take a look at where Baytex Energy Corp. (NYSE:BTE) stands against other firms end 2024 stronger with impressive gains.

A lackluster trading persisted throughout the last day of the year, with Wall Street’s main indices ending the day mixed.

The Dow Jones Industrial Average dipped by 0.07 percent, the S&P 500 shed 0.43 percent, and the Nasdaq Composite declined by 0.90 percent. Meanwhile, NYSE Composite inched up by 0.10 percent and S&P Composite rose by 0.44 percent.

Despite the lack of catalysts to spark trading, 10 companies–predominantly in the biopharmaceuticals sector–posted impressive gains. Let’s explore the reasons behind their outstanding performance.

To come up with Monday’s top gainers, we considered only the stocks with at least $2 billion in market capitalization and $5 million in daily trading volume.

An oil platform in the sea, illuminated by a sunset, showing the companies power.

Baytex Energy Corp. (NYSE:BTE)

Canada-based Baytex Energy Corp. (NYSE:BTE) registered a 4.88-percent increase in its share prices on Wednesday, ending the year at $2.58 apiece following news that the company was able to raise $42 million following the successful sale of its Kerrobert thermal asset in southwest Saskatchewan.

In a news release, the company said production from the asset is approximately 2,000 barrels per day (bpd) consisting of 100 percent heavy oil.

“The non-core disposition further streamlines our portfolio and the net proceeds from the sale will be applied against outstanding bank indebtedness,” the company said, adding that the sale is not expected to meaningfully impact its exploration and development expenditures or free cash flow profile for 2025.

Earlier last month, the company’s board of directors gave the green light to budget as much as $1.3 billion for 2025 exploration and development expenditures, targeting to generate average annual production of 150,000 to 154,000 bpd.

Overall, Baytex Energy Corp. (BTE) ranks 6th on our list of firms end 2024 stronger with impressive gains. While we acknowledge the potential of BTE as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than BTE but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

READ NEXT: 8 Best Wide Moat Stocks to Buy Now and 30 Most Important AI Stocks According to BlackRock.

Disclosure: None. This article is originally published at Insider Monkey.