BMO Capital Markets on Wednesday maintained its market-perform rating on the shares of Baytex Energy (BTE.TO, BTE) while lowering its price target to C$4.00 from an undisclosed prior level.
" One of the top plays in Canada is the Clearwater, where Baytex continues to shine. Combined with recent encouraging rates in the Duvernay and a heavy oil fairway that continues to see multi-lateral success, there is plenty of potential upside. Although we'd like to see higher growth (~2%/year), management has been prudent in this volatile market. With Q4 ahead of expectations, additional Peavine land and Eagle Ford capex improvements, investors should be pleased. However, due to high leverage in a highly volatile environment, we're reducing our target to $4," analyst Jeremy McCrea wrote.
(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)
Price: 2.76, Change: -0.24, Percent Change: -7.86
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