- Baytex Energy Corp BTE BTEGF has been upgraded to Outperform from Sector Perform, and the price target was raised to C$8.75 from C$6.50 by National Bank analyst Dan Payne.
- Payne attributed the upgrade to the outsized return potential represented within its Clearwater project acreage.
- The analyst believes the project will expand ahead of suggested expectations.
- Baytex Energy’s Q4 results published in February stated that it had drilled four of the top five wells in the Clearwater play, with two most recent wells at Peavine generating 30-day initial production rates of 921 bbl/d and 815 bbl/d, respectively.
- Price Action: BTE shares are trading higher by 7.89% on TSX at C$6.29 and BTEGF higher by 7.53% at $5.00 on the last check Thursday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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