The Globe and Mail reports in its Friday, Nov. 3, edition that National Bank Financial analyst Dan Payne has upgraded Baytex Energy to "outperform" from "sector perform." The Globe's David Leeder writes in the Eye On Equities column that Mr. Payne's share target edged up 75 cents to $9.25. Analysts on average target the shares at $7.77. On Thursday the company reported total production of 150,600 barrels of oil equivalent per day, falling in line with the consensus forecast of 150,000 barrels. Cash flow per share of 68 cents beat the Street's projection by three cents. The National Bank stockpicker says in a note: "This being the first full quarter of the consolidated entity, volumes and returns outpaced expectations, with strong realizations (up 15 per cent quarter-over-quarter) and cash costs intact (up 5 to 10 per cent quarter-over-quarter) to support an expanded $42/boe cash netback (up 25 per cent quarter-over-quarter). Sequential production growth was generated under a 70-per-cent payout ratio, which suggests a 15-per-cent FCF yield." The Globe reported on Nov. 8, 2022, that Mr. Payne had downgraded Baytex Energy to "sector perform" from "outperform." The shares could then be had for $7.44.