The Globe and Mail reports in its Friday edition that National Bank Financial analyst Dan Payne continues to rate Baytex Energy at "outperform." The Globe's David Leeder writes that Mr. Payne cut his share target back by a loonie to $8.25. Mr. Payne says Baytex Energy's 2024 budget has "a stout outlook," pointing to "augmented returns being emphasized through its renewed asset base, which should continue to emphasize a long-duration of solid shareholder returns through FCF [free cash flow]." Mr. Payne says in a note: "In sum, the company anticipates deploying about $1.2-billion in capex to drive average production towards 155 mboe/d [thousand barrels of oil equivalent per day] (84-per-cent liquids), and notably given its recent expansion in the Eagle Ford, will see about 2/3rd of capital deployed there. On that basis, the totality of the program will see about 62 net wells brought on-stream in the Eagle Ford, with a further 190 net wells to be targeted in Canada where a continued emphasis on play development will also be noted."
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