The Globe and Mail reports in its Wednesday, April 10, edition that BMO Nesbitt Burns analyst Jeremy McCrea has reinstated coverage on Baytex Energy with a "market perform" rating and $6 share target. The Globe's David Leeder writes in the Eye On Equities column that analysts on average target the shares at $6.20. Mr. McCrea says in a note: "One of the top plays over the last few years has been the Clearwater, where Baytex has also shown to have some of the top wells in the formation. Combined with early strong exploration Duvernay and Eagle Ford results and a heavy oil fairway ripe for multi-lateral exploration, there is plenty of potential upside. Although we would like to see higher 'value creation'/growth (vs. 1 to 4 per cent per year), management has been prudent in finding balance between debt repayment and shareholder returns (buyback/ dividends), while strategically positioning for higher oil prices." The Globe reported on Jan. 11 that analysts at National Bank Financial rated Baytex "outperform." Baytex shares were then going for $4.22. The Globe reported on March 1 that Stifel analyst Cody Kwong had reaffirmed his "buy" rating for Baytex Energy. The shares were then worth $4.33.