The Globe and Mail reports in its Thursday, Dec. 5, edition that BMO Capital analyst Jeremy McCrea has reaffirmed his "market perform" recommendation for Baytex Energy. The Globe's David Leeder writes that Mr. McCrea gave his share target a 50-cent trim to $5.50. Analysts on average target the shares at $5.93.
Mr. McCrea says in a note: "One of the top plays in Canada is the Clearwater, where Baytex has some of the best well results. Combined with recent encouraging IP rates in the Duvernay and a heavy oil fairway that continues to see more multi-lateral success, there is plenty of potential upside. Although we would like to see higher growth (vs. 1 to 4 per cent per year), management has been prudent in finding balance between debt repayment and shareholder returns. The 2025 budget is in-line with expectations, with notable improvements in Eagle Ford well efficiency, offset by slight inflationary cost pressures." The Globe reported on April 10 that Mr. McCrea had reinstated coverage on Baytex Energy with a "market perform." Baytex shares were then worth $5.14. The Globe reported on Oct. 23 that Canaccord Genuity analyst Mike Mueller rated Baytex Energy "buy." The shares could then be had for $3.97.
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