Baytex Energy gains as BMO upgrades on attractive valuation

Baytex Energy

29/09/2023 16:50

** Shares of Canadian energy firm Baytex Energy  BTE.TO  up
2.9% at C$6
    ** BMO Capital Markets upgrades stock to "outperform" from
"market perform", raises PT to C$7.50 from C$5.50
    ** New PT represents a 28.6% upside to stock's last close
    ** Company's valuation "too attractive to ignore" -
brokerage
    ** BMO sees sustainable growth in production following the
acquisition of Ranger Oil
    ** "Through H2/24, we expect Baytex could accelerate its
buyback", says BMO
    ** Of the 12 brokerages covering the stock, 7 rate "buy" or
higher and 5 "hold"; median PT is C$7.50 - LSEG data
    ** Including session's gains, stock down 1.3% YTD

 (Reporting by Sourasis Bose in Bengaluru)
 ((Sourasis.bose@thomsonreuters.com))