BMO upgrades Baytex to outperform on Clearwater strength, lower costs

Baytex Energy

13/11/2025 13:58

** BMO raises rating on Canadian oil and gas producer Baytex Energy BTE.TO to "outperform" from "market perform," raises PT to C$6 from C$3

** New PT represents upside of 100% to stock's last close

** U.S.-listed  shares of BTE up ~2% at $3 premarket

** Brokerage sees lower well cost amid higher production in Q3

** "With a 2026 budget pushed until January, speculation is likely to continue on the future make-up of BTE," BMO says

**  6 of 11 rate stock "buy", 5 "hold", median PT is C$4.6 - data compiled by LSEG

** Up to last close, shares up 17.4% YTD

 (Reporting by Varun Sahay)

 ((Varun.sahay@thomsonreuters.com))