Get all your news in one place.
100’s of premium titles.
One app.
Start reading
Benzinga
Benzinga
Business
Akanksha Bakshi

Why Baytex Energy Shares Are Trading Lower Today

TSX BMO Capital Oil
  • BMO Capital analyst Ray Kwan raised the price target for Baytex Energy Corp (TSX:BTE) (OTC:BTEGF) to C$8.50 from C$8 while maintaining the Market Perform rating on the shares.
  • The analyst mentions that while the quarter was in line, the Clearwater at Peavine continues to deliver exceptional results, with recent wells having initial rates as high as 1,200bbl/d.
  • Kwan adds that inflationary pressures and operational success have contributed to an increased 2022 budget and guidance.
  • The analyst believes Baytex provides substantial torque to rising oil prices and flexibility to the Clearwater play at Peavine. Despite excellent deleveraging/free cash flow activities in 2022, leverage remains greater than its rivals.
  • Price Action: BTE shares are trading lower by 8.16% at C$6.53 on TSX, and BTEGF is lower by 8.35% at $5.09 on the last check Friday.
Sign up to read this article
Read news from 100’s of titles, curated specifically for you.
Already a member? Sign in here
Related Stories
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member? Sign in here
Our Picks
Gen Z’s politics are hard to categorize – and a harbinger of a new political order
The great clashes to come will be less between left and right than between those inside and outside a dying establishment
The Guardian - US
The Guardian - US
Bianca Jagger feels 'empowered' in suits
Bianca Jagger was always drawn to wearing suits because she wanted to feel "powerful" like her father.
BANG Premier
BANG Premier
‘A long-distance hug’: readers and gen Z on the joy – and expense – of sending Christmas cards
Sales of Christmas cards are down as soaring price of stamps means many people opt for digital festive greetings
The Guardian - UK
The Guardian - UK
Interactive: What Earth’s 4.54 billion-year history would look like in a single year
As a kid, it was tough for me to grasp the massive time scale of Earth’s history. Now, with nearly two decades of experience as a geologist, I think one of the best ways to understand our planet’s history and evolution is by condensing the entire timeline into a single…
The Conversation
The Conversation
Saturday Night Live: Martin Short delivers a star-packed festive treat
The actor joins the five-timers club in a funny and cameo-filled episode that features some of the season’s funniest moments so far
The Guardian - US
The Guardian - US
Messiness & the allure of Fleetwood Mac
A new book about Fleetwood Mac covers the dramatic soap opera — and the songs that made the band legends
Salon
Salon
Fourteen days free
Download the app
One app. One membership.
100+ trusted global sources.
Download on the AppStore Get it on Google Play