CIBC Increases Baytex Energy (TSE:BTE) Price Target to C$4.50

Baytex Energy (TSE:BTE) (NYSE:BTE) had its price objective upped by equities research analysts at CIBC from C$4.00 to C$4.50 in a research note issued to investors on Tuesday, January 23rd. CIBC’s price target suggests a potential upside of 39.75% from the stock’s previous close.

Other research analysts have also recently issued reports about the stock. National Bank Financial increased their price target on shares of Baytex Energy from C$3.75 to C$4.25 and gave the company a “sector perform” rating in a report on Friday, November 3rd. BMO Capital Markets increased their target price on shares of Baytex Energy from C$3.50 to C$4.00 in a research report on Friday, November 3rd. Royal Bank of Canada increased their target price on shares of Baytex Energy from C$4.00 to C$4.50 and gave the stock a “sector perform” rating in a research report on Friday, November 3rd. Barclays lowered shares of Baytex Energy from an “equal weight” rating to an “underweight” rating and decreased their target price for the stock from C$3.50 to C$2.50 in a research report on Monday, October 30th. Finally, Eight Capital set a C$5.30 target price on shares of Baytex Energy and gave the stock a “neutral” rating in a research report on Thursday, January 11th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and three have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of C$4.82.

Baytex Energy (TSE:BTE) remained flat at $C$3.22 during trading on Tuesday. 1,195,000 shares of the stock were exchanged, compared to its average volume of 3,240,000. The stock has a market capitalization of $758.15, a P/E ratio of -2.00 and a beta of 2.94. Baytex Energy has a 52 week low of C$2.76 and a 52 week high of C$5.38.

In related news, insider Murray Joseph Desrosiers sold 13,500 shares of the stock in a transaction that occurred on Thursday, December 14th. The shares were sold at an average price of C$3.78, for a total transaction of C$51,030.00. Also, insider Brian Gordon Ector sold 16,000 shares of the stock in a transaction that occurred on Thursday, January 18th. The stock was sold at an average price of C$4.12, for a total transaction of C$65,920.00. In the last quarter, insiders have purchased 70,000 shares of company stock worth $266,600 and have sold 34,136 shares worth $136,050.

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About Baytex Energy

Baytex Energy Corp. (Baytex) is engaged in the business of acquiring, developing, exploiting and holding interests in petroleum and natural gas properties and related assets in Canada (Alberta and Saskatchewan) and in the United States (Texas). The Company’s crude oil and natural gas operations are organized into four business units: Lloydminster, Peace River, Conventional and United States.

Analyst Recommendations for Baytex Energy (TSE:BTE)

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