Globe says Baytex making strides in lowering its GHG
Baytex Energy Corp (C:BTE)
Shares Issued 564,110,922
Last Close 6/9/2021 $2.13
Thursday June 10 2021 - In the News
The Globe and Mail reports in its Thursday, June 10, edition that Scotia Capital analysts see "significant value" in the Canadian energy space, expressing increasing bullishness on oil prices. The Globe's David Leeder writes in the Eye On Equities column that analysts Jason Bouvier, Cameron Bean and Gavin Wylie believe there is "plenty" of upside in the sector despite a recent run-up in share prices. The analysts say in a note: "In the last six months, the Canadian large cap space is up almost 67 per cent while the SMID cap oils are up 95 per cent. Even with the strong move higher, 2022 estimated DAFCF [debt-adjusted free cash flow] yields (at $60 WTI) average 12 per cent, 14 per cent, and 14 per cent in the Large caps, SMID caps, and international names, respectively." Mr. Bouvier upgraded Baytex Energy to "sector perform" from "sector underperform." He boosted his share target to $2.25 from $1.75. Analysts on average target the shares at $1.87. Mr. Bouvier says in a note: "Baytex continues to be focused on balance sheet and cost structure improvement and has made big strides in lowering its GHG intensity. ... Our new implied return is 8 per cent."