Globe says Baytex Energy outlook seen brightening
Baytex Energy Corp (C:BTE)
Shares Issued 564,182,201
Last Close 7/14/2021 $2.28
Thursday July 15 2021 - In the News
The Globe and Mail reports in its Thursday edition that CIBC analysts led by Dennis Fong boosted their share target for Baytex Energy to $3 from $1.75. The Globe's Darcy Keith writes that CIBC analysts say in a note: "The second quarter showed continued strength in commodities as global inventories reached pre-pandemic levels aided primarily by the recovery of demand, discipline from OPEC+ countries to production quotas and continued focus from producers to maintain rather than grow production levels. While we have seen increases in cash flows from the strength in commodities, partial offsetting factors include impacts from hedging, higher royalties and cash taxes, as well as the impact of turnarounds. CIBC expects West Texas Intermediate crude oil to average about $65 (U.S.) both this year and in 2022, which is higher than earlier estimates and accounts for much of the boost to the price targets." The Globe reported on Dec. 4 that Raymond James rated Baytex at "underperform" when it was worth 68 cents. The Globe reported on Jan. 16 an that Raymond James hiked Baytex to "outperform," when it was worth 85 cents. The Globe reported on Feb. 26 that BMO kept Baytex at "market perform," when it was worth $1.23.