Baytex Energy's Outperform Rating, $8 Price Target Maintained by National Bank of Canada
11:12 AM EDT, 07/26/2024 (MT Newswires) -- National Bank of Canada on Thursday maintained its outperform rating on the shares of Baytex Energy (BTE.TO, BTE) and $8.00 price target following the release of the company's second-quarter results.
Baytex's production of 154,194 barrels of oil equivalent per day (boe/d) was slightly above the bank's projection of 153,000 boe/d.
Associated cash flow per share of $0.65 also higher than National Bank's estimate of $0.62.
"A solid quarter, with strong operational performance, the returns of which continue to support material excess cash, which is expected to further expand in the second half in support of accelerated value capture," the bank said.
Price: 4.68, Change: -0.38, Percent Change: -7.51