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The Globe and Mail reports in its Saturday, Sept. 24, edition that the oil patch is back with a vengeance. The Globe's regular guest columnist Ted Dixon writes in the Who Is Buying and Selling column that in his September Top 40 Stock Report, half the list was from the energy sector. Mr. Dixon says he has been encouraging investors to consider the value proposition of Canadian energy stocks. For example, he says in the spring, he highlighted insider buying at Baytex Energy ($3.17) as the stock rallied. It was then worth $1.46. As it consolidated this summer, insiders continued to buy shares. The most recent buyer was chief executive officer Edward LaFehr, who picked up 15,000 shares at $2.28 on Sept. 9. The Globe reported on Jan. 16 that Raymond James analyst Jeremy McCrea 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. The Globe reported on May 1 that ATB Capital Markets boosted Baytex to "sector perform" from "underperform" when it could be had for $1.46. The Globe reported on July 15 that CIBC analyst Dennis Fong said the outlook for Baytex was brightening. The shares could then be had for $2.28.
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