Markets

Analyst Actions: Desjardins Sees Buying Opportunity in Baytex Energy

Desjardins Securities Inc. analyst Allan Stepa said in a research note today that the nearly 30% decline in share price of Baytex Energy Corp. (BTE.TO) since early May "represents an attractive buying opportunity" given its high quality heavy oil assets, strong balance sheet and attractive dividend yield, the Globe and Mail reported.

Mr. Stepa believes the company's active hedging program will stabilize cash flows and minimize risks to its capital spending program and dividend should commodity prices continue to sell off.

Desjardins Securities upgraded Baytex to a "buy" from a "hold" and maintained a $56 price target.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Other Topics

Commodities

Latest Markets Videos