Scotiabank has adjusted its price target for Baytex Energy (BTE, Financial), reducing it from C$5.50 to C$3.50. The bank retains its Sector Perform rating for the company's shares. This revision is part of a broader update of price targets for Canadian exploration and production (E&P) stocks within Scotiabank's portfolio.
The change reflects the bank's anticipation of continued pressure on global oil prices, which is expected to affect Canadian oil benchmarks in the coming years, specifically through 2025 and 2026. This forecast is influencing the outlook for companies like Baytex Energy, leading to the revised valuation.
Wall Street Analysts Forecast
Based on the one-year price targets offered by 6 analysts, the average target price for Baytex Energy Corp (BTE, Financial) is $3.68 with a high estimate of $4.31 and a low estimate of $3.05. The average target implies an upside of 137.24% from the current price of $1.55. More detailed estimate data can be found on the Baytex Energy Corp (BTE) Forecast page.
Based on the consensus recommendation from 6 brokerage firms, Baytex Energy Corp's (BTE, Financial) average brokerage recommendation is currently 2.5, indicating "Outperform" status. The rating scale ranges from 1 to 5, where 1 signifies Strong Buy, and 5 denotes Sell.
Based on GuruFocus estimates, the estimated GF Value for Baytex Energy Corp (BTE, Financial) in one year is $3.10, suggesting a upside of 99.79% from the current price of $1.5516. GF Value is GuruFocus' estimate of the fair value that the stock should be traded at. It is calculated based on the historical multiples the stock has traded at previously, as well as past business growth and the future estimates of the business' performance. More detailed data can be found on the Baytex Energy Corp (BTE) Summary page.
