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Stock impact report

Baytex Energy shares slip after RBC downgrade [Yahoo! Finance Canada]

Baytex Energy Corp Common Shares (BTE) 
Last baytex energy corp common shares earnings: 3/4 06:30 am Check Earnings Report
1 min read In this article Shares of Baytex Energy ( BTE.TO ) dipped on Tuesday, as an analyst at RBC Capital Markets downgraded the Canadian oil producer, citing the stock's recent strong performance. Toronto-listed Baytex shares have gained about 26 per cent since the Calgary-based company announced its plan to exit the United States. In November, Baytex said it will divest its position in the Eagle Ford shale formation in Texas via a $3.25 billion deal with an undisclosed buyer. “[It] was a strategically sound move in our books, streamlining its portfolio into Canada while allowing for accelerated balance sheet deleveraging and a commitment to return a significant amount of deal proceeds to shareholders,” RBC Capital Markets analyst Greg Pardy. “Given Baytex's strong market performance, we see higher relative rates of return elsewhere within our coverage universe.” Baytex Energy Corp. (BTE.TO) Pardy downgraded Baytex shares from “outperform” to “sector perform,” whil Show less Read more
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