We recently published Market in Turmoil but These 10 Stocks Are on Fire .Baytex Energy Corp. (NYSE:BTE) is one of the best-performing stocks on Thursday.
Baytex Energy extended its winning streak to a 7th consecutive session on Thursday to hit a new 52-week high as investors took heart from an investment firm’s bullish coverage for its stock.
During the trading session, the stock climbed to its highest price of $3.25 before trimming gains to end the day just up by 3.63 percent at $3.14 apiece.
In its market note on the same day, Raymond James Financial raised the stock to “outperform” from “market perform” alongside its price target, to C$5.50 from C$3.50 previously.
The revision followed Baytex Energy Corp.’s (NYSE:BTE) announcement that it would exit the US market with the divestment of its Eagle Ford assets for $3.25 billion and instead focus on its more robust Canadian operations.
“Monetizing our US Eagle Ford assets strengthens our balance sheet, supports capital allocation to our highest-return opportunities and positions us to deliver meaningful shareholder returns,” Baytex Energy Corp. (NYSE:BTE) President and CEO Eric Greager said.
Photo by Zbynek Burival on Unsplash
The transaction is targeted to be completed by the end of the year or early next year, subject to closing conditions and regulatory approvals.
Baytex Energy Corp. (NYSE:BTE) said that it would return to a net cash position upon the deal’s closing, with a portion of the proceeds to be used to repay its outstanding credit facilities and notes due 2030.
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Disclosure: None. This article is originally published at Insider Monkey.