TD Securities Lowers PT on Baytex Energy Corp (BTE), Keeps a Buy Rating

Core Insights - Baytex Energy Corp. (NYSE:BTE) is identified as a cheap energy stock under $5, with a recent price target adjustment from TD Securities from $4.5 to $4 while maintaining a Buy rating [1] - The company exceeded revenue and EPS estimates for Q2 2025, reporting $608.30 million in revenue, which is a 25.78% decrease year-over-year but $49.06 million above expectations [2] - The EPS of $0.14 surpassed consensus estimates by $0.11, indicating strong performance [2] Financial Performance - Revenue for Q2 2025 was $608.30 million, down 25.78% year-over-year but exceeding expectations by $49.06 million [2] - EPS was reported at $0.14, which was $0.11 higher than consensus estimates [2] - Overall production reached 148,095 barrels of oil equivalent per day (boe/d) for the quarter, with 84% being oil and natural gas liquids (NGL), reflecting a 2% increase in output per share compared to Q2 2024 [2] Operational Highlights - Pembina Duvernay wells achieved a record peak initial production rate averaging 1,865 barrels of oil equivalent per day per well [2] - The company focuses on acquiring, developing, and producing crude oil and natural gas [3]