Baytex (BTE) Extends Run, Hits 52-Week High as Analyst Turns Bullish

Core Insights - Baytex Energy Corp. (NYSE:BTE) has been performing well in the market, achieving a new 52-week high and extending its winning streak to seven consecutive sessions, driven by positive analyst coverage [1][4] - Raymond James Financial upgraded Baytex Energy's stock rating to "outperform" and raised its price target from C$3.50 to C$5.50, following the company's announcement of exiting the US market by divesting its Eagle Ford assets for $3.25 billion [2] - The CEO of Baytex Energy stated that monetizing the US Eagle Ford assets will strengthen the company's balance sheet and allow for better capital allocation towards high-return opportunities, ultimately benefiting shareholders [3] Company Actions - Baytex Energy plans to complete the divestment of its Eagle Ford assets by the end of the year or early next year, pending regulatory approvals [4] - The company aims to return to a net cash position upon closing the deal, with proceeds allocated to repay outstanding credit facilities and notes due in 2030 [4]