Baytex (BTE) Extends Run on 6th Day as Firm Exits US Business, Focuses on Canada Ops

We recently published Market Beaters: 10 Stocks Defying the Odds. Baytex Energy Corp. (NYSE:BTE) is one of the best-performing stocks on Wednesday.

Baytex Energy extended its winning streak to a 6th straight day on Wednesday to hit a nearly one-year high, as investors took heart from its US business exit with the divestment of its assets for $2.3 billion.

During the trading session, the stock soared to its highest price of $3.10 before paring gains to end the day just up by 13.48 percent at $3.03 apiece.

In a statement, Baytex Energy Corp. (NYSE:BTE) said it signed a definitive agreement with an undisclosed buyer for the sale of US Eagle Ford assets, as it aims to focus on the more robust Canadian market.

”Consistent with our disciplined approach to portfolio management, we continually review our asset base to maximize long-term value. 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.

The transaction is targeted to be completed in late 2025 or early 2026, 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.