Baytex (BTE) Climbs 25%, Extends 8-Day Run on Bullish Rating

We recently published 10 Market Movers That Made Millionaires in a Week. Baytex Energy Corp. (NYSE:BTE) is one of the best-performing stocks of the past trading week.

Baytex Energy jumped by 25.4 percent week-on-week after an eight-day rally boosted by an investment firm’s bullish rating and news that it was officially exiting the US market.

Earlier this week, Baytex Energy Corp. (NYSE:BTE) said that it signed a definitive agreement with an undisclosed buyer for the sale of its Eagle Ford assets for $2.305 billion.

“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 company added that the transaction would support its return to a net cash position, proceeds of which will be used to repay its outstanding credit facilities and notes due 2030.

The transaction is targeted to be completed by the end of the year or early next year, subject to closing conditions and regulatory approvals.

Following the news, Raymond James Financial issued an “outperform” rating on the stock, or higher than the “market perform” previously. It also raised its price target to C$5.50 from C$3.50 earlier.

Meanwhile, shareholders as of December 15 record would expect to receive  C$0.0225 worth of dividends on January 2, 2026. For US shareholders, the dividends would be equivalent to $0.0161 per share assuming a foreign exchange rate of C$1.40.

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Disclosure: None. This article is originally published at Insider Monkey.