UPDATE: BMO Capital Markets Raises Target to $64 on Baytex Energy
BMO Capital Markets raises its price target to $64 on Market Perform-rated Baytex Energy (NYSE: BTE) as production heats up at Seal.
BMO Capital Markets notes, "Baytex Energy reported Q4/11 results slightly ahead of expectations. Q4 production averaged 53,054 boe/d, on par with our forecast of 53,327 boe/d. Fourth quarter CFPS totalled $1.39, four cents above our estimate of $1.35 and six cents above consensus of $1.33. Baytex reported 2011 year-end reserves; 2P reserves increased 10% to 252 MMboe. The company replaced 156% of production through E&D activities alone. BTE's FD&A costs were $18.57/boe including changes in FDC for a recycle ratio of approximately 1.9x."
BTE closed at $52.30 a share on Wednesday.
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