Goldman Sachs Penny Stocks: Top 12 Stock Picks

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5. Baytex Energy Corp. (NYSE:BTE)

Goldman Sachs Equity Stake: $8.54 Million

Share Price: $4.93

Number of Hedge Fund Holders: 11

Baytex Energy Corp. (NYSE:BTE) is one of Goldman Sachs’ top penny stock picks. On February 2, in a regulatory filing, Baytex Energy Corp. (NYSE:BTE) confirmed the divestment of its US assets and also significantly strengthened its financial position. The company also sharpened its focus on high-return Canadian energy platforms as it entered 2026 in a net-positive cash position.

It also repaid its credit facilities and redeemed $1.264 billion of senior notes, finishing 2025 with about $857 million in net cash. The settlements significantly deleveraged the company’s balance sheet while allowing it to focus on its Canadian assets.

The company is projecting 67,000 to 69,000 barrels of oil per day in 2026, after averaging 67,295 barrels per day in 2025. In addition, it plans to spend between $550 and $625 million in exploration and development expenditure to enable modest production growth.

Baytex expects its heavy oil portfolio to deliver stable production and reliable returns in 2026. The growth would be supported by five drilling rigs across the heavy oil fairway.

Baytex Energy Corp. (NYSE:BTE) is a Calgary-based, upstream oil and gas company focused on the acquisition, development, and production of crude oil and natural gas, primarily operating in the Western Canadian Sedimentary Basin.

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