Why These Energy Stocks are Gaining This Week

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1. Baytex Energy Corp. (NYSE:BTE

Share Price Gains Between Nov 7 – Nov 14: 25.4%

Topping our list of Energy Stocks that Gained This Week is Baytex Energy Corp. (NYSE:BTE). The company is engaged in the acquisition, development, and production of crude oil and natural gas in the Western Canadian Sedimentary Basin and in the Eagle Ford in the United States.

Baytex Energy Corp. (NYSE:BTE) hit a 52-week high after the company announced on November 12 that it had agreed to sell its U.S. Eagle Ford assets to an undisclosed buyer for about $2.305 billion in cash. The assets to be divested produced 82,765 barrels of oil equivalent (boe) per day in the third quarter and represent the entirety of Baytex’s business in the United States. The strategic move is aimed at strengthening the company’s balance sheet, supporting capital allocation to its highest-return opportunities in western Canada, and positioning it to deliver meaningful shareholder returns.

Baytex Energy Corp. (NYSE:BTE), returning to its roots as a focused Canadian company, also caught the eye of several analysts. On November 13, BMO Capital upgraded the stock from ‘Market Perform’ to ‘Outperform’, while also doubling its price target from C$3 to C$6. Similarly, Scotiabank analyst Kevin Fisk also upgraded BTE from ‘Sector Perform’ to ‘Outperform’, assigning it a price target of C$5.25. Finally, Raymond James also upgraded Baytex Energy Corp. (NYSE:BTE) from ‘Market Perform’ to ‘Outperform’ and raised its price target from C$3.5 to C$5.5.

While we acknowledge the potential of BTE to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than BTE and that has 100x upside potential, check out our report about this cheapest AI stock.

READ NEXT: 10 Best Renewable Energy Dividend Stocks to Buy Now and 11 Best High Yield Energy Stocks to Buy Now.

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