BUZZ-Baytex Energy Corp: RBC raises PT

Fri Mar 4, 2016 10:35am EST
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** Canadian oil and gas producer's shares up 10.2 pct at C$4.87

** RBC Capital Markets raises PT on stock to C$5.50 from C$5; median PT C$5

** RBC analysts note company's C$820 mln in undrawn capacities on its credit facilities and its "proactive" covenant relaxation with its banking syndicate

** "Baytex remains one of the more levered bets to a rising oil price," Raymond James analysts write

** "For investors bullish on a commodity price recovery, Baytex offers some of the best torque at good value vs intermediate non yield peers given its higher than average leverage," AltaCorp analysts write

** Up to Thursday's close, stock had lost more than three-quarters of its value in past 12 months