Recent price target adjustments, along with the renewal of a share buyback program, make Baytex Energy Corp. (NYSE:BTE) one of the 15 best NYSE penny stocks to buy according to hedge funds.
On June 10, CIBC increased its target price for Baytex Energy Corp. (NYSE:BTE) from $5.12 to $5.3, which results in an adjusted upside potential of over 30%
The firm reiterated its Neutral rating on the stock. On June 26, Baytex Energy Corp. (NYSE:BTE) announced that the Toronto Stock Exchange approved the renewal of the company’s normal course issuer bid (NCIB). This allows the company to repurchase up to 70.9 million shares of its common stock over a one-year period between July 2, 2026, and July 1, 2027.
The company is returning cash to its shareholders through both quarterly dividend payouts and share buybacks. The renewal of the NCIB allows the management to continue rewarding shareholders with a combination of both. Management believes that buybacks are an effective way to enhance per-share metrics and return capital to investors.