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Bank of Nova Scotia acquired a new stake in Baytex Energy Corp (NYSE: BTE) (TSE: BTE) in the undefined quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 182,686 shares of the oil and gas producer's stock, valued at approximately $733,000.

Baytex (BTE) might move higher on growing optimism about its earnings prospects, which is reflected by its upgrade to a Zacks Rank #2 (Buy).

Here is how Baytex Energy (BTE) and Forum Energy Technologies (FET) have performed compared to their sector so far this year.

Baytex Energy NYSE: BTE CEO Chad Lundberg outlined the Canadian-focused oil producer's strategy following the December 2025 sale of its Eagle Ford position, emphasizing balance-sheet strength, shareholder returns and production growth led by the Duvernay light-oil play and Canadian heavy-oil assets.

Baytex Energy targets a 15% total return to investors. BTE raised production guidance following unexpected outperformance in Q2. Strong commodity prices have generated robust cash flow and free cash flow.