After months of pain, it's finally good to be a Baytex Energy Corp. (TSX:BTE)(NYSE:BTE) shareholder. Shares of the beleaguered energy producer surged in early trading on Tuesday, increasing more than 11% on a couple pieces of news.
Baytex Energy Corp. (TSX:BTE)(NYSE:BTE) was pretty much left for dead in January when it traded below $2 per share, but the stock has more than doubled off those lows, and investors are wondering if the rally can continue.
This month, Baytex Energy Corp. (TSX:BTE)(NYSE:BTE) reported first-quarter earnings of $0.00 a share. While the company merely broke even, the results beat the average estimate by a whopping $0.31 a share.