I don't see a path for BTEGF to get to $60. Even if they are able to reduce the share count a bit with buybacks, that's going to be something like a $30B USD market cap. They will exhaust their tax pools by say 2024 and become a tax payer.
At say 10X FCF (or 10% FCF yield), BTEGF would need to generate $3B USD of FCF/year. That's close to $4B CAD/year. E&P's not getting that type of valuation. Plus, those types of cashflows would mean very high oil prices and I think the market would also discount the very high oil prices. Baytex may reduce their hedges, but they will have some hedge drag if oil prices are very high.
Looking at Baytex's most recent presentation, they are projecting $4.4B CAD cumulative FCF over 5 years using a $95 WTI. Maybe that's conservative on production. Maybe conservative on oil prices. That may matter somewhat, but not to the tune of a $60 share price.
The only way I could see BTEGF getting to $60 would be if they trade at a very high FCF yield for a number of years and use a good portion of the cashflow to reduce the share count.