Replaced the temperature sensor. Ordered the part based on model number. While removing the old sensor, found that the connector type did not match that of the new one. Fortunately, two ceramic wire nuts were included with the new sensor. So, all I had to do was cut off the old connector, strip the wire ends and use the wire nuts to make the connections.
Set oven to 350 and watched the temperature rise. Problem solved. Thanks Appliance Parts Pro!