Baytex Energy Corp (BTE.TO)

He owns another name in the sector that ranks ahead of it. It has price momentum because a lot of stocks were left for dead and now have roared back. It looks fairly good here, but keep a good stop on it if you own it.

This has had a really nice bounce off its lows. It is very crude oil levered. She thinks it will survive.

(Market Call Minute.)

Year-to-date this is up 88%, which looks fantastic, but doesn’t mean a lot when you have lost 90% in the last 2 years. The balance sheet continues to be a big concern, and are going to have to continue to work on that. They have 3 big assets they can work with. Doesn’t see the dividend being restored anytime soon. Production is still about 75,000 barrels a day. Something he is not going to be rushing back into.

Calgary-based oil company and took on quite a bit of debt just before oil prices collapsed. At this stage, the debt load is still relatively high. However, with oil prices recovering to $50, and might get to $60 by year-end, they have a lot of leverage to the upside. If you are positive on the oil price, this is one that you should definitely own.

Hasn’t been following this closely, however it is one that he has been taking a serious look at recently. A very well-managed company. Good properties and good management. Thinks they are quite leveraged to rising commodity prices.

This is all over the place, and it is a fun one to play. You want to watch the volumes as opposed to levels. It is pretty hard to do anything with a stock like this, except to trade it.

Did a big acquisition a couple of years ago which had too much debt. A combination of Canadian heavy oil and US shale oil. The good news is that they bought really good assets in the Eagleford. Has a lot of debt, but they are going to survive, and he thinks it is a good Buy here.

Given that they don’t have to pay a dividend any more, free cash flow would come down to maintenance capital to maintain flat production levels. His guess is that it would be in the mid-$40, because their heavy oil required a price of around $33-$34 for about half the production, and the remaining half is liquids rich gas plus light oil. If you own, consider trimming.

(Market Call Minute.) This had a huge move, and has reached his fundamental target.

One of the better energy companies. It is heavy oil, but is pumpable heavy oil, and the Canadian Western select price has done quite well. They also have a significant holding in the Eagleford Texas shales, which could be back in the limelight at $50+. A well-managed company. Still a risky situation.

Thinks this is worth a fair bit and can easily get to $9-$10 based on the direction of oil. Although she owns, it is not a core holding simply because of the risk. Has a lot of debt. She loves the assets and thinks the team is very strong.

You are buying leveraged oil. If you think oil is going to go up in price, then this is a great play. If you think oil will go down in price, not a great idea. It has heavy oil composition and large debt. We are up to the resistance point right now. The seasonal period ends May 9^th. Sell on strength.

He was Short this recently. Has a lot of debt. There is no imminent danger of them breaking their covenants. A good operating team and have some good assets in the Eagleford which are performing very well. Heavy oil assets at these prices do not make money. Thinks it is vulnerable to a correction. Once oil goes over $50, they start making money, and investors will start to get pretty excited about it.

Historically this company has been very well liked. It is so volatile these days with what we have seen in oil and gas. Overall this name is perking up. Doesn’t think fundamentally this company is challenged, it is just the market.