Baytex Energy Corp

BTE-T

TSE:BTE

1.50
0.05 (3.45%)
Baytex Energy Corp. is a Calgary-based Canadian producer, developer and explorer of oil and natural gas. Formerly a trust, it converted to a corporation January 2011 because of government changes to tax incentives.
More at Wikipedia

Analysis and Opinions about BTE-T

Signal
Opinion
Expert
PAST TOP PICK
PAST TOP PICK
November 15, 2019
(A Top Pick Nov 16/18, Down 38%) Multiples have contracted to 3 times cash flow. It is not that their cash flow has shrunk, it is just that investors are not willing to pay historical values. It has lost some of its credibility. It trades at 17% free cash flow yield at $55 oil. The company has 4 years of reserves that are currently flowing. Their holding in the Duvernay, is a commanding position. A large holding for him.
Baytex Energy Corp (BTE-T)
November 15, 2019
(A Top Pick Nov 16/18, Down 38%) Multiples have contracted to 3 times cash flow. It is not that their cash flow has shrunk, it is just that investors are not willing to pay historical values. It has lost some of its credibility. It trades at 17% free cash flow yield at $55 oil. The company has 4 years of reserves that are currently flowing. Their holding in the Duvernay, is a commanding position. A large holding for him.
Eric Nuttall
Partner & Senior Portfolio Manager, Ninepoint Partners
Price
$1.620
Owned
Yes
COMMENT
COMMENT
October 18, 2019
The valuation has gotten so low. Baytex has a lot of Permian oil investments which is good. Debt has come down to 1.5 times. Balance sheet is in much better shape. They are generating free cashflow and can buy back stocks now. 15-20% yield at current oil prices. A lot of the sector looks like this due to supply and demand. Energy stocks are cheap and valuations are ridiculously low. He still likes it, but it hasn't made any money in the last year. (Analysts’ price target is $3.29)
Baytex Energy Corp (BTE-T)
October 18, 2019
The valuation has gotten so low. Baytex has a lot of Permian oil investments which is good. Debt has come down to 1.5 times. Balance sheet is in much better shape. They are generating free cashflow and can buy back stocks now. 15-20% yield at current oil prices. A lot of the sector looks like this due to supply and demand. Energy stocks are cheap and valuations are ridiculously low. He still likes it, but it hasn't made any money in the last year. (Analysts’ price target is $3.29)
John Zechner
Chairman, J. Zechner & Assoc
Price
$1.560
Owned
Unknown
PAST TOP PICK
PAST TOP PICK
October 11, 2019
(A Top Pick Oct 19/18, Down 43%) He still owns this and added yesterday. He was uber bullish oil last year as Iran was about to face export constraints (they were later waived by the US). They have interest in the Eagle Ford and one of the biggest plays in the Duvernay Shale in Canada. The new production is very economic at today's WTI price levels. They could soon see big share buybacks as cash flow improves.
Baytex Energy Corp (BTE-T)
October 11, 2019
(A Top Pick Oct 19/18, Down 43%) He still owns this and added yesterday. He was uber bullish oil last year as Iran was about to face export constraints (they were later waived by the US). They have interest in the Eagle Ford and one of the biggest plays in the Duvernay Shale in Canada. The new production is very economic at today's WTI price levels. They could soon see big share buybacks as cash flow improves.
Eric Nuttall
Partner & Senior Portfolio Manager, Ninepoint Partners
Price
$1.740
Owned
Yes
BUY
BUY
October 11, 2019

Heavy oil? He is bullish on heavy oil as countries like Venezuela have seen production fall to 20 year lows. Mexico is declining as well. This is good for Canada, but we are still pipeline constrained. At $60 WTI and $15 heavy oil differentials he likes CVE-T, MEG-T and BTE-T.

Baytex Energy Corp (BTE-T)
October 11, 2019

Heavy oil? He is bullish on heavy oil as countries like Venezuela have seen production fall to 20 year lows. Mexico is declining as well. This is good for Canada, but we are still pipeline constrained. At $60 WTI and $15 heavy oil differentials he likes CVE-T, MEG-T and BTE-T.

Eric Nuttall
Partner & Senior Portfolio Manager, Ninepoint Partners
Price
$1.740
Owned
Yes
VAGUE
VAGUE
October 10, 2019
He stock now is so cheap that he is not longer in the sell camp. It will service debt with a lot of cash flow if we hit $70 oil as he thinks we will.
Baytex Energy Corp (BTE-T)
October 10, 2019
He stock now is so cheap that he is not longer in the sell camp. It will service debt with a lot of cash flow if we hit $70 oil as he thinks we will.
Josef Schachter
President, Schachter Asset Management
Price
$1.700
Owned
Unknown
COMMENT
COMMENT
September 25, 2019
They are rationalizing the management structure given their debt after acquiring Raging River. They are trying to get more into light oil. A recession would cause oil prices to fall and with it the stock price.
Baytex Energy Corp (BTE-T)
September 25, 2019
They are rationalizing the management structure given their debt after acquiring Raging River. They are trying to get more into light oil. A recession would cause oil prices to fall and with it the stock price.
John Kim
Portfolio Manager, Aston Hill Financial
Price
$2.220
Owned
Unknown
TOP PICK
TOP PICK
September 24, 2019
Baytex bond: 6.625% 2022 It's their bond, paying a 6.625% rate of return. They own Eaglesford, a Texas shale asset, that could cover this entire bond if BTE ever went into receivership. BTE won't and in fact is doing well. BTE stock is too volatile. The bond is good for conservative investors.
Baytex Energy Corp (BTE-T)
September 24, 2019
Baytex bond: 6.625% 2022 It's their bond, paying a 6.625% rate of return. They own Eaglesford, a Texas shale asset, that could cover this entire bond if BTE ever went into receivership. BTE won't and in fact is doing well. BTE stock is too volatile. The bond is good for conservative investors.
Paul Gardner, CFA
Partner and Portfolio Manager, Avenue Investment Management
Price
$2.180
Owned
Yes
SPECULATIVE BUY
SPECULATIVE BUY
September 20, 2019
It may be slightly lower in reputation compared to his other holdings. It is very low valued and he thinks they have fixed the balance sheet. Ten years ago it traded almost $60 per share. They added leverage when oil prices were high and made a large US acquisition at the wrong time. The stock will never return to those lofty levels, it may get back to $4-$5 -- still a great return. A little bit riskier this could be a speculative buy. Yield 0%
Baytex Energy Corp (BTE-T)
September 20, 2019
It may be slightly lower in reputation compared to his other holdings. It is very low valued and he thinks they have fixed the balance sheet. Ten years ago it traded almost $60 per share. They added leverage when oil prices were high and made a large US acquisition at the wrong time. The stock will never return to those lofty levels, it may get back to $4-$5 -- still a great return. A little bit riskier this could be a speculative buy. Yield 0%
Bruce Campbell (1)
President, Campbell and Lee InvMngmnt
Price
$2.310
Owned
No
SPECULATIVE BUY
SPECULATIVE BUY
September 18, 2019
Their balance sheet has been slipping for the last five years. It trades at 40% of book value. It has a little bit of upside potential. A war in the Middle East would help this stock significantly. Overall, we need better oil and gas pricing on a sustained level.
Baytex Energy Corp (BTE-T)
September 18, 2019
Their balance sheet has been slipping for the last five years. It trades at 40% of book value. It has a little bit of upside potential. A war in the Middle East would help this stock significantly. Overall, we need better oil and gas pricing on a sustained level.
Ross Healy
Chairman, Strategic Analysis Corp
Price
$2.200
Owned
No
TOP PICK
TOP PICK
September 9, 2019
Had to throw an energy stock in, because they're so cheap. Paid down debt. About 60% of production gets a premium price. No dividend. (Analysts’ price target is $3.55)
Baytex Energy Corp (BTE-T)
September 9, 2019
Had to throw an energy stock in, because they're so cheap. Paid down debt. About 60% of production gets a premium price. No dividend. (Analysts’ price target is $3.55)
John Zechner
Chairman, J. Zechner & Assoc
Price
$1.860
Owned
Yes
PAST TOP PICK
PAST TOP PICK
August 30, 2019
(A Top Pick Aug 17/18, Down 53%) It's still a core holding, even though it's trading at a 32% free cash flow yield at $60/barrel. It's trading at a third of its historic multiple. And yet this year they're drilling their best holes and unlocked a key shale play. He's confident they'll use their free cash flow to buy back lots of shares.
(A Top Pick Aug 17/18, Down 53%) It's still a core holding, even though it's trading at a 32% free cash flow yield at $60/barrel. It's trading at a third of its historic multiple. And yet this year they're drilling their best holes and unlocked a key shale play. He's confident they'll use their free cash flow to buy back lots of shares.
Eric Nuttall
Partner & Senior Portfolio Manager, Ninepoint Partners
Price
$1.720
Owned
Yes
DON'T BUY
DON'T BUY
July 22, 2019
For TFSA? BTE is the poster child of beaten-up Canadian oil stocks. They have a great asset in the U.S. They have both good and bad, but BTE will move with the oil price which is weak now, but will probably go higher in 20201. But BTE still carries a lot of debt. Not the ideal stock in this sector.
For TFSA? BTE is the poster child of beaten-up Canadian oil stocks. They have a great asset in the U.S. They have both good and bad, but BTE will move with the oil price which is weak now, but will probably go higher in 20201. But BTE still carries a lot of debt. Not the ideal stock in this sector.
Gerard Ferguson
CEO & Portfolio Manager, Jemekk Capital Management
Price
$1.910
Owned
No
PAST TOP PICK
PAST TOP PICK
July 19, 2019
(A Top Pick Jul 20/18, Down 58%) It remains a core holding, but it's fallen off the radar of investors. Investors aren't buying Canadian oil. Trades at 30% free cash flow yield. He expects 2x debt-to-cash flow in the second half of 2019. By then, they should heavily buyback shares.
(A Top Pick Jul 20/18, Down 58%) It remains a core holding, but it's fallen off the radar of investors. Investors aren't buying Canadian oil. Trades at 30% free cash flow yield. He expects 2x debt-to-cash flow in the second half of 2019. By then, they should heavily buyback shares.
Eric Nuttall
Partner & Senior Portfolio Manager, Ninepoint Partners
Price
$1.880
Owned
Yes
TOP PICK
TOP PICK
July 19, 2019
It's fallen off many radar screens. Their leverage will be lower in coming months. Trades at 30% free cash flow yield and positioned to buyback a lot of shares. It is clearly mispriced now. (Analysts’ price target is $3.55)
It's fallen off many radar screens. Their leverage will be lower in coming months. Trades at 30% free cash flow yield and positioned to buyback a lot of shares. It is clearly mispriced now. (Analysts’ price target is $3.55)
Eric Nuttall
Partner & Senior Portfolio Manager, Ninepoint Partners
Price
$1.880
Owned
Yes
DON'T BUY
DON'T BUY
July 17, 2019
It has been a while since he held it. He prefers owning the senior producers, when it comes to heavy oil. Their projects have not been well capitalized and they have taken time to get the Duvernay assets incorporated from the Raging River acquisition. Nothing wrong with it and they are paying down debt. There are just better opportunities out there.
It has been a while since he held it. He prefers owning the senior producers, when it comes to heavy oil. Their projects have not been well capitalized and they have taken time to get the Duvernay assets incorporated from the Raging River acquisition. Nothing wrong with it and they are paying down debt. There are just better opportunities out there.
Dennis da Silva
Managing Director & Sr Portfolio Manager, Middlefield Capital Ltd.
Price
$1.840
Owned
No
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