Baytex Energy Corp

BTE-T

TSE:BTE

1.57
0.03 (1.95%)
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
BUY
BUY
December 10, 2019
Oil 2020 outlook He's bullish oil, given OPEC production cuts. The perception of BTE is heavily levered, heavy oil, but they actually have 60% production in Permian light oil. The balance sheet is much better now after paying down debt, dropping to 2x debt-to-cash flow. They could buyback shares. He's added to this recently. Tax-loss selling and the flight of capital have pressured oil stocks. He expects a bounce to come, but doesn't know when. Eventually, rationality comes to markets. Oil stocks boasts 20% free cash flow yield--you should make money on these at some point. When, he doesn't know, but the situation looks better now.
Baytex Energy Corp (BTE-T)
December 10, 2019
Oil 2020 outlook He's bullish oil, given OPEC production cuts. The perception of BTE is heavily levered, heavy oil, but they actually have 60% production in Permian light oil. The balance sheet is much better now after paying down debt, dropping to 2x debt-to-cash flow. They could buyback shares. He's added to this recently. Tax-loss selling and the flight of capital have pressured oil stocks. He expects a bounce to come, but doesn't know when. Eventually, rationality comes to markets. Oil stocks boasts 20% free cash flow yield--you should make money on these at some point. When, he doesn't know, but the situation looks better now.
John Zechner
Chairman, J. Zechner & Assoc
Price
$1.540
Owned
Yes
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
TOP PICK
TOP PICK
July 15, 2019
Canadian oil stocks are finally seeing what the market wants from them: stop production growth, pay shareholders, buy back shares and pay down debt. Hopefully this translates into higher stock prices. We've seen a massive exodus of investment from this sector. Valuations are cheap enough. (Analysts’ price target is $3.59)
Canadian oil stocks are finally seeing what the market wants from them: stop production growth, pay shareholders, buy back shares and pay down debt. Hopefully this translates into higher stock prices. We've seen a massive exodus of investment from this sector. Valuations are cheap enough. (Analysts’ price target is $3.59)
John Zechner
Chairman, J. Zechner & Assoc
Price
$1.880
Owned
Yes
COMMENT
COMMENT
July 12, 2019
It's very cheap and profitable. The balance sheet has gotten better. This should trade at $4, though he can't see it happening. The current price is a good entry, but the oil sector needs a catalyst (i.e. pipelines) for this--and other energy stocks--to really move.
It's very cheap and profitable. The balance sheet has gotten better. This should trade at $4, though he can't see it happening. The current price is a good entry, but the oil sector needs a catalyst (i.e. pipelines) for this--and other energy stocks--to really move.
Bruce Campbell (1)
President, Campbell and Lee InvMngmnt
Price
$1.900
Owned
Unknown
BUY
BUY
July 11, 2019
Stock had a run, but collapsed when earnings didn't follow. Cheap at $1.68, and he'd buy it.
Stock had a run, but collapsed when earnings didn't follow. Cheap at $1.68, and he'd buy it.
Ross Healy
Chairman, Strategic Analysis Corp
Price
$1.880
Owned
Unknown
COMMENT
COMMENT
June 14, 2019
Perception that western Canada is uninvestible. He owns the bonds at 6.5% instead, and he doesn't have to take the equity risk.
Perception that western Canada is uninvestible. He owns the bonds at 6.5% instead, and he doesn't have to take the equity risk.
Bill Harris, CFA
Portfolio Manager, Avenue Investment Management
Price
$1.950
Owned
No
DON'T BUY
DON'T BUY
April 30, 2019
It's consolidating and could return to the bottom of its trading range. It's sideways. He's lukewarm on it.
It's consolidating and could return to the bottom of its trading range. It's sideways. He's lukewarm on it.
Keith Richards
Portfolio Manager, ValueTrend Wealth Management
Price
$2.720
Owned
Unknown
PAST TOP PICK
PAST TOP PICK
April 26, 2019
(A Top Pick Dec 14/18, Up 12%) He is surprised it is not getting more favour than it is. He is seeing good exposure to the Duvernay and Eagleford plays. It is trading at a 25% free cash-flow yield. He thinks they could even privatize themselves by buying back their shares.
(A Top Pick Dec 14/18, Up 12%) He is surprised it is not getting more favour than it is. He is seeing good exposure to the Duvernay and Eagleford plays. It is trading at a 25% free cash-flow yield. He thinks they could even privatize themselves by buying back their shares.
Eric Nuttall
Partner & Senior Portfolio Manager, Ninepoint Partners
Price
$2.740
Owned
Unknown
TOP PICK
TOP PICK
April 26, 2019
Because the balance sheet has been repaired, when they trade at a discount to book value they can use free cash flow to buy back shares. They are trading at a 25% free cash flow yield -- in theory they could buy back their shares in 4 years using this strategy. Yield 0%. (Analysts’ price target is $3.90)
Because the balance sheet has been repaired, when they trade at a discount to book value they can use free cash flow to buy back shares. They are trading at a 25% free cash flow yield -- in theory they could buy back their shares in 4 years using this strategy. Yield 0%. (Analysts’ price target is $3.90)
Eric Nuttall
Partner & Senior Portfolio Manager, Ninepoint Partners
Price
$2.740
Owned
Yes
DON'T BUY
DON'T BUY
April 18, 2019
Not a fan. Debt level is high at 69%. Narrowing differentials is helping. Management increased its pay package, even though stock is on sale at 2 for 1. This isn't right. When you get your proxy, take a stand and make your vote count.
Not a fan. Debt level is high at 69%. Narrowing differentials is helping. Management increased its pay package, even though stock is on sale at 2 for 1. This isn't right. When you get your proxy, take a stand and make your vote count.
Josef Schachter
President, Schachter Asset Management
Price
$2.800
Owned
No
DON'T BUY
DON'T BUY
April 16, 2019
He has a $4.50 target but this pays no dividend. Has owned this in the past. He avoids Canadian oil companies given the lack of capacity, owning only 6% oil mostly outside Canada through the HPF-T. That said, we've seen a rebound in oil prices.
He has a $4.50 target but this pays no dividend. Has owned this in the past. He avoids Canadian oil companies given the lack of capacity, owning only 6% oil mostly outside Canada through the HPF-T. That said, we've seen a rebound in oil prices.
Jaime Carrasco
Portfolio Manager, Canaccord Genuity
Price
$2.805
Owned
No
HOLD
HOLD
March 7, 2019
It's caught in the Canadian oil stock downturn. They cut the dividend. They hold big assets in Texas shale, so there's opportunity there. But the chart shows no sign of perking up. Maybe higher oil prices will help.
It's caught in the Canadian oil stock downturn. They cut the dividend. They hold big assets in Texas shale, so there's opportunity there. But the chart shows no sign of perking up. Maybe higher oil prices will help.
David Cockfield
Managing Director, Northland Wealth Management
Price
$2.250
Owned
Unknown
DON'T BUY
DON'T BUY
March 1, 2019
This is a Canadian energy company. They made an acquisition in the US unfortunately at the top of the cycle. He does not own highly levered oil and gas companies. There are others that are much more attractive. He prefers clean balance sheets.
This is a Canadian energy company. They made an acquisition in the US unfortunately at the top of the cycle. He does not own highly levered oil and gas companies. There are others that are much more attractive. He prefers clean balance sheets.
Lyle Stein
Sr. Portfolio & Managing Director, Vestcap Investment Management
Price
$2.420
Owned
No
DON'T BUY
DON'T BUY
February 11, 2019
In 2015, it traded at $40. At $2 today, he doesn't know what to say about BTE. Its balance sheet is okay, but its intrinsic value is plunging to the dumpster; its balance sheet has been in a four-year decline. He can't say to abandon ship though he can see the stock going lower. The oil patch in general: at least 20 Canadian oil stocks are in the same boat. Either there will be some bankruptcies or the stocks are so cheap we can get one heck of a rally, rising 100-200% quickly.
Baytex Energy Corp (BTE-T)
February 11, 2019
In 2015, it traded at $40. At $2 today, he doesn't know what to say about BTE. Its balance sheet is okay, but its intrinsic value is plunging to the dumpster; its balance sheet has been in a four-year decline. He can't say to abandon ship though he can see the stock going lower. The oil patch in general: at least 20 Canadian oil stocks are in the same boat. Either there will be some bankruptcies or the stocks are so cheap we can get one heck of a rally, rising 100-200% quickly.
Ross Healy
Chairman, Strategic Analysis Corp
Price
$2.040
Owned
Unknown
TOP PICK
TOP PICK
January 25, 2019
Has been massively under performing the move on WTI. If you believe $60 WTI, this is a $4 share price, he thinks. You are paying for their existing production, not including future growth or value for their Eagleford assets. They are trading like a bankrupt company. Yield 0%. (Analysts’ price target is $3.77)
Baytex Energy Corp (BTE-T)
January 25, 2019
Has been massively under performing the move on WTI. If you believe $60 WTI, this is a $4 share price, he thinks. You are paying for their existing production, not including future growth or value for their Eagleford assets. They are trading like a bankrupt company. Yield 0%. (Analysts’ price target is $3.77)
Eric Nuttall
Partner & Senior Portfolio Manager, Ninepoint Partners
Price
$2.230
Owned
Unknown
DON'T BUY
DON'T BUY
January 24, 2019
Light oil companies will benefit more from an advance in oil price to $70+ this year. He is concerned, though about the balance sheet here and would pass on it. In a couple of years, all these stocks will go up, however. There are other bargains out there, especially natural gas picks.
Baytex Energy Corp (BTE-T)
January 24, 2019
Light oil companies will benefit more from an advance in oil price to $70+ this year. He is concerned, though about the balance sheet here and would pass on it. In a couple of years, all these stocks will go up, however. There are other bargains out there, especially natural gas picks.
Josef Schachter
President, Schachter Asset Management
Price
$2.180
Owned
Unknown
SPECULATIVE BUY
SPECULATIVE BUY
January 2, 2019
Too much debt, making acqusitions, and need to fix the balance sheet. The current $2.50 price is too low, though. They are oil-levered, so if oil recovers, you can make a lot of money with BTE. He predicts oil going to $50-60.
Too much debt, making acqusitions, and need to fix the balance sheet. The current $2.50 price is too low, though. They are oil-levered, so if oil recovers, you can make a lot of money with BTE. He predicts oil going to $50-60.
Bruce Campbell (1)
President, Campbell and Lee InvMngmnt
Price
$2.450
Owned
Unknown
WEAK BUY
WEAK BUY
December 31, 2018
He would have thought the bottom was higher than this. They did some great acquisitions recently and are in much better shape balance sheet wise. It is a better company than the market gives it credit for. You need crude to get out of the $45 range.
Baytex Energy Corp (BTE-T)
December 31, 2018
He would have thought the bottom was higher than this. They did some great acquisitions recently and are in much better shape balance sheet wise. It is a better company than the market gives it credit for. You need crude to get out of the $45 range.
John Zechner
Chairman, J. Zechner & Assoc
Price
$2.410
Owned
Unknown
DON'T BUY
DON'T BUY
December 31, 2018
Oil forecast? Used to have a great a balance sheet then levered up at the wrong time to make an acquisition around 2014. It takes a long time to unwind. Some say you can get great torque on BTE, because an upside in oil means an upside in earnings, but it's not worth the risk. Oil price is a little cheap now, so you can dip a toe into oil now. But look for good balance sheets in a company. It's rough to see the WCS differential so wide, but the reason is the lack of pipelines. Things can't get worse, but it can go away as soon as you start building pipelines. Also, demand growth in oil is okay actually.
Baytex Energy Corp (BTE-T)
December 31, 2018
Oil forecast? Used to have a great a balance sheet then levered up at the wrong time to make an acquisition around 2014. It takes a long time to unwind. Some say you can get great torque on BTE, because an upside in oil means an upside in earnings, but it's not worth the risk. Oil price is a little cheap now, so you can dip a toe into oil now. But look for good balance sheets in a company. It's rough to see the WCS differential so wide, but the reason is the lack of pipelines. Things can't get worse, but it can go away as soon as you start building pipelines. Also, demand growth in oil is okay actually.
Chris Stuchberry
Portfolio Manager, Wellington-Altus Private Wealth
Price
$2.410
Owned
Unknown
COMMENT
COMMENT
December 27, 2018
World oil demand is still growing, so he's not concerned about the future of oil. That said, he'd own the lower-cost oil companies. BTE is well-run, but at the whims of the oil price. If that price is flat in coming years, look at other oil companies.
Baytex Energy Corp (BTE-T)
December 27, 2018
World oil demand is still growing, so he's not concerned about the future of oil. That said, he'd own the lower-cost oil companies. BTE is well-run, but at the whims of the oil price. If that price is flat in coming years, look at other oil companies.
Jamie Murray
Head of research, Murray Wealth Group
Price
$2.090
Owned
Unknown
TOP PICK
TOP PICK
December 14, 2018
This offers great leverage to higher oil prices and tighter heavy oil differentials.. Over 37% of their cash flow comes from the Eagleford and have enormous exposure to the Duvernay. The value of this asset is in excess of the share price. It has had enormous tax loss selling recently, so it has great upside. At $60 WTI prices, he gets about a $4 share price. Yield 0%. (Analysts’ price target is $5.09)
Baytex Energy Corp (BTE-T)
December 14, 2018
This offers great leverage to higher oil prices and tighter heavy oil differentials.. Over 37% of their cash flow comes from the Eagleford and have enormous exposure to the Duvernay. The value of this asset is in excess of the share price. It has had enormous tax loss selling recently, so it has great upside. At $60 WTI prices, he gets about a $4 share price. Yield 0%. (Analysts’ price target is $5.09)
Eric Nuttall
Partner & Senior Portfolio Manager, Ninepoint Partners
Price
$2.370
Owned
Yes
BUY
BUY
December 13, 2018

As long as you believe that energy prices have to trade at some level above marginal cost globally, this company is a good purchase here. Well funded. Trading at 3 times normalized earnings. Everybody hates it. International investors are not coming to Canada as long as they don't see we can work as a country and sell our product and find more of it.

Baytex Energy Corp (BTE-T)
December 13, 2018

As long as you believe that energy prices have to trade at some level above marginal cost globally, this company is a good purchase here. Well funded. Trading at 3 times normalized earnings. Everybody hates it. International investors are not coming to Canada as long as they don't see we can work as a country and sell our product and find more of it.

John O'Connell, CFA
Chairman and CEO, Davis Rea
Price
$2.450
Owned
Unknown
COMMENT
COMMENT
December 10, 2018
The energy sector has had its problems, including Baytex. They have very good properties, but margins are thin given the oil price. For energy as a whole, you'll have to wait a long time to find value.
Baytex Energy Corp (BTE-T)
December 10, 2018
The energy sector has had its problems, including Baytex. They have very good properties, but margins are thin given the oil price. For energy as a whole, you'll have to wait a long time to find value.
Michael Sprung
President, Sprung Investment Management
Price
$2.310
Owned
Unknown
HOLD
HOLD
November 30, 2018
Real problem with energy and its stocks is that the psychology is totally negative. Until we see the horizon clear with oil price and supply, be very cautious about putting money in. If you hold it, you can continue to do so. (Analysts’ price target is $5.63)
Baytex Energy Corp (BTE-T)
November 30, 2018
Real problem with energy and its stocks is that the psychology is totally negative. Until we see the horizon clear with oil price and supply, be very cautious about putting money in. If you hold it, you can continue to do so. (Analysts’ price target is $5.63)
David Cockfield
Managing Director, Northland Wealth Management
Price
$2.460
Owned
Yes
TOP PICK
TOP PICK
November 26, 2018
It's the poster child of hate for Canadian energy stocks. Balance sheet is decent now after being stretched for a long time. This is a screaming buy. They could buyback their own shares. This is close to a bottom now. (Analysts’ price target is $5.63)
Baytex Energy Corp (BTE-T)
November 26, 2018
It's the poster child of hate for Canadian energy stocks. Balance sheet is decent now after being stretched for a long time. This is a screaming buy. They could buyback their own shares. This is close to a bottom now. (Analysts’ price target is $5.63)
John Zechner
Chairman, J. Zechner & Assoc
Price
$2.440
Owned
Yes
PAST TOP PICK
PAST TOP PICK
November 22, 2018
(A Top Pick Sep 13/17, Up 8%) This is about the 6.625% 2021 Bond - They have owned it since 2016 when the last oil crisis happened. Since it merged with another company it is a lot less risky. better coverage ratio. Sometimes they prefer to have the bond with an equity-like return.
Baytex Energy Corp (BTE-T)
November 22, 2018
(A Top Pick Sep 13/17, Up 8%) This is about the 6.625% 2021 Bond - They have owned it since 2016 when the last oil crisis happened. Since it merged with another company it is a lot less risky. better coverage ratio. Sometimes they prefer to have the bond with an equity-like return.
Paul Gardner, CFA
Partner and Portfolio Manager, Avenue Investment Management
Price
$2.530
Owned
Yes
DON'T BUY
DON'T BUY
November 19, 2018
He has a problem with this one. Debt went up from 17 to 1.9 or 88% debt to equity ratio. Third of production is heavy oil. The CEO does not own enough shares in the company.
Baytex Energy Corp (BTE-T)
November 19, 2018
He has a problem with this one. Debt went up from 17 to 1.9 or 88% debt to equity ratio. Third of production is heavy oil. The CEO does not own enough shares in the company.
Josef Schachter
President, Schachter Asset Management
Price
$2.580
Owned
Unknown
TOP PICK
TOP PICK
November 16, 2018
This is viewed as a over leveraged heavy oil producer. They have been lacking an institutional base, it is predominantly a retail investment base. They merged with Raging River. They de-levered their balance sheet. Fundamentally, nothing has changed with the company other than the oil price. Their cash flow will enable them to buy back all outstanding shares in 4 years. He sees a 150% upside to this. Yield = 0% (Analysts’ price target is $5.66)
Baytex Energy Corp (BTE-T)
November 16, 2018
This is viewed as a over leveraged heavy oil producer. They have been lacking an institutional base, it is predominantly a retail investment base. They merged with Raging River. They de-levered their balance sheet. Fundamentally, nothing has changed with the company other than the oil price. Their cash flow will enable them to buy back all outstanding shares in 4 years. He sees a 150% upside to this. Yield = 0% (Analysts’ price target is $5.66)
Eric Nuttall
Partner & Senior Portfolio Manager, Ninepoint Partners
Price
$2.550
Owned
Yes
WEAK BUY
WEAK BUY
November 15, 2018
The whole group, energy, has been pressured. It's slightly riskier than, say, Suncor. A decent opportunity. You may make a 5-10% return on this in 12 months?
Baytex Energy Corp (BTE-T)
November 15, 2018
The whole group, energy, has been pressured. It's slightly riskier than, say, Suncor. A decent opportunity. You may make a 5-10% return on this in 12 months?
Andrew Pyle
Senior wealth advisor and portfolio manager, The Pyle Group, Scotia Wealth Mgt.
Price
$2.450
Owned
No
BUY
BUY
November 5, 2018
I broke below 2017 support. About $2.50 is a hard exit point. Support is $3.60. Going up to resistance is a pretty good return. The volume does not coincide with the big reversal. He does not see big volume at the low levels.
Baytex Energy Corp (BTE-T)
November 5, 2018
I broke below 2017 support. About $2.50 is a hard exit point. Support is $3.60. Going up to resistance is a pretty good return. The volume does not coincide with the big reversal. He does not see big volume at the low levels.
Jeff Parent B. Eng. FCSI CIM
VP & Portfolio Manager, Chief Investment Officer, Castlemoore Inc.
Price
$2.900
Owned
Unknown
BUY
BUY
November 5, 2018
It's been beaten up and now really cheap. He likes the very strong earnings forecast. His FMV forecasts 140% upside. This can go to $5 easily and perhaps $6.50. Do not sell now.
Baytex Energy Corp (BTE-T)
November 5, 2018
It's been beaten up and now really cheap. He likes the very strong earnings forecast. His FMV forecasts 140% upside. This can go to $5 easily and perhaps $6.50. Do not sell now.
Ross Healy
Chairman, Strategic Analysis Corp
Price
$2.900
Owned
Unknown
DON'T BUY
DON'T BUY
October 25, 2018

It is up 4% today. It is putting a base in here. He does not favour this sector. It is not showing enough strength. If it went above $3 he would take another look.

Baytex Energy Corp (BTE-T)
October 25, 2018

It is up 4% today. It is putting a base in here. He does not favour this sector. It is not showing enough strength. If it went above $3 he would take another look.

Brooke Thackray
Research Analyst, Horizons ETFs (Canada) Inc.
Price
$2.760
Owned
Unknown
TOP PICK
TOP PICK
October 19, 2018

Predominantly a light oil producer. They have changed their portfolio to only 21% heavy oil exposure – holding 40% in Eagleford light barrels. Debt to cash flow is only 1.7 times. He wants 10% of his portfolio to be this holding.