Baytex Energy Corp

BTE-T

TSE:BTE

0.46
0.00 (0.00%)
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.
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Analysis and Opinions about BTE-T

Signal
Opinion
Expert
TOP PICK
TOP PICK
January 5, 2006
Likes the energy play and loves the management team. They have done a nice little financial engineering. A heavy oil company that has taken away a lot of their heavy oil exposure, yet it still gets a heavy oil discount. Right now, their payout ratio is 35%.
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Likes the energy play and loves the management team. They have done a nice little financial engineering. A heavy oil company that has taken away a lot of their heavy oil exposure, yet it still gets a heavy oil discount. Right now, their payout ratio is 35%.
DON'T BUY
DON'T BUY
December 2, 2005
Not keen on heavy oil. Exposed to rises in the oil patch disproportionately to the others. They have hedged the differential, however he just doesn't like heavy oil.
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Baytex Energy Corp (BTE-T)
December 2, 2005
Not keen on heavy oil. Exposed to rises in the oil patch disproportionately to the others. They have hedged the differential, however he just doesn't like heavy oil.
HOLD
HOLD
November 30, 2005
Heavy oil, so there's an extra element of risk associated with it. Not one of his favourites, but it is a good high end, good yield and represents good value.
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Baytex Energy Corp (BTE-T)
November 30, 2005
Heavy oil, so there's an extra element of risk associated with it. Not one of his favourites, but it is a good high end, good yield and represents good value.
BUY
BUY
October 7, 2005
Primarily involved with heavy oil. The market really misunderstands this company. A little more debt than he's comfotable with, but a large portion is term debt, so not as worried about that. Have an interesting arrangement with a US refinery that locks in a spread on their heavy oil. Still buying.
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Primarily involved with heavy oil. The market really misunderstands this company. A little more debt than he's comfotable with, but a large portion is term debt, so not as worried about that. Have an interesting arrangement with a US refinery that locks in a spread on their heavy oil. Still buying.
DON'T BUY
DON'T BUY
September 9, 2005
A heavy oil producer, so are subject to heavy oil prices. A seasonal commodity. Right now they are having a phenominal quarter and expects the same with the 3rd quarter. He tends to stay away from the seasonal stocks.
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Baytex Energy Corp (BTE-T)
September 9, 2005
A heavy oil producer, so are subject to heavy oil prices. A seasonal commodity. Right now they are having a phenominal quarter and expects the same with the 3rd quarter. He tends to stay away from the seasonal stocks.
BUY
BUY
August 18, 2005
Has come off a bit and is in a Buy range. In the heavy oil side which has its own pace. Reserves are probably understated. Production problems now seem to be on side. The spread between light and heavy oil has decreased. Would expect to see some increase in the payout.
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Has come off a bit and is in a Buy range. In the heavy oil side which has its own pace. Reserves are probably understated. Production problems now seem to be on side. The spread between light and heavy oil has decreased. Would expect to see some increase in the payout.
WEAK BUY
WEAK BUY
July 8, 2005
Has an exposure to heavy oil so besides just crude oil you have to look at another price which is the differential between West Texas intermediate crude oil price and what heavy oil is trading for. It traditionally has gotten fairly large in the winter months and fairly small in the summer. There are others he likes better, but it will grow in production. Well managed.
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Has an exposure to heavy oil so besides just crude oil you have to look at another price which is the differential between West Texas intermediate crude oil price and what heavy oil is trading for. It traditionally has gotten fairly large in the winter months and fairly small in the summer. There are others he likes better, but it will grow in production. Well managed.
DON'T BUY
DON'T BUY
June 17, 2005
Heavy oil producer. Reserve life is just below the average. Prefers trusts with lighter oil.
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Heavy oil producer. Reserve life is just below the average. Prefers trusts with lighter oil.
BUY
BUY
June 10, 2005
Relative to other royalty trusts the payout ratio is just slightly above average. One of the reasons valuation has been held down is dur to their emphasis on heavy oil. Has some attractive hedging.
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Relative to other royalty trusts the payout ratio is just slightly above average. One of the reasons valuation has been held down is dur to their emphasis on heavy oil. Has some attractive hedging.
SELL
SELL
April 8, 2005
Primarily all heavy oil, although about 70% of it is hedged. Long term would be more constructive on light/sweet oil such as Crescent Point (CPG.UN-T), Arc Energy (AET.UN-T) and Enerplus (ERF.UN-T). Would sell and switch to another royalty trust. Own in their index fund, but only because they have to.
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Primarily all heavy oil, although about 70% of it is hedged. Long term would be more constructive on light/sweet oil such as Crescent Point (CPG.UN-T), Arc Energy (AET.UN-T) and Enerplus (ERF.UN-T). Would sell and switch to another royalty trust. Own in their index fund, but only because they have to.
BUY
BUY
February 21, 2005
Different than most of the other income trusts in that it is essentially a heavy oil. Have lots of reserves. Not a lot of risk for them in increasing reserves. Got hurt in the last quarter in'04 because the heavy/light oil spread widened significantly, but they have 70% of their production locked in.
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Baytex Energy Corp (BTE-T)
February 21, 2005
Different than most of the other income trusts in that it is essentially a heavy oil. Have lots of reserves. Not a lot of risk for them in increasing reserves. Got hurt in the last quarter in'04 because the heavy/light oil spread widened significantly, but they have 70% of their production locked in.
DON'T BUY
DON'T BUY
February 18, 2005
Weighted more towards heavy oil. The light & heavy oil differential has widened which is a negative for heavy oil producers, but not as negative for Baytex in the short term as they have hedged that risk. The reality with heavy oil is that the net backs are lower and operating costs are higher.
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Baytex Energy Corp (BTE-T)
February 18, 2005
Weighted more towards heavy oil. The light & heavy oil differential has widened which is a negative for heavy oil producers, but not as negative for Baytex in the short term as they have hedged that risk. The reality with heavy oil is that the net backs are lower and operating costs are higher.
HOLD
HOLD
January 21, 2005
Heavy oil aspect is mitigated by their contracts south of the border to sell at a fixed spread above West Texas intermediate. Haven't done as good a job as anticipated in production. Likes the yield.
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Baytex Energy Corp (BTE-T)
January 21, 2005
Heavy oil aspect is mitigated by their contracts south of the border to sell at a fixed spread above West Texas intermediate. Haven't done as good a job as anticipated in production. Likes the yield.
STRONG BUY
STRONG BUY
December 2, 2004
Made a very cheap acquisition today of light oil. Metrics look pretty good. Their heavy oil is all hedged. The trust is cheap on relative terms.
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Baytex Energy Corp (BTE-T)
December 2, 2004
Made a very cheap acquisition today of light oil. Metrics look pretty good. Their heavy oil is all hedged. The trust is cheap on relative terms.
DON'T BUY
DON'T BUY
November 15, 2004
Distribution of 13.9% is pretty rich indicating shorter reserve life. Prefers longer reserve life.
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Baytex Energy Corp (BTE-T)
November 15, 2004
Distribution of 13.9% is pretty rich indicating shorter reserve life. Prefers longer reserve life.
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