Pat, what are your current views on Baytex Energy Corp. (BTE)? Oil and gas is going to be needed well into the future. I think Baytex has a long runway. What is your view? Is Baytex a buy, hold or sell? Thank you.
A: Baytex Energy Corp., $6.08, symbol BTE on Toronto (Shares outstanding: 544.9 million; Market cap: $3.3 billion; Resources sector; TSINetwork Rating: Extra Risk; www.baytexenergy.com), explores for, develops and produces oil and gas in Western Canada and in the Eagle Ford, Texas region of the U.S. The company’s output is 16% gas and 84% oil.
In the quarter ended September 30, 2022, Baytex’s production rose 4.2%, to 83,194 barrels of oil equivalent per day from 79,872 barrels a year earlier. Cash flow jumped 43.3%, to $284.3 million, or $0.51 a share, from $198.4 million, or $0.35 a share, a year earlier. That gain came from higher oil and gas prices, the higher output and reduced spending on exploration.
The company has used its strong cash flow over the last couple of years to pay down its debt. Its long-term debt of $1.1 billion is now a manageable 33% of its market cap. That’s down from $1.8 billion at the start of 2021.
Baytex plans…
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The information we receive from customers helps us personalize and continually improve your online experience at TSI Network. TSI Network may collect personal information online for all legal purposes, which include, but are not limited to:
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Does TSI Network Use the Information It Receives?
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Changes to this Policy
This Policy is the sole authorized statement of TSI Network's practices with respect to the collection of personal information through TSI Network's websites and the subsequent use and disclosure of such information. Any summaries of this Policy generated by third party software or otherwise (for example, in connection with the "Platform for Privacy Preferences" or "P3P") shall have no legal effect, are in no way binding upon TSI Network, shall not be relied upon in substitute for this Policy, and neither supersede nor modify this Policy.
TSI Network may revise this Policy from time to time.
Legal Notices and Disclaimers
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