Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on BAYTEX ENERGY CORP. We currently have 26 research reports from 1 professional analysts.
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BAYTEX ENERGY CORP
BAYTEX ENERGY CORP
2Q16 Results, Updated Guidance, Asset Divestitures
04 Aug 16
016 capex guidance was revised $32.5 mm lower at the midpoint to $200-$225 mm, a result of paring back the Eagle Ford development pace. Lower capex plus minor asset sales led to lower 2016e production guidance, down 2 mboe/d to 67-69 mboe/d. 2Q16 CFPS of $0.39/share (diluted) was in line with our prior $0.38/share estimate and higher than consensus at $0.34/share. Production was in line, while organic capex was much lower than we estimated ($36 mm versus our $59 mm estimate). No change to $7.50/share target price. Upgrading to Outperform.
2Q16e Quarterly Preview
26 Jul 16
Some Recovery on Segmented Cash Flow Generation Over Q1 Though Still Down 56% Y/Y. In aggregate, the Intermediate, Mid, and Small Cap groups are expected to generate 2Q16e cash flow of $1,281 mm, $183 mm, and $53 mm, or $1.517 billion in total, that while depressed relative to the same period last year (~$2.647 billion combined), is up 17% sequentially from the prior quarter, largely on the strength of crude oil price recovery in the period. Severely weak natural gas pricing picture markedly reversed into summer, market likely to ignore financials for natural gas producers and look ahead to winter and formalization of sell-side 2018e estimates in coming months. Spot AECO natural gas prices recently crested C$2.60/mcf, and with a reasonable alignment of previously distressed NE BC Stn2 differentials, augmented by a withdrawal expected next week, view the market psyche as constructive and looking ahead, with the analogy that this market is shaping up to mirror 2012 still holding. That said, with crude oil poised to retest support levels, combined with strong stock price performance broadly observed YTD, we would characterize sentiment as slightly pessimistic in the near-term which could reduce or unwind momentum-based investment strategies that have worked thus far in 2016.
RECEIVES TAX REASSESSMENT FROM CRA (ESTIMATED CASH AT STAKE ~$134 MM)
23 Jun 16
Market Impact: Perhaps slightly negative as the CRA has made its proposal official. It is important to note that unlike past CRA disputes with other Canadian oil & gas companies, BTE will not have to provide any security (typically 50% of the claim) as the claim is against commercial trusts, and some of those other disputes have been settled by reducing tax pools instead of paying cash. Nevertheless, until this dispute with the CRA is resolved, it have at least some impact on BTE's internal budgeting.
1Q16 Results, Lower Eagle Ford Costs
05 May 16
1Q16 results in line to slightly better than expectations. Marathon disclosures point to Eagle Ford 1Q16 well costs averaging ~US$0.8 mm less than BTE’s guidance. Some shut-in heavy oil production to be restarted, with possibly more if oil prices hold. Full-time salaries and director retainers reduced 10%. Target price increased $0.50 to $5.50/share, ranking unchanged at Market Perform
19 Apr 17
We take a look at the supply and demand dynamics of the world’s largest diamonds. Less than 200 very large (>200 carat) gem quality diamonds have ever been found, yet 23 of these have been found in the past three years. This dramatic increase is being driven by a combination of the rapid increase in the number of billionaires and hence price and demand, combined with technological developments that have improved large diamond recovery and a certain amount of geological good luck.
Small Cap Breakfast
19 Apr 17
Global Ports Holding—Intention to float on Standard List. International cruise ports operator. Seeking $250m raise including $75m primary offer. Dorcaster—Schedule One Update. Admission now expected 3 May. RTO of Escape Hunt raising £14m at 135p Verditek— Intention to float on AIM. On Admission, the Company's subsidiaries will be involved in advanced solar photovoltaic, filtration and absorption technologies specialising in providing environmental services. Raising £3.5m. Admission in May. Eddie Stobart Logistics— Schedule 1. Admission expected 25 April but capital raising details TBC. ADES International Holding— Intends to join the Standard List in May raising up to $170m plus a vendor sale. Provider of offshore and onshore oil and gas drilling and production services in the Middle East and Africa. Admission expected in May. Tufton Oceanic Assets– Offer extended to 9 May to enable investors to complete further due diligence.