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
The Slide Rule
12 Jan 17
What is The Slide Rule? The Slide Rule has been designed to dramatically simplify the identification of the best companies in the UK small/mid-cap sector by making a quantitative assessment of the relative potential of each company. At its core, The Slide Rule aims to identify those companies that create genuine shareholder value through strong returns on capital and solid growth, but also present a value opportunity with the potential tailwind of earnings momentum. Companies are assessed within a Quality, Value, Growth and Momentum (QVGM) framework.
The Monthly January 2017
09 Jan 17
Despite all the hullaballoo of the Brexit vote and the subsequent election of Donald Trump as the next US President, the UK stock market prospered last year, especially in the latter few months of 2016. The combination of a depreciating currency – making $ earnings more valuable in relative terms - and the Trump emphasis on infrastructure expenditure drove the stock market higher
10 for 17
09 Jan 17
As always at the start of a year, there are significant uncertainties about the year ahead but I think in 2017, the level of uncertainly has decisively moved up a gear. In fact, a leading economist at the LSE, Ethan Ilzetzki, was recently quoted as saying “I view the current global economic environment as the most uncertain in modern history”. Wow.
GMP FirstEnergy ― UK Energy morning research package
10 Jan 17
GeoPark (GPRK-NYSE) 1,6; BUY, US$6.50: 4Q16 operations update and production results | Northern Petroleum (NOP LN)1; SPEC. BUY, £0.10: Results of open offer | Serica Energy (SQZ LN) (not covered): Operations Update | Roxi Petroleum (RXP LN) (not covered): BNG Operational update in Kazakhstan | Tullow Oil (TLW LN); REDUCE, £2.90: Transaction in Uganda frees up cash for Kenya | Eco Atlantic (EOC CN) (not covered): Intention to list on AIM –
19 Dec 16
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