Executive Summary
Baytex Energy Corp., an oil and gas company, acquires, develops, and produces oil and natural gas in the Western Canadian Sedimentary Basin and in the Eagle Ford in the United States.
Snowflake
Fundamentals
Fair value with mediocre balance sheet.
Similar Companies
Share Price & News
How has Baytex Energy's share price performed over time and what events caused price changes?
Latest Share Price and Events
Market Performance
7 Day Return
-10.3%
BTE
-0.5%
CA Oil and Gas
-0.2%
CA Market
1 Year Return
-46.4%
BTE
-12.6%
CA Oil and Gas
1.5%
CA Market
Return vs Industry: BTE underperformed the Canadian Oil and Gas industry which returned -12.6% over the past year.
Return vs Market: BTE underperformed the Canadian Market which returned 1.5% over the past year.
Shareholder returns
| BTE | Industry | Market | |
|---|---|---|---|
| 7 Day | -10.3% | -0.5% | -0.2% |
| 30 Day | -32.5% | -6.1% | -3.5% |
| 90 Day | -19.2% | -4.5% | -1.8% |
| 1 Year | -46.4%-46.4% | -8.7%-12.6% | 5.1%1.5% |
| 3 Year | -72.3%-72.3% | -17.1%-25.5% | 13.3%3.2% |
| 5 Year | -95.2%-95.5% | -21.5%-33.4% | 25.2%7.2% |
Price Volatility Vs. Market
How volatile is Baytex Energy's share price compared to the market and industry in the last 5 years?
Simply Wall St News
6 days ago | Simply Wall St
Did You Manage To Avoid Baytex Energy's (TSE:BTE) 95% Share Price Wipe Out?1 month ago | Simply Wall St
Is There An Opportunity With Baytex Energy Corp.'s (TSE:BTE) 48% Undervaluation?1 month ago | Simply Wall St
This Insider Has Just Sold Shares In Baytex Energy Corp. (TSE:BTE)Valuation
Is Baytex Energy undervalued compared to its fair value and its price relative to the market?
>50%
Undervalued compared to fair value
Share Price vs. Fair Value
Below Fair Value: BTE (CA$1.56) is trading below our estimate of fair value (CA$3.69)
Significantly Below Fair Value: BTE is trading below fair value by more than 20%.
Price To Earnings Ratio
PE vs Industry: BTE is unprofitable, so we can't compare its PE Ratio to the Oil and Gas industry average.
PE vs Market: BTE is unprofitable, so we can't compare its PE Ratio to the Canadian market.
Price to Earnings Growth Ratio
PEG Ratio: Insufficient data to calculate BTE's PEG Ratio to determine if it is good value.
Price to Book Ratio
PB vs Industry: BTE is good value based on its PB Ratio (0.3x) compared to the CA Oil and Gas industry average (0.6x).
Next Steps
Future Growth
How is Baytex Energy forecast to perform in the next 1 to 3 years based on estimates from 2 analysts?
54.0%
Forecasted annual earnings growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: BTE is forecast to remain unprofitable over the next 3 years.
Earnings vs Market: BTE is forecast to remain unprofitable over the next 3 years.
High Growth Earnings: BTE is forecast to remain unprofitable over the next 3 years.
Revenue vs Market: BTE's revenue (7.4% per year) is forecast to grow faster than the Canadian market (5.7% per year).
High Growth Revenue: BTE's revenue (7.4% per year) is forecast to grow slower than 20% per year.
Earnings per Share Growth Forecasts
Future Return on Equity
Future ROE: BTE's Return on Equity is forecast to be low in 3 years time (3.8%).
Next Steps
Past Performance
How has Baytex Energy performed over the past 5 years?
11.2%
Historical annual earnings growth
Earnings and Revenue History
Past Earnings Growth Analysis
Earnings Trend: BTE is unprofitable, but has reduced losses over the past 5 years at a rate of 11.2% per year.
Accelerating Growth: Unable to compare BTE's earnings growth over the past year to its 5-year average as it is currently unprofitable
Earnings vs Industry: BTE is unprofitable, making it difficult to compare its past year earnings growth to the Oil and Gas industry (62.2%).
Return on Equity
High ROE: BTE has a negative Return on Equity (-3.71%), as it is currently unprofitable.
Return on Assets
ROA vs Industry: BTE is currently unprofitable, so its Return on Assets is negative.
Return on Capital Employed
ROCE Improving: BTE is currently unprofitable, so its Return on Capital Employed is negative.
Next Steps
Financial Health
How is Baytex Energy's financial position?
Financial Position Analysis
Short Term Liabilities: BTE's short term assets (CA$195.3M) do not cover its short term liabilities (CA$233.6M)
Long Term Liabilities: BTE's short term assets (195.3M) do not cover its long term liabilities (2.9B)
Debt to Equity History and Analysis
Debt Level: BTE's debt to equity ratio (63.5%) is considered high
Reducing Debt: BTE's debt to equity ratio has reduced from 86.3% to 63.5% over the past 5 years.
Balance Sheet
Inventory Level: BTE has a high level of physical assets or inventory.
Debt Coverage by Assets: BTE's debt is not covered by short term assets (assets are 0.1x debt).
Cash Runway Analysis
For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.
Stable Cash Runway: Whilst unprofitable BTE has sufficient cash runway for more than 3 years if it maintains its current positive free cash flow level.
Forecast Cash Runway: BTE is unprofitable but has sufficient cash runway for more than 3 years, due to free cash flow being positive and growing by 75.7% per year.
Next Steps
Dividend
What is Baytex Energy's current dividend yield, its reliability and sustainability?
Dividend Yield vs Market
Current dividend yield vs market & industry
Stability and Growth of Payments
Notable Dividend: Unable to evaluate BTE's dividend yield against the bottom 25% of dividend payers, as the company has not reported any payouts.
High Dividend: Unable to evaluate BTE's dividend yield against the top 25% of dividend payers, as the company has not reported any payouts.
Stable Dividend: Insufficient data to determine if BTE's dividends per share have been stable in the past.
Growing Dividend: Insufficient data to determine if BTE's dividend payments have been increasing.
Current Payout to Shareholders
Dividend Coverage: BTE is not paying a notable dividend for the Canadian market.
Future Payout to Shareholders
Future Dividend Coverage: No need to calculate the sustainability of BTE's dividend in 3 years as they are not forecast to pay a notable one for the Canadian market.
Next Steps
Management
What is the CEO of Baytex Energy's salary, the management and board of directors tenure and is there insider trading?
1.8yrs
Average board tenure
CEO
Ed LaFehr (59yo)
2.4yrs
Tenure
CA$3,243,500
Compensation
Mr. Edward David LaFehr, also known as Ed, has been the President of Baytex Energy Corp. since July 18, 2016 and has been its Chief Executive Officer since May 4, 2017. Mr. LaFehr has been Non-Executive In ...
CEO Compensation Analysis
Compensation vs. Market: Ed has recently become CEO, making it difficult to compare their total compensation against companies of similar size in the Canadian market.
Compensation vs Earnings: Ed's compensation has increased whilst the company is unprofitable.
Board Age and Tenure
1.8yrs
Average Tenure
59yo
Average Age
Experienced Board: BTE's board of directors are not considered experienced ( 1.8 years average tenure), which suggests a new board.
Insider Trading
Insider Buying: BTE insiders have sold more shares than they have bought in the past 3 months.
Recent Insider Transactions
| Entity | Individual |
| Role | Member of the Board of Directors Director |
| Shares | 75,000 |
| Max Price | CA$2.00 |
| Entity | Individual |
| Shares | 100,000 |
| Max Price | CA$2.25 |
| Entity | Individual |
| Shares | 600,000 |
| Max Price | CA$2.21 |
| Entity | Individual |
| Shares | 600,000 |
| Max Price | CA$2.21 |
| Entity | Individual |
| Shares | 100,000 |
| Max Price | CA$2.17 |
| Entity | Individual |
| Shares | 100,000 |
| Max Price | CA$1.92 |
| Entity | Individual |
| Role | Chief Executive Officer President |
| Shares | 25,000 |
| Max Price | CA$1.91 |
| Entity | Individual |
| Shares | 286,000 |
| Max Price | CA$1.83 |
| Entity | Individual |
| Role | Head of Corporate Communications Senior Vice President of Capital Markets & Public Affairs |
| Shares | 15,000 |
| Max Price | CA$1.89 |
| Entity | Individual |
| Shares | 1,170,000 |
| Max Price | CA$1.70 |
| Entity | Individual |
| Shares | 100,000 |
| Max Price | CA$1.62 |
| Entity | Individual |
| Shares | 52,652 |
| Max Price | CA$1.62 |
| Entity | Individual |
| Shares | 130,000 |
| Max Price | CA$1.84 |
| Entity | Individual |
| Role | Member of the Board of Directors Independent Director |
| Shares | 60,000 |
| Max Price | CA$2.11 |
| Entity | Individual |
| Role | Chief Executive Officer President |
| Shares | 2,000 |
| Max Price | CA$2.38 |
| Entity | Individual |
| Role | Chief Executive Officer President |
| Shares | 2,222 |
| Max Price | CA$2.26 |
| Entity | Individual |
| Role | Lead Director Lead Independent Director |
| Shares | 10,000 |
| Max Price | CA$2.27 |
| Entity | Individual |
| Role | Chief Executive Officer President |
| Shares | 5,000 |
| Max Price | CA$2.18 |
| Entity | Individual |
| Role | Chief Executive Officer President |
| Shares | 2,500 |
| Max Price | CA$2.55 |
| Entity | Individual |
| Role | Chief Executive Officer President |
| Shares | 2,500 |
| Max Price | CA$2.64 |
| Entity | Individual |
| Role | Member of the Board of Directors Independent Director |
| Shares | 25,000 |
| Max Price | CA$2.06 |
| Entity | Individual |
| Role | Member of the Board of Directors Independent Director |
| Shares | 50,000 |
| Max Price | CA$1.93 |
| Entity | Individual |
| Role | Member of the Board of Directors Independent Director |
| Shares | 100,000 |
| Max Price | CA$2.03 |
| Entity | Individual |
| Role | Head of Corporate Communications Senior Vice President of Capital Markets & Public Affairs |
| Shares | 10,000 |
| Max Price | CA$2.43 |
| Entity | Individual |
| Role | Chief Executive Officer President |
| Shares | 41,494 |
| Max Price | CA$2.41 |
| Entity | Individual |
| Role | Member of the Board of Directors Independent Director |
| Shares | 66,000 |
| Max Price | CA$2.61 |
| Entity | Individual |
| Role | Member of the Board of Directors Independent Director |
| Shares | 70,000 |
| Max Price | CA$2.58 |
| Entity | Individual |
| Role | Member of the Board of Directors Independent Director |
| Shares | 30,000 |
| Max Price | CA$2.88 |
| Entity | Individual |
| Role | Member of the Board of Directors Independent Director |
| Shares | 30,000 |
| Max Price | CA$2.88 |
Ownership Breakdown
Management Team
Brian Ector (50yo)
Senior Vice President of Capital Markets & Public Affairs
- Tenure: 0yrs
- Compensation: CA$1.03m
M. Lovett (45yo)
Vice President of Corporate Development
- Tenure: 0yrs
Ed LaFehr (59yo)
President
- Tenure: 2.4yrs
- Compensation: CA$3.24m
Rodney Gray (47yo)
Executive VP & CFO
- Tenure: 5.5yrs
- Compensation: CA$2.00m
Board Members
Trudy Curran (56yo)
Independent Director
- Tenure: 3.3yrs
- Compensation: CA$227.50k
Neil Roszell (51yo)
Chairman of the Board
- Tenure: 1.2yrs
- Compensation: CA$105.29k
Greg Melchin (65yo)
Independent Director
- Tenure: 11.8yrs
- Compensation: CA$229.99k
Naveen Dargan (61yo)
Independent Director
- Tenure: 16.8yrs
- Compensation: CA$242.00k
Dave Pearce (65yo)
Independent Director
- Tenure: 1.2yrs
- Compensation: CA$71.83k
Jennifer Maki (49yo)
Director
- Tenure: 0.08yrs
Mark Bly (59yo)
Lead Independent Director
- Tenure: 0.6yrs
- Compensation: CA$225.56k
Ed LaFehr (59yo)
President
- Tenure: 2.4yrs
- Compensation: CA$3.24m
Company Information
Baytex Energy Corp.'s company bio, employee growth, exchange listings and data sources
Key Information
- Name: Baytex Energy Corp.
- Ticker: BTE
- Exchange: TSX
- Founded: 1993
- Industry: Oil and Gas Exploration and Production
- Sector: Energy
- Market Cap: CA$870.356m
- Shares outstanding: 557.92m
- Website: https://www.baytexenergy.com
Number of Employees
Location
- Baytex Energy Corp.
- Centennial Place, East Tower
- Suite 2800
- Calgary
- Alberta
- T2P 0R3
- Canada
Listings
| Ticker | Exchange | Primary Security | Security Type | Country | Currency | Listed on |
|---|---|---|---|---|---|---|
| BTE | TSX (The Toronto Stock Exchange) | Yes | Common Shares | CA | CAD | Nov 1993 |
| BTE | NYSE (New York Stock Exchange) | Yes | Common Shares | US | USD | Nov 1993 |
| B5X | DB (Deutsche Boerse AG) | Yes | Common Shares | DE | EUR | Nov 1993 |
Biography
Baytex Energy Corp., an oil and gas company, acquires, develops, and produces oil and natural gas in the Western Canadian Sedimentary Basin and in the Eagle Ford in the United States. The company offers li ...
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2019/10/21 00:20 |
| End of Day Share Price | 2019/10/18 00:00 |
| Earnings | 2019/06/30 |
| Annual Earnings | 2018/12/31 |
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.