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BTE

Baytex Energy TSX:BTE Stock Report

Last Price

CA$5.85

Market Cap

CA$3.2b

7D

0.5%

1Y

63.0%

Updated

30 Sep, 2022

Data

Company Financials +
BTE fundamental analysis
Snowflake Score
Valuation6/6
Future Growth4/6
Past Performance3/6
Financial Health3/6
Dividends0/6

BTE Stock Overview

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 Texas, the United States.

Baytex Energy Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Baytex Energy
Historical stock prices
Current Share PriceCA$5.85
52 Week HighCA$9.16
52 Week LowCA$3.21
Beta3.09
1 Month Change-14.10%
3 Month Change-6.40%
1 Year Change62.95%
3 Year Change226.82%
5 Year Change65.25%
Change since IPO225.00%

Recent News & Updates

Aug 15
Is There An Opportunity With Baytex Energy Corp.'s (TSE:BTE) 48% Undervaluation?

Is There An Opportunity With Baytex Energy Corp.'s (TSE:BTE) 48% Undervaluation?

In this article we are going to estimate the intrinsic value of Baytex Energy Corp. ( TSE:BTE ) by projecting its...

Shareholder Returns

BTECA Oil and GasCA Market
7D0.5%1.3%-0.008%
1Y63.0%21.8%-6.6%

Return vs Industry: BTE exceeded the Canadian Oil and Gas industry which returned 23.2% over the past year.

Return vs Market: BTE exceeded the Canadian Market which returned -6.2% over the past year.

Price Volatility

Is BTE's price volatile compared to industry and market?
BTE volatility
BTE Average Weekly Movement9.7%
Oil and Gas Industry Average Movement10.4%
Market Average Movement9.9%
10% most volatile stocks in CA Market18.1%
10% least volatile stocks in CA Market3.8%

Stable Share Price: BTE is not significantly more volatile than the rest of Canadian stocks over the past 3 months, typically moving +/- 10% a week.

Volatility Over Time: BTE's weekly volatility (10%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
1993n/aEd LaFehrhttps://www.baytexenergy.com

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 Texas, the United States. The company offers light oil and condensate, heavy oil, natural gas liquids, and natural gas. Its principal oil and natural gas properties comprise the Eagle Ford property in Texas, Viking and Lloydminster properties in Alberta and Saskatchewan, Peace River and Duvernay properties in Alberta.

Baytex Energy Fundamentals Summary

How do Baytex Energy's earnings and revenue compare to its market cap?
BTE fundamental statistics
Market CapCA$3.23b
Earnings (TTM)CA$833.78m
Revenue (TTM)CA$2.08b

3.9x

P/E Ratio

1.5x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
BTE income statement (TTM)
RevenueCA$2.08b
Cost of RevenueCA$571.64m
Gross ProfitCA$1.51b
Other ExpensesCA$678.75m
EarningsCA$833.78m

Last Reported Earnings

Jun 30, 2022

Next Earnings Date

Nov 03, 2022

Earnings per share (EPS)1.51
Gross Margin72.57%
Net Profit Margin40.01%
Debt/Equity Ratio46.7%

How did BTE perform over the long term?

See historical performance and comparison
We’ve recently updated our valuation analysis.

Valuation

Is BTE undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

6/6

Valuation Score 6/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for BTE?

Other financial metrics that can be useful for relative valuation.

BTE key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue2.1x
Enterprise Value/EBITDA2.8x
PEG Ratio0.1x

Price to Earnings Ratio vs Peers

How does BTE's PE Ratio compare to its peers?

BTE PE Ratio vs Peers
The above table shows the PE ratio for BTE vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average12.7x
TPZ Topaz Energy
36.5x20.7%CA$3.0b
POU Paramount Resources
5.8xn/aCA$3.5b
CPG Crescent Point Energy
2.8x-40.0%CA$4.8b
MEG MEG Energy
5.7x-25.5%CA$4.7b
BTE Baytex Energy
3.9x26.2%CA$3.2b

Price-To-Earnings vs Peers: BTE is good value based on its Price-To-Earnings Ratio (3.9x) compared to the peer average (12.7x).


Price to Earnings Ratio vs Industry

How does BTE's PE Ratio compare vs other companies in the CA Oil and Gas Industry?

Price-To-Earnings vs Industry: BTE is good value based on its Price-To-Earnings Ratio (3.9x) compared to the Canadian Oil and Gas industry average (5.6x)


Price to Earnings Ratio vs Fair Ratio

What is BTE's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

BTE PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio3.9x
Fair PE Ratio18.7x

Price-To-Earnings vs Fair Ratio: BTE is good value based on its Price-To-Earnings Ratio (3.9x) compared to the estimated Fair Price-To-Earnings Ratio (18.7x).


Share Price vs Fair Value

What is the Fair Price of BTE when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: BTE (CA$5.85) is trading below our estimate of fair value (CA$45.7)

Significantly Below Fair Value: BTE is trading below fair value by more than 20%.


Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.


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Future Growth

How is Baytex Energy forecast to perform in the next 1 to 3 years based on estimates from 2 analysts?

Future Growth Score

4/6

Future Growth Score 4/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


26.2%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: BTE's forecast earnings growth (26.2% per year) is above the savings rate (1.6%).

Earnings vs Market: BTE's earnings (26.2% per year) are forecast to grow faster than the Canadian market (7.5% per year).

High Growth Earnings: BTE's earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: BTE's revenue (13.6% per year) is forecast to grow faster than the Canadian market (5.8% per year).

High Growth Revenue: BTE's revenue (13.6% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: Insufficient data to determine if BTE's Return on Equity is forecast to be high in 3 years time


Discover growth companies

Past Performance

How has Baytex Energy performed over the past 5 years?

Past Performance Score

3/6

Past Performance Score 3/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


20.7%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: BTE has high quality earnings.

Growing Profit Margin: BTE's current net profit margins (40%) are lower than last year .


Past Earnings Growth Analysis

Earnings Trend: BTE has become profitable over the past 5 years, growing earnings by 20.7% per year.

Accelerating Growth: BTE's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: BTE had negative earnings growth (-31.4%) over the past year, making it difficult to compare to the Oil and Gas industry average (176.9%).


Return on Equity

High ROE: BTE's Return on Equity (34.5%) is considered high.


Discover strong past performing companies

Financial Health

How is Baytex Energy's financial position?

Financial Health Score

3/6

Financial Health Score 3/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Debt Coverage

  • Interest Coverage

Financial Position Analysis

Short Term Liabilities: BTE's short term assets (CA$344.4M) do not cover its short term liabilities (CA$551.6M).

Long Term Liabilities: BTE's short term assets (CA$344.4M) do not cover its long term liabilities (CA$1.8B).


Debt to Equity History and Analysis

Debt Level: BTE's net debt to equity ratio (46.6%) is considered high.

Reducing Debt: BTE's debt to equity ratio has reduced from 92.6% to 46.7% over the past 5 years.

Debt Coverage: BTE's debt is well covered by operating cash flow (86.7%).

Interest Coverage: BTE's interest payments on its debt are well covered by EBIT (10.1x coverage).


Balance Sheet


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Dividend

What is Baytex Energy current dividend yield, its reliability and sustainability?

Dividend Score

0/6

Dividend Score 0/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Cash Flow Coverage

Dividend Yield vs Market

Baytex Energy Dividend Yield vs Market
How does Baytex Energy dividend yield compare to the market?
SegmentDividend Yield
Company (Baytex Energy)0%
Market Bottom 25% (CA)2.0%
Market Top 25% (CA)6.1%
Industry Average (Oil and Gas)4.9%
Analyst forecast in 3 Years (Baytex Energy)0%

Notable Dividend: Unable to evaluate BTE's dividend yield against the bottom 25% of dividend payers, as the company has not reported any recent payouts.

High Dividend: Unable to evaluate BTE's dividend yield against the top 25% of dividend payers, as the company has not reported any recent payouts.


Stability and Growth of Payments

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.


Earnings Payout to Shareholders

Earnings Coverage: BTE is not paying a notable dividend for the Canadian market.


Cash Payout to Shareholders

Cash Flow Coverage: Unable to calculate sustainability of dividends as BTE has not reported any payouts.


Discover strong dividend paying companies

Management

How experienced are the management team and are they aligned to shareholders interests?

6.2yrs

Average management tenure


CEO

Ed LaFehr (62 yo)

5.33yrs

Tenure

CA$3,782,500

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 Director and Chief Executive Officer since May 4, 2017. Mr. LaFehr has been Non...


CEO Compensation Analysis

Ed LaFehr's Compensation vs Baytex Energy Earnings
How has Ed LaFehr's remuneration changed compared to Baytex Energy's earnings?
DateTotal Comp.SalaryCompany Earnings
Jun 30 2022n/an/a

CA$834m

Mar 31 2022n/an/a

CA$2b

Dec 31 2021CA$4mCA$575k

CA$2b

Sep 30 2021n/an/a

CA$1b

Jun 30 2021n/an/a

CA$1b

Mar 31 2021n/an/a

CA$24m

Dec 31 2020CA$3mCA$532k

-CA$2b

Sep 30 2020n/an/a

-CA$3b

Jun 30 2020n/an/a

-CA$3b

Mar 31 2020n/an/a

-CA$3b

Dec 31 2019CA$3mCA$575k

-CA$12m

Sep 30 2019n/an/a

-CA$126m

Jun 30 2019n/an/a

-CA$114m

Mar 31 2019n/an/a

-CA$251m

Dec 31 2018CA$3mCA$575k

-CA$325m

Sep 30 2018n/an/a

-CA$18m

Jun 30 2018n/an/a

-CA$55m

Mar 31 2018n/an/a

CA$13m

Dec 31 2017CA$3mCA$550k

CA$87m

Sep 30 2017n/an/a

-CA$348m

Jun 30 2017n/an/a

-CA$378m

Mar 31 2017n/an/a

-CA$475m

Dec 31 2016CA$2mCA$206k

-CA$485m

Compensation vs Market: Ed's total compensation ($USD2.76M) is about average for companies of similar size in the Canadian market ($USD2.36M).

Compensation vs Earnings: Ed's compensation has increased by more than 20% whilst company earnings have fallen more than 20% in the past year.


Leadership Team

Experienced Management: BTE's management team is seasoned and experienced (6.2 years average tenure).


Board Members

Experienced Board: BTE's board of directors are considered experienced (4.5 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

TSX:BTE Recent Insider Transactions by Companies or Individuals
DateValueNameEntityRoleSharesMax Price
23 Jun 22BuyCA$66,902Mark BlyIndividual12,000CA$5.58
23 Jun 22BuyCA$113,700Rodney GrayIndividual20,000CA$5.68
23 Jun 22BuyCA$22,440James MacleanIndividual4,000CA$5.61
13 May 22BuyCA$47,509Chad LundbergIndividual7,700CA$6.17
04 Mar 22SellCA$250,200Brian EctorIndividual45,000CA$5.56
03 Mar 22SellCA$330,600Chad KalmakoffIndividual60,000CA$5.51

Ownership Breakdown

What is the ownership structure of BTE?
Owner TypeNumber of SharesOwnership Percentage
Individual Insiders6,252,2961.1%
Institutions40,325,6597.3%
General Public504,876,71291.6%

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Top 25 shareholders own 8.4% of the company
OwnershipNameSharesCurrent ValueChange %Portfolio %
4.9%
Ninepoint Partners LP
27,000,000CA$158.0m12.5%7.78%
0.55%
Dimensional Fund Advisors LP
3,044,130CA$17.8m9.32%no data
0.34%
American Century Investment Management Inc
1,898,248CA$11.1m7.34%0.01%
0.33%
Edward LaFehr
1,792,841CA$10.5m0%no data
0.25%
Royce & Associates, LP
1,390,100CA$8.1m-20.2%0.05%
0.24%
TD Asset Management, Inc.
1,312,496CA$7.7m-5.71%0.01%
0.21%
Hillsdale Investment Management Inc.
1,162,630CA$6.8m-40.94%0.36%
0.2%
Teachers Insurance and Annuity Association-College Retirement Equities Fund
1,093,427CA$6.4m-33.29%no data
0.19%
Spartan Fund Management Inc.
1,048,200CA$6.1m100%0.82%
0.17%
Rodney Gray
934,024CA$5.5m2.19%no data
0.15%
Edgehill Partners
805,400CA$4.7m-18.96%0.64%
0.12%
State Street Global Advisors, Inc.
653,441CA$3.8m0.56%no data
0.09%
Kendall Arthur
497,839CA$2.9m0%no data
0.086%
Chad Lundberg
472,481CA$2.8m1.66%no data
0.084%
M. Lovett
461,070CA$2.7m0%no data
0.081%
Schroder Investment Management Limited
444,743CA$2.6m0%no data
0.076%
Mark Bly
421,544CA$2.5m2.93%no data
0.062%
Brian Ector
339,512CA$2.0m0%no data
0.054%
Chad Kalmakoff
295,892CA$1.7m0%no data
0.045%
Trudy Curran
247,952CA$1.5m0%no data
0.044%
David Pearce
244,688CA$1.4m0%no data
0.041%
Gregory Melchin
225,961CA$1.3m0%no data
0.038%
KLP Kapitalforvaltning AS
207,200CA$1.2m0%no data
0.034%
Jarislowsky, Fraser Limited
186,800CA$1.1m-81.2%no data
0.028%
MD Financial Management Inc.
153,345CA$897.1k102.79%0.01%

Company Information

Baytex Energy Corp.'s 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
  • Implied Market Cap: CA$3.226b
  • Shares outstanding: 551.45m
  • Website: https://www.baytexenergy.com

Number of Employees


Location

  • Baytex Energy Corp.
  • Centennial Place, East Tower
  • Suite 2800
  • Calgary
  • Alberta
  • T2P 0R3
  • Canada


Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
BTETSX (The Toronto Stock Exchange)YesCommon SharesCACADNov 1993
BTEG.FOTCPK (Pink Sheets LLC)YesCommon SharesUSUSDNov 1993
B5XDB (Deutsche Boerse AG)YesCommon SharesDEEURNov 1993

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/09/30 00:00
End of Day Share Price2022/09/30 00:00
Earnings2022/06/30
Annual Earnings2021/12/31


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.