Upcoming Dividend • Jun 08
Upcoming dividend of CA$0.022 per share Eligible shareholders must have bought the stock before 15 June 2026. Payment date: 02 July 2026. The company is not currently making a profit but it is cash flow positive. Trailing yield: 1.4%. Lower than top quartile of German dividend payers (4.6%). Lower than average of industry peers (4.5%). Recent Insider Transactions • Jun 03
Independent Director recently sold €330k worth of stock On the 2nd of June, Stephen David Reynish sold around 78k shares on-market at roughly €4.26 per share. This transaction amounted to 83% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Despite this recent sale, insiders have collectively bought €791k more than they sold in the last 12 months. Declared Dividend • May 20
First quarter dividend of CA$0.022 announced Shareholders will receive a dividend of CA$0.022. Ex-date: 15th June 2026 Payment date: 2nd July 2026 Dividend yield will be 1.4%, which is lower than the industry average of 3.1%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months. However, the dividend is well covered by cash flows (43% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. Announcement • Feb 24
Baytex Energy Corp., Annual General Meeting, May 07, 2026 Baytex Energy Corp., Annual General Meeting, May 07, 2026. Board Change • Jan 06
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 5 experienced directors. 2 highly experienced directors. Independent Director Jeff Wojahn was the last director to join the board, commencing their role in 2023. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Oct 10
Baytex Energy Reportedly Weighs $3 Billion Exit of U.S. Operations Baytex Energy Corp. (TSX:BTE) is weighing an exit of its operations in the Eagle Ford shale of south Texas to refocus on its domestic assets, according to people familiar with the matter. Baytex, which significantly extended its reach into the basin just two years ago via a takeover of Ranger Oil, is working with advisers to solicit interest in the operations, which could fetch as much as $3 billion, the people said, asking not to be identified because the details are private. No final decision has been made and Baytex could opt to hold onto the assets. A representative for Baytex declined to comment. The potential sale would be a significant turnabout for Baytex, which touted the Ranger deal at the time as an opportunity to double free cash flow and deliver at least a dozen years of oil-weighted drilling opportunities. Announcement • May 10
Baytex Energy Corp. Declares Quarterly Cash Dividend, Payable on July 2, 2025 Baytex Energy Corp. Board of Directors has declared a quarterly cash dividend of $0.0225 per share, to be paid on July 2, 2025 to shareholders of record on June 13, 2025. Announcement • Mar 05
Baytex Energy Corp. Declares Quarterly Cash Dividend, Payable on April 1, 2025 Baytex Energy Corp. has declared a quarterly cash dividend of $0.0225 per share to be paid on April 1, 2025 for shareholders of record on March 14, 2025. Announcement • Feb 25
Baytex Energy Corp., Annual General Meeting, May 05, 2025 Baytex Energy Corp., Annual General Meeting, May 05, 2025. Announcement • Dec 04
Baytex Energy Corp. Provides Production Guidance for the Year 2025 Baytex Energy Corp. provided production guidance for the year 2025. For the year, the company expects Production to be in the range of 150,000 boe/d - 154,000 boe/d. Declared Dividend • Nov 04
Third quarter dividend of CA$0.022 announced Shareholders will receive a dividend of CA$0.022. Ex-date: 13th December 2024 Payment date: 2nd January 2025 Dividend yield will be 2.5%, which is lower than the industry average of 3.1%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months. However, the dividend is well covered by cash flows (12% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. Reported Earnings • Nov 01
Third quarter 2024 earnings released: EPS: CA$0.23 (vs CA$0.15 in 3Q 2023) Third quarter 2024 results: EPS: CA$0.23 (up from CA$0.15 in 3Q 2023). Revenue: CA$850.8m (down 7.8% from 3Q 2023). Net income: CA$185.2m (up 45% from 3Q 2023). Profit margin: 22% (up from 14% in 3Q 2023). Revenue is forecast to decline by 5.4% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Europe are expected to remain flat. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 76 percentage points per year, which is a significant difference in performance. Upcoming Dividend • Sep 09
Upcoming dividend of CA$0.022 per share Eligible shareholders must have bought the stock before 16 September 2024. Payment date: 01 October 2024. The company is not currently making a profit but it is cash flow positive. Trailing yield: 2.2%. Lower than top quartile of German dividend payers (4.9%). Lower than average of industry peers (2.7%). New Risk • Aug 05
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 6.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Paying a dividend despite being loss-making. Share price has been volatile over the past 3 months (6.8% average weekly change). Declared Dividend • Jul 29
Second quarter dividend of CA$0.022 announced Shareholders will receive a dividend of CA$0.022. Ex-date: 16th September 2024 Payment date: 1st October 2024 Dividend yield will be 2.1%, which is lower than the industry average of 3.1%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months. However, the dividend is well covered by cash flows (20% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. Reported Earnings • Jul 26
Second quarter 2024 earnings released: EPS: CA$0.13 (vs CA$0.37 in 2Q 2023) Second quarter 2024 results: EPS: CA$0.13 (down from CA$0.37 in 2Q 2023). Revenue: CA$892.7m (up 82% from 2Q 2023). Net income: CA$103.9m (down 51% from 2Q 2023). Profit margin: 12% (down from 44% in 2Q 2023). Revenue is forecast to stay flat during the next 3 years compared to a 37% growth forecast for the Oil and Gas industry in Germany. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 98 percentage points per year, which is a significant difference in performance. Upcoming Dividend • Jun 07
Upcoming dividend of CA$0.022 per share Eligible shareholders must have bought the stock before 14 June 2024. Payment date: 02 July 2024. The company is not currently making a profit but it is cash flow positive. Trailing yield: 1.9%. Lower than top quartile of German dividend payers (4.5%). Lower than average of industry peers (3.4%). New Risk • May 12
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 12% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 12% per year for the foreseeable future. Minor Risks Paying a dividend despite being loss-making. Shareholders have been diluted in the past year (50% increase in shares outstanding). Reported Earnings • May 10
First quarter 2024 earnings released: CA$0.017 loss per share (vs CA$0.094 profit in 1Q 2023) First quarter 2024 results: CA$0.017 loss per share (down from CA$0.094 profit in 1Q 2023). Revenue: CA$775.0m (up 68% from 1Q 2023). Net loss: CA$14.0m (down 127% from profit in 1Q 2023). Revenue is forecast to stay flat during the next 3 years, in line with the revenue forecast for the Oil and Gas industry in Germany. Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has increased by 44% per year, which means it is well ahead of earnings. New Risk • Mar 20
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.5% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 1.5% per year for the foreseeable future. Shareholders have been substantially diluted in the past year (51% increase in shares outstanding). Minor Risk Paying a dividend despite being loss-making. Upcoming Dividend • Mar 07
Upcoming dividend of CA$0.022 per share Eligible shareholders must have bought the stock before 14 March 2024. Payment date: 01 April 2024. The company is not currently making a profit but it is cash flow positive. Trailing yield: 2.1%. Lower than top quartile of German dividend payers (5.1%). Lower than average of industry peers (3.4%). Reported Earnings • Feb 29
Full year 2023 earnings released: CA$0.33 loss per share (vs CA$1.53 profit in FY 2022) Full year 2023 results: CA$0.33 loss per share (down from CA$1.53 profit in FY 2022). Revenue: CA$2.71b (up 17% from FY 2022). Net loss: CA$233.4m (down 127% from profit in FY 2022). Revenue is forecast to grow 2.3% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Germany are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has increased by 55% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Dec 07
Investor sentiment deteriorates as stock falls 8.2% After last week's 8.2% share price decline to €3.18, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 6x in the Oil and Gas industry in Europe. Total returns to shareholders of 551% over the past three years. New Risk • Dec 07
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 27% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 27% per year for the foreseeable future. High level of non-cash earnings (22% accrual ratio). Shareholders have been substantially diluted in the past year (53% increase in shares outstanding). Minor Risks High level of debt (55% net debt to equity). Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (7.5% average weekly change). Profit margins are more than 30% lower than last year (31% net profit margin). Announcement • Dec 07
Baytex Energy Corp. Provides Production Guidance for 2024 Baytex Energy Corp. provided production guidance for 2024. For the year, company expects Production (boe/d) 150,000 - 156,000. production guidance (at the mid-point) represents a 1% to 2% increase from forecast H2/2023 production guidance (7% increase on a per-share basis(6)), adjusted for the previously announced sale of Forgan and Plato assets in the Viking. Upcoming Dividend • Dec 07
Upcoming dividend of CA$0.022 per share at 2.1% yield Eligible shareholders must have bought the stock before 14 December 2023. Payment date: 02 January 2024. Payout ratio is a comfortable 1.9% but the company is not cash flow positive. Trailing yield: 2.1%. Lower than top quartile of German dividend payers (5.2%). Lower than average of industry peers (2.9%). Announcement • Nov 29
An unknown buyer entered into an agreement to acquire Certain of Viking Assets Located at Forgan and Plato in Southwest Saskatchewan from Baytex Energy Corp. (TSX:BTE) for CAD 150 million An unknown buyer entered into an agreement to acquire Certain of Viking Assets Located at Forgan and Plato in Southwest Saskatchewan from Baytex Energy Corp. (TSX:BTE) for CAD 150 million on November 27, 2023. The disposition is expected to close prior to year-end with net proceeds from the sale to be applied against outstanding bank indebtedness. Scotiabank acted as financial advisor to Baytex. Valuation Update With 7 Day Price Move • Nov 10
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to €3.65, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 6x in the Oil and Gas industry in Europe. Total returns to shareholders of 1,520% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €6.19 per share. New Risk • Nov 03
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 22% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks High level of non-cash earnings (22% accrual ratio). Shareholders have been substantially diluted in the past year (55% increase in shares outstanding). Minor Risks High level of debt (55% net debt to equity). Share price has been volatile over the past 3 months (6.4% average weekly change). Profit margins are more than 30% lower than last year (31% net profit margin). Reported Earnings • Nov 03
Third quarter 2023 earnings released: EPS: CA$0.15 (vs CA$0.48 in 3Q 2022) Third quarter 2023 results: EPS: CA$0.15 (down from CA$0.48 in 3Q 2022). Revenue: CA$923.0m (up 63% from 3Q 2022). Net income: CA$127.4m (down 52% from 3Q 2022). Profit margin: 14% (down from 47% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 2.8% growth forecast for the Oil and Gas industry in Germany. Over the last 3 years on average, earnings per share has increased by 68% per year but the company’s share price has increased by 173% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Oct 06
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to €3.59, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 6x in the Oil and Gas industry in Europe. Total returns to shareholders of 1,510% over the past three years. New Risk • Oct 05
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 6.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 3.4% per year for the foreseeable future. Shareholders have been substantially diluted in the past year (55% increase in shares outstanding). Minor Risks High level of debt (55% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.1% average weekly change). Upcoming Dividend • Sep 07
Upcoming dividend of CA$0.022 per share at 1.6% yield Eligible shareholders must have bought the stock before 14 September 2023. Payment date: 02 October 2023. Trailing yield: 1.6%. Lower than top quartile of German dividend payers (4.8%). Lower than average of industry peers (2.3%). Board Change • Aug 30
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Jeff Wojahn was the last director to join the board, commencing their role in 2023. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Announcement • May 31
Baytex Energy Corp. Restarts Production Following Alberta Wildfires Baytex Energy Corp. advised that have brought back onstream the full 24,000 boe/d of production that was shut-in as a result of the Alberta wildfires. There was no damage to assets or infrastructure. The company estimate that production was curtailed by approximately 12,500 boe/d for the month of May. Wildfires remain active in operating areas and the company continue to monitor the situation closely. Baytex is incredibly proud of how personnel responded with sound, safety-focused decision making. The company would like to thank the emergency responders and firefighters who worked tirelessly to protect the communities. Reported Earnings • May 07
First quarter 2023 earnings released: EPS: CA$0.094 (vs CA$0.10 in 1Q 2022) First quarter 2023 results: EPS: CA$0.094 (down from CA$0.10 in 1Q 2022). Revenue: CA$462.1m (down 16% from 1Q 2022). Net income: CA$51.4m (down 9.5% from 1Q 2022). Profit margin: 11% (in line with 1Q 2022). Revenue is forecast to grow 22% p.a. on average during the next 3 years, compared to a 2.9% growth forecast for the Oil and Gas industry in Germany. Over the last 3 years on average, earnings per share has increased by 97% per year but the company’s share price has increased by 123% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 06
Baytex Energy Corp. Provides Production Guidance for the Full Year 2023 Baytex Energy Corp. provided production guidance for the full year 2023. For the period, the company expects Production to be in the range of 86,000 (boe/d) - 89,000 (boe/d). Valuation Update With 7 Day Price Move • Apr 03
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to €3.71, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 5x in the Oil and Gas industry in Europe. Total returns to shareholders of 1,419% over the past three years. Recent Insider Transactions • Mar 09
President recently bought €930k worth of stock On the 3rd of March, Eric Greager bought around 238k shares on-market at roughly €3.91 per share. This transaction increased Eric's direct individual holding by 10x at the time of the trade. This was the largest purchase by an insider in the last 3 months. Eric has been a buyer over the last 12 months, purchasing a net total of €1.0m worth in shares. Reported Earnings • Feb 26
Full year 2022 earnings released: EPS: CA$1.53 (vs CA$2.86 in FY 2021) Full year 2022 results: EPS: CA$1.53 (down from CA$2.86 in FY 2021). Revenue: CA$2.33b (up 52% from FY 2021). Net income: CA$855.6m (down 47% from FY 2021). Profit margin: 37% (down from 106% in FY 2021). Revenue is forecast to stay flat during the next 3 years compared to a 7.2% growth forecast for the Oil and Gas industry in Germany. Over the last 3 years on average, earnings per share has increased by 90% per year but the company’s share price has only increased by 75% per year, which means it is significantly lagging earnings growth. Announcement • Feb 09
Baytex Energy Corp. Announces Board Changes Baytex Energy Corp. announced the appointment of Angela Lekatsas as a director. Ms. Lekatsas is the former President and CEO of Cervus Equipment Corporation (2019 to 2021). Prior to her appointment as CEO, Ms. Lekatsas served as an independent member of the Board of Directors of Cervus, including Chair of Audit Committee and member of Human Resources and Compensation Committee beginning in 2014. For the period 2003 to 2018, Mr. Lekatsas served as a senior executive with Nutrien and its predecessor company Agrium, where she held numerous executive roles as a Vice President, including M&A, Integration, Operations Leader, Treasurer, Controller and Chief Risk Officer. Prior to Nutrien, she spent 16 years as a Chartered Professional Accountant, specializing in financial institutions, large transaction and cross border listed companies. Ms. Lekatsas currently serves as non-executive Chair of HGS Bioscience, a private company that manufactures agricultural products. Ms. Lekatsas has a Bachelor of Commerce Degree from the University of Saskatchewan and is a Chartered Professional Accountant. She also holds the ICD.D designation from the Institute of Corporate Directors. Mr. Lekatsas has been active professionally serving as an elected Board member of the Institute of Chartered Accountants of Manitoba, Professional Conduct Committee, Financial Institutions Committee, and guest lecturer. Baytex has an ongoing board renewal process led by its Nominating and Governance Committee. Throughout this renewal process, intent has been to create an efficient and independent board with complementary skill sets suited to business. As part of this renewal process, Gregory Melchin has decided to not stand for election as a director at 2023 Annual Meeting of Shareholders. Mr. Melchin has been an instrumental member of board of directors for fifteen years and currently serves as a member of Audit and Nominating and Governance committees. Mr. Melchin's hard work, dedication and thoughtful guidance for the benefit of all stakeholders is greatly appreciated. Recent Insider Transactions • Dec 15
President recently bought €95k worth of stock On the 12th of December, Eric Greager bought around 23k shares on-market at roughly €4.12 per share. This trade did not impact their existing holding. This was the largest purchase by an insider in the last 3 months. This was Eric's only on-market trade for the last 12 months. Announcement • Dec 08
Baytex Energy Corp. Provides Production Guidance for the Year 2023 Baytex Energy Corp. provides production guidance for the year 2023. For the year, the company expects Production of 86,000 boe/d- 89,000 boe/d. Recent Insider Transactions • Nov 16
Independent Director recently sold €555k worth of stock On the 8th of November, Trudy Curran sold around 100k shares on-market at roughly €5.55 per share. This transaction amounted to 40% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €786k more than they bought in the last 12 months. Announcement • Nov 09
Baytex Energy Corp. Revises Production Guidance for the Year 2022 Baytex Energy Corp. revised production guidance for the year 2022. For the year, the company expected production of approximately 84,000 boe/d (mid-point of previous guidance range of 83,000 to 85,000 boe/d) with a targeted exit rate of 87,000 to 88,000 boe/d. Reported Earnings • Nov 05
Third quarter 2022 earnings released: EPS: CA$0.48 (vs CA$0.058 in 3Q 2021) Third quarter 2022 results: EPS: CA$0.48 (up from CA$0.058 in 3Q 2021). Revenue: CA$565.1m (up 42% from 3Q 2021). Net income: CA$265.0m (up CA$232.3m from 3Q 2021). Profit margin: 47% (up from 8.2% in 3Q 2021). Revenue is expected to fall by 3.5% p.a. on average during the next 3 years compared to a 4.5% decline forecast for the Oil and Gas industry in Germany. Over the last 3 years on average, earnings per share has increased by 83% per year but the company’s share price has only increased by 73% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Sep 28
Investor sentiment deteriorated over the past week After last week's 18% share price decline to €4.06, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 4x in the Oil and Gas industry in Europe. Total returns to shareholders of 225% over the past three years. Reported Earnings • Jul 28
Second quarter 2022 earnings released: EPS: CA$0.32 (vs CA$1.87 in 2Q 2021) Second quarter 2022 results: EPS: CA$0.32 (down from CA$1.87 in 2Q 2021). Revenue: CA$682.6m (up 89% from 2Q 2021). Net income: CA$181.0m (down 83% from 2Q 2021). Profit margin: 27% (down from 292% in 2Q 2021). Over the next year, revenue is forecast to grow 31%, compared to a 141% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 71% per year but the company’s share price has only increased by 54% per year, which means it is significantly lagging earnings growth. Announcement • Jul 28
Baytex Energy Corp. Provides Production Guidance for the Full Year 2022 Baytex Energy Corp. provided production guidance for the full year 2022. For the year, the company plan with production guidance unchanged at 83,000 to 85,000 boe/d and expect to exit 2022 producing approximately 87,000 to 88,000 boe/d. Valuation Update With 7 Day Price Move • Jul 22
Investor sentiment improved over the past week After last week's 18% share price gain to €4.98, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 5x in the Oil and Gas industry in Europe. Total returns to shareholders of 302% over the past three years. Valuation Update With 7 Day Price Move • Jun 25
Investor sentiment deteriorated over the past week After last week's 21% share price decline to €4.02, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 5x in the Oil and Gas industry in Europe. Total returns to shareholders of 204% over the past three years. Recent Insider Transactions • Jun 25
Executive VP & CFO recently bought €83k worth of stock On the 23rd of June, Rodney Gray bought around 20k shares on-market at roughly €4.17 per share. This was the largest purchase by an insider in the last 3 months. This was Rodney's only on-market trade for the last 12 months. Valuation Update With 7 Day Price Move • Jun 09
Investor sentiment improved over the past week After last week's 25% share price gain to €6.45, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 6x in the Oil and Gas industry in Europe. Total returns to shareholders of 427% over the past three years. Reported Earnings • May 01
First quarter 2022 earnings released: EPS: CA$0.10 (vs CA$0.063 loss in 1Q 2021) First quarter 2022 results: EPS: CA$0.10 (up from CA$0.063 loss in 1Q 2021). Revenue: CA$551.1m (up 73% from 1Q 2021). Net income: CA$56.9m (up CA$92.2m from 1Q 2021). Profit margin: 10% (up from net loss in 1Q 2021). Over the next year, revenue is forecast to grow 19%, compared to a 53% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 60% per year but the company’s share price has only increased by 50% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Apr 20
Investor sentiment improved over the past week After last week's 18% share price gain to €4.88, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 7x in the Oil and Gas industry in Europe. Total returns to shareholders of 148% over the past three years. Recent Insider Transactions • Mar 09
Insider recently sold €236k worth of stock On the 3rd of March, Chad Kalmakoff sold around 60k shares on-market at roughly €3.93 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €287k more than they bought in the last 12 months. Reported Earnings • Feb 26
Full year 2021 earnings: Revenues exceed analyst expectations Full year 2021 results: Revenue: CA$1.53b (up 88% from FY 2020). Net income: CA$1.61b (up CA$4.05b from FY 2020). Revenue exceeded analyst estimates by 19%. Over the next year, revenue is forecast to grow 30%, compared to a 75% growth forecast for the oil industry in Germany. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has increased by 31% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Feb 25
Baytex Energy Corp. Provides Production Guidance for the Full Year 2022 Baytex Energy Corp. provided production guidance for the full year 2022. For the period, the company expects production of 80,000 boe/d to 83,000 boe/d with exploration and development expenditures of $400 million to $450 million. Reported Earnings • Nov 06
Third quarter 2021 earnings released: EPS CA$0.058 (vs CA$0.042 loss in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: CA$398.2m (up 87% from 3Q 2020). Net income: CA$32.7m (up CA$56.2m from 3Q 2020). Profit margin: 8.2% (up from net loss in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has increased by 19% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Jul 30
Second quarter 2021 earnings released: EPS CA$1.87 (vs CA$0.25 loss in 2Q 2020) Second quarter 2021 results: Revenue: CA$360.8m (up 192% from 2Q 2020). Net income: CA$1.05b (up CA$1.19b from 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 32% per year but the company’s share price has only fallen by 19% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Jul 21
Investor sentiment deteriorated over the past week After last week's 17% share price decline to CA$1.31, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 8x in the Oil and Gas industry in Europe. Total loss to shareholders of 52% over the past three years. Valuation Update With 7 Day Price Move • Jun 25
Investor sentiment improved over the past week After last week's 17% share price gain to CA$1.65, the stock trades at a forward P/E ratio of 30x. Average forward P/E is 8x in the Oil and Gas industry in Europe. Total loss to shareholders of 40% over the past three years. Valuation Update With 7 Day Price Move • Jun 02
Investor sentiment improved over the past week After last week's 22% share price gain to CA$1.34, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 10x in the Oil and Gas industry in Europe. Total loss to shareholders of 60% over the past three years. Valuation Update With 7 Day Price Move • May 10
Investor sentiment improved over the past week After last week's 21% share price gain to CA$1.21, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 10x in the Oil and Gas industry in Europe. Total loss to shareholders of 68% over the past three years. Executive Departure • May 04
Independent Director has left the company On the 29th of April, Naveen Dargan's tenure as Independent Director ended after 17.7 years in the role. As of December 2020, Naveen personally held 486.71k shares (€198k worth at the time). Naveen is the only executive to leave the company over the last 12 months. Reported Earnings • May 01
First quarter 2021 earnings released: CA$0.063 loss per share (vs CA$4.46 loss in 1Q 2020) The company reported a solid first quarter result with reduced losses, improved revenues and improved control over expenses. First quarter 2021 results: Revenue: CA$317.8m (up 14% from 1Q 2020). Net loss: CA$35.4m (loss narrowed 99% from 1Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 46 percentage points per year, which is a significant difference in performance. Announcement • Apr 30
Baytex Energy Corp. Provides Production Guidance for the Year 2021 Baytex Energy Corp. provided production guidance for the year 2021. For the period, the company revised production guidance range to 77,000 boe/d to 79,000 boe/d, up from 73,000 boe/d to 77,000 boe/d. Reported Earnings • Feb 26
Full year 2020 earnings released: CA$4.35 loss per share (vs CA$0.022 loss in FY 2019) The company reported a poor full year result with increased losses, weaker revenues and weaker control over costs. Full year 2020 results: Revenue: CA$811.7m (down 45% from FY 2019). Net loss: CA$2.44b (loss widened CA$2.43b from FY 2019). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 87 percentage points per year, which is a significant difference in performance. Is New 90 Day High Low • Feb 10
New 90-day high: €0.60 The company is up 140% from its price of €0.25 on 11 November 2020. The German market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Oil and Gas industry, which is up 35% over the same period. Is New 90 Day High Low • Jan 09
New 90-day high: €0.56 The company is up 148% from its price of €0.22 on 09 October 2020. The German market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Oil and Gas industry, which is up 37% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €2.29 per share.