New Risk • Jun 30
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: US$385k This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. Currently, the following risks have been identified for the company: Minor Risks Paying a dividend despite being loss-making. Significant insider selling over the past 3 months (US$385k sold). 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 American dividend payers (4.2%). Lower than average of industry peers (3.3%). Recent Insider Transactions • Jun 03
Independent Director recently sold US$385k worth of stock On the 2nd of June, Stephen David Reynish sold around 78k shares on-market at roughly US$4.96 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 US$919k more than they sold in the last 12 months. Declared Dividend • May 11
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 1.5%, which is lower than the industry average of 4.5%. 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. Declared Dividend • Mar 08
Fourth quarter dividend of CA$0.022 announced Shareholders will receive a dividend of CA$0.022. Ex-date: 13th March 2026 Payment date: 1st April 2026 Dividend yield will be 1.8%, which is lower than the industry average of 4.5%. 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 (33% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. Reported Earnings • Mar 05
Full year 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2025 results: CA$0.36 loss per share (down from CA$0.29 profit in FY 2024). Revenue: CA$1.48b (down 56% from FY 2024). Net loss: CA$276.8m (down 217% from profit in FY 2024). Revenue exceeded analyst estimates by 4.3%. Earnings per share (EPS) missed analyst estimates. Revenue is expected to decline by 4.5% p.a. on average during the next 2 years, while revenues in the Oil and Gas industry in the US are expected to grow by 4.1%. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 73 percentage points per year, which is a significant difference in performance. 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. Upcoming Dividend • Dec 08
Upcoming dividend of CA$0.022 per share Eligible shareholders must have bought the stock before 15 December 2025. Payment date: 02 January 2026. Payout ratio is a comfortable 32% and this is well supported by cash flows. Trailing yield: 2.0%. Lower than top quartile of American dividend payers (4.4%). Lower than average of industry peers (4.0%). Valuation Update With 7 Day Price Move • Nov 12
Investor sentiment improves as stock rises 28% After last week's 28% share price gain to US$3.03, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 11x in the Oil and Gas industry in the US. Total loss to shareholders of 40% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at US$2.28 per share. Buy Or Sell Opportunity • Nov 03
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 13% to US$2.42. The fair value is estimated to be US$1.99, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to decline by 6.6% in 2 years. Earnings are forecast to decline by 77% in the next 2 years. New Risk • Nov 02
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.9x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.9x net interest cover). Earnings are forecast to decline by an average of 63% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Oct 31
Third quarter 2025 earnings: EPS and revenues exceed analyst expectations Third quarter 2025 results: EPS: CA$0.042 (down from CA$0.23 in 3Q 2024). Revenue: CA$746.4m (down 12% from 3Q 2024). Net income: CA$32.0m (down 83% from 3Q 2024). Profit margin: 4.3% (down from 22% in 3Q 2024). The decrease in margin was primarily driven by lower revenue. Revenue exceeded analyst estimates by 17%. Earnings per share (EPS) also surpassed analyst estimates by 60%. Revenue is expected to decline by 4.0% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in the US are expected to grow by 3.1%. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 47 percentage points per year, which is a significant difference in performance. 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. Buy Or Sell Opportunity • Oct 03
Now 24% overvalued after recent price rise Over the last 90 days, the stock has risen 30% to US$2.37. The fair value is estimated to be US$1.92, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 18% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to decline by 3.0% in 2 years. Earnings are forecast to decline by 87% in the next 2 years. Valuation Update With 7 Day Price Move • Sep 16
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to US$2.61, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 11x in the Oil and Gas industry in the US. Total loss to shareholders of 45% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at US$1.82 per share. Upcoming Dividend • Sep 08
Upcoming dividend of CA$0.022 per share Eligible shareholders must have bought the stock before 15 September 2025. Payment date: 01 October 2025. Payout ratio is a comfortable 19% and this is well supported by cash flows. Trailing yield: 3.0%. Lower than top quartile of American dividend payers (4.4%). Lower than average of industry peers (4.0%). Buy Or Sell Opportunity • Sep 02
Now 25% overvalued after recent price rise Over the last 90 days, the stock has risen 38% to US$2.36. The fair value is estimated to be US$1.88, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 18% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to decline by 3.0% in 2 years. Earnings are forecast to decline by 87% in the next 2 years. Declared Dividend • Aug 04
Second quarter dividend of CA$0.022 announced Shareholders will receive a dividend of CA$0.022. Ex-date: 15th September 2025 Payment date: 1st October 2025 Dividend yield will be 3.4%, which is lower than the industry average of 4.5%. Sustainability & Growth Dividend is well covered by both earnings (19% earnings payout ratio) and cash flows (13% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to decline by 80% over the next 3 years. Since a fall of 79% would increase the payout ratio to a potentially unsustainable range, the dividend may be at risk. Reported Earnings • Aug 01
Second quarter 2025 earnings: EPS and revenues exceed analyst expectations Second quarter 2025 results: EPS: CA$0.20 (up from CA$0.13 in 2Q 2024). Revenue: CA$709.2m (down 21% from 2Q 2024). Net income: CA$151.5m (up 46% from 2Q 2024). Profit margin: 21% (up from 12% in 2Q 2024). The increase in margin was driven by lower expenses. Revenue exceeded analyst estimates by 15%. Earnings per share (EPS) also surpassed analyst estimates. Revenue is expected to decline by 2.0% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in the US are expected to grow by 3.2%. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 49 percentage points per year, which is a significant difference in performance. Valuation Update With 7 Day Price Move • Jun 11
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to US$2.04, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 12x in the Oil and Gas industry in the US. Total loss to shareholders of 65% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at US$1.92 per share. Upcoming Dividend • Jun 06
Upcoming dividend of CA$0.022 per share Eligible shareholders must have bought the stock before 13 June 2025. Payment date: 02 July 2025. Payout ratio is a comfortable 22% and this is well supported by cash flows. Trailing yield: 3.8%. Lower than top quartile of American dividend payers (4.8%). In line with average of industry peers (4.2%). Valuation Update With 7 Day Price Move • May 13
Investor sentiment improves as stock rises 28% After last week's 28% share price gain to US$1.94, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 10x in the Oil and Gas industry in the US. Total loss to shareholders of 61% over the past three years. 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. Declared Dividend • May 08
First quarter dividend of CA$0.022 announced Shareholders will receive a dividend of CA$0.022. Ex-date: 13th June 2025 Payment date: 2nd July 2025 Dividend yield will be 4.5%, which is about the same as the industry average. Sustainability & Growth Dividend is well covered by both earnings (22% earnings payout ratio) and cash flows (10% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to decline by 76% over the next 3 years. Since a fall of 75% would increase the payout ratio to a potentially unsustainable range, the dividend may be at risk. Reported Earnings • May 07
First quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2025 results: EPS: CA$0.09 (up from CA$0.017 loss in 1Q 2024). Revenue: CA$791.2m (up 2.1% from 1Q 2024). Net income: CA$69.6m (up CA$83.6m from 1Q 2024). Profit margin: 8.8% (up from net loss in 1Q 2024). The move to profitability was primarily driven by lower expenses. Revenue exceeded analyst estimates by 7.8%. Earnings per share (EPS) missed analyst estimates by 28%. Revenue is expected to decline by 3.4% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in the US are expected to grow by 3.8%. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 53 percentage points per year, which is a significant difference in performance. New Risk • Apr 10
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 American stocks, typically moving 9.2% 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 Risk Earnings are forecast to decline by an average of 48% per year for the foreseeable future. Minor Risks High level of debt (54% 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 (9.2% average weekly change). Significant insider selling over the past 3 months (US$343k sold). Buy Or Sell Opportunity • Apr 09
Now 28% overvalued Over the last 90 days, the stock has fallen 33% to US$1.80. The fair value is estimated to be US$1.41, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 24% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to decline by 1.4% per annum. Earnings are also forecast to decline by 48% per annum over the same time period. Valuation Update With 7 Day Price Move • Apr 04
Investor sentiment deteriorates as stock falls 25% After last week's 25% share price decline to US$1.62, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 9x in the Oil and Gas industry in the US. Total loss to shareholders of 63% over the past three years. New Risk • Mar 17
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: US$343k This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 46% per year for the foreseeable future. Minor Risks High level of debt (54% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Significant insider selling over the past 3 months (US$343k sold). Declared Dividend • Mar 07
Fourth quarter dividend of CA$0.022 announced Shareholders will receive a dividend of CA$0.022. Ex-date: 14th March 2025 Payment date: 1st April 2025 Dividend yield will be 3.5%, which is lower than the industry average of 4.5%. Sustainability & Growth Dividend is well covered by both earnings (31% earnings payout ratio) and cash flows (12% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to decline by 49% over the next 3 years. However, it would need to fall by 66% to increase the payout ratio to a potentially unsustainable range. Reported Earnings • Mar 05
Full year 2024 earnings released Full year 2024 results: Net income: (up CA$233.4m from FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 68 percentage points per year, which is a significant difference in performance. New Risk • Mar 05
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 116% 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 116% per year for the foreseeable future. Minor Risk Paying a dividend despite being loss-making. 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. Upcoming Dividend • Dec 06
Upcoming dividend of CA$0.022 per share Eligible shareholders must have bought the stock before 13 December 2024. Payment date: 02 January 2025. The company is not currently making a profit but it is cash flow positive. Trailing yield: 2.4%. Lower than top quartile of American dividend payers (4.2%). Lower than average of industry peers (3.9%). 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 4.5%. 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: EPS exceeds analyst expectations while revenues lag behind 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 missed analyst estimates by 1.8%. Earnings per share (EPS) exceeded analyst estimates by 21%. Revenue is expected to decline by 5.4% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in the US are expected to grow by 2.8%. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 75 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 American dividend payers (4.4%). Lower than average of industry peers (4.2%). 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 4.5%. 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: Revenues exceed analysts expectations while EPS lags behind 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 exceeded analyst estimates by 9.4%. Earnings per share (EPS) missed analyst estimates by 13%. Revenue is forecast to stay flat during the next 3 years compared to a 2.4% growth forecast for the Oil and Gas industry in the US. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 92 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 American dividend payers (4.7%). Lower than average of industry peers (4.1%). 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: Revenues exceed analysts expectations while EPS lags behind 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 exceeded analyst estimates by 6.6%. Earnings per share (EPS) missed analyst estimates. Revenue is forecast to stay flat during the next 3 years compared to a 2.2% growth forecast for the Oil and Gas industry in the US. 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 34% 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 American dividend payers (4.7%). Lower than average of industry peers (4.3%). Reported Earnings • Feb 29
Full year 2023 earnings: Revenues exceed analysts expectations while EPS lags behind 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 exceeded analyst estimates by 8.7%. Earnings per share (EPS) missed analyst estimates. Revenue is forecast to grow 2.3% p.a. on average during the next 3 years, compared to a 1.6% growth forecast for the Oil and Gas industry in the US. 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 45% per year, which means it is tracking significantly ahead of earnings growth. 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. 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 American dividend payers (4.8%). Lower than average of industry peers (4.6%). 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. Reported Earnings • Nov 03
Third quarter 2023 earnings: Revenues exceed analysts expectations while EPS lags behind 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 exceeded analyst estimates by 5.2%. Earnings per share (EPS) missed analyst estimates by 34%. Revenue is forecast to grow 19% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in the US are expected to remain flat. 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 134% per year, which means it is tracking significantly ahead of earnings growth. 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 American dividend payers (4.9%). Lower than average of industry peers (4.2%). Board Change • Aug 31
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.