Baytex Energy Corp (BTE.TO) Buy, Sell or Hold

Baytex Energy Corp (BTE.TO)

5.71

+0.11 (1.96%)

as of Jun 19, 2026, 8:00:01 pm Market Open.

386 watching

BUY

During Covid, energy stocks were massively undervalued. Also ESG was a negative force on energy stocks. Today, these stocks are catching up, accelerated by war in Ukraine. All Canadian energy stocks will do very well in this market. Expect dividend increases. Caveat: all commodity stocks are volatile and not meant to be held long term.

BUY

We are in the early stages in a bull market in energy stocks. Baytex is a leader in this sector.

COMMENT

Largest shareholder of company (~28 million shares). Company entering into the Clearwater oil field. Drilling oil wells are paying out in weeks. Currently trading at ~1.5x cash flow, 46% free cash flow yield ($100 oil). Paying down debt very fast. At 4x trading multiple, stock should be trading at $14 per share.

BUY

Believes there is still room for growth in company. $100 oil will create opportunity for large amounts of growth. At $70 oil, the company should be valued at $6/share. At $100 oil, the company should be valued at $10/share. Owns 24 million shares of company (largest shareholder).

TOP PICK

Always had too much debt, heavy oil, etc. and now they are going into the Clearwater play. They acquired a massive position and drilled the 2 best wells and got cashflow back in a month. Trading at material discount and changing rapidly. Committed to being a strong returner of capital. (Analysts’ price target is $4.83)

DON'T BUY

Debt is still massive. Need to pay that down before they can reward shareholders. Not at the top of his list. Has already had a significant move.

COMMENT

Buying back 7% of the company in the next 5 months. Modestly increasing investment in the Clearwater play, and will also doing more deleveraging. Trading at 3.4x at $70 so it is a modest premium to other names.

COMMENT

If you keep oil and gas at these price levels for a couple quarters, they would all trade at silly levels. They are cheap. Could continue to own if you believe in oil. Likes Whitecap, Enerplus, Arc, and Advantage more. Tourmaline is another option.

BUY

Billy Kawasaki’s Insights - Billy’s most-liked answers from 5i Research. Has had a huge run with the sector. If oil goes higher, investors may not care about its debt levels. Leveraged so it will do better in a rally since risk gets reduced with higher cash flow. The stock will likely do extremely well if the oil price continues to rise. Unlock Premium - Try 5i Free

BUY

Should see good returns in Q1 of next year. Has done a good job of pivoting asset base from okay assets to good assets. Clearwater play is the most economic well in Canada. Has reinvigorated interest. Multiple expansion will help them.

BUY

Upside expected by analysts is $3. Should do well. It is free cashflow positive and does not yet pay a dividend. Has generated a quarter billion in free cashflow. Analysts expect 40% upside.

BUY

A great small cap pick. Did well with getting a deal with the Metis for their play. Needs the Clearwater play to bring interest. Leverage is too high so this play will help them. Theoretically a 90% upside.

COMMENT

It gives you leverage to WTI oil. About 25% of their production is heavy oil. Like many oil companies in 2021-22, BTE is reducing debt as we caught in 2020 with too much debt. What hinders their upside is that they've hedged a lot of their production--50% of it is capped at US$52 per barrel. BTE still falls in the top 20% of beta to WTI upside, but not as much as a heavy oil producer like Meg Energy. Could oil stocks return to highs 4 years ago? Anything is possible, he supposes, but he doesn't think the market will go to highs until investors see more stability or concrete outlook in the oil market in the next 12-24 months.

TOP PICK

Off most people's radar. Has had success in the Clearwater area. The well has come on very strong. Good economics. Oil prices is fixing their leverage problem and the new well might fix their inventory problem. Trading at 2.7x cashflow at $70 oil. Could privatize themselves in 2 years from free cashflow. Very inexpensive. 4x multiple at $70, which is $3.70 share price target. (Analysts’ price target is $1.91)

BUY

Established a 6% weight at $1.28. The hope is their appraisal results from the Clearwater play is positive. Potential $440M potential de-risk value that is worth half the market cap. Most people are not aware they are pursuing this. An inefficient market where you can make profit. Trading at 3.5x next year enterprise to cash flow at $60 oil. Target multiple is 6x. At $70 oil, you can look forward to $3.60.

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Baytex Energy Corp (BTE.TO)