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

SELL

Primarily all heavy oil, although about 70% of it is hedged. Long term would be more constructive on light/sweet oil such as Crescent Point (CPG.UN-T), Arc Energy (AET.UN-T) and Enerplus (ERF.UN-T). Would sell and switch to another royalty trust. Own in their index fund, but only because they have to.

BUY

Different than most of the other income trusts in that it is essentially a heavy oil. Have lots of reserves. Not a lot of risk for them in increasing reserves. Got hurt in the last quarter in'04 because the heavy/light oil spread widened significantly, but they have 70% of their production locked in.

DON'T BUY

Weighted more towards heavy oil. The light & heavy oil differential has widened which is a negative for heavy oil producers, but not as negative for Baytex in the short term as they have hedged that risk. The reality with heavy oil is that the net backs are lower and operating costs are higher.

HOLD

Heavy oil aspect is mitigated by their contracts south of the border to sell at a fixed spread above West Texas intermediate. Haven't done as good a job as anticipated in production. Likes the yield.

STRONG BUY

Made a very cheap acquisition today of light oil. Metrics look pretty good. Their heavy oil is all hedged. The trust is cheap on relative terms.

DON'T BUY

Distribution of 13.9% is pretty rich indicating shorter reserve life. Prefers longer reserve life.

DON'T BUY

Most of their hedges are done. A beneficiary of the move up in commodity prices as well as the narrowing of the light/heavy oil spread. Have done a good job in turning the company around. Better values available.

HOLD

A sector perform. A very solid trust. Good management. A lot of their assets are in heavy oil, so there is some risks.

BUY

Have held their ground very well when other income trusts were suffering. Relatively inexpensive. A good solid performer.

BUY ON WEAKNESS

Probably paying out more distributions than they receive. Mainly heavy oil with thinner and more variable margins. Will buy when the price is right.

DON'T BUY

Pays a higher distribution from their cash flow and are on a bit of a treadmill as they must run production at full levels and try to acquire smaller companies. Their focus is on heavy oil which can be very volatile.

BUY

Has usually sold at a discount to other trusts because of heavy oil. Has a shorter reserve life than others. Have locked in a differential that the market is starting to appreciate. Should do OK from here.

BUY ON WEAKNESS

Likes the company and that they are only paying out 70% into distributions. Have hedged a good portion of their production. A bit pricey and could drop further. Buy under $11.

HOLD

Fully priced at this point. Quite happy with it. Only paying out about 70% of the cash flow so you can be sure they will probably maintain their payout.

BUY

Trading at a discount because it's a heavy oil story. Underpriced and it should go higher.

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Baytex Energy Corp (BTE.TO)