Baytex Energy (BTE)
Market Price (11/10/2026): $4.06 | Market Cap: $2.7 BilSector: Energy | Industry: Oil & Gas Exploration & Production
Baytex Energy (BTE)
Market Price (11/10/2026): $4.06Market Cap: $2.7 BilSector: EnergyIndustry: Oil & Gas Exploration & Production
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -18% Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 14156% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 42% Attractive yieldDividend Yield is 2.3%, FCF Yield is 5.7% Low stock price volatilityVol 12M is 44% Megatrend and thematic driversMegatrends include US Energy Independence. Themes include US Oilfield Technologies. | Weak multi-year price returns3Y Excs Rtn is -74% | Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 24x Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -24% Key risksBTE key risks include [1] high financial leverage with debt levels above the sector average and [2] significant exposure to widening price differentials for heavy oil. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -18% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 14156% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 42% |
| Attractive yieldDividend Yield is 2.3%, FCF Yield is 5.7% |
| Low stock price volatilityVol 12M is 44% |
| Megatrend and thematic driversMegatrends include US Energy Independence. Themes include US Oilfield Technologies. |
| Weak multi-year price returns3Y Excs Rtn is -74% |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 24x |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -24% |
| Key risksBTE key risks include [1] high financial leverage with debt levels above the sector average and [2] significant exposure to widening price differentials for heavy oil. |
Qualitative Assessment
AI Analysis | Feedback
Baytex Energy (BTE) stock has lost about 10% since 7/31/2026 because of the following key factors:
1. Deteriorating Oil Price Outlook for Late 2026. While crude oil prices experienced volatility with some increases during fiscal Q3 2026, analysts' forecasts began to reflect a more cautious outlook for the latter half of 2026. For example, J.P. Morgan Global Research revised its Brent crude price projections in mid-July 2026, anticipating an average of $86 per barrel in fiscal Q3 2026 and $80 in fiscal Q4 2026, ultimately ending the year at $78 per barrel, a notable decrease from its prior year-end forecast of $95 per barrel. This downward revision, indicating potential oil oversupply by late summer 2026, likely contributed to a bearish sentiment surrounding oil producers like Baytex for the period.
2. Increased Capital Expenditure Guidance. Following its fiscal Q3 2026 earnings release on November 5, 2026, Baytex increased its 2026 capital expenditure guidance to CAD 665 million, up from the previous CAD 625 million. This adjustment was made to accelerate development in the Duvernay and heavy oil segments. The company also provided initial 2027 capital expenditure guidance ranging from CAD 775 million to CAD 850 million. While aimed at driving future production growth, this increased spending commitment may have raised concerns among some investors regarding near-term free cash flow generation, particularly in a volatile commodity price environment.
Show more
Baytex Energy (BTE) stock has lost about 10% since 7/31/2026 because of the following key factors:
1. Deteriorating Oil Price Outlook for Late 2026. While crude oil prices experienced volatility with some increases during fiscal Q3 2026, analysts' forecasts began to reflect a more cautious outlook for the latter half of 2026. For example, J.P. Morgan Global Research revised its Brent crude price projections in mid-July 2026, anticipating an average of $86 per barrel in fiscal Q3 2026 and $80 in fiscal Q4 2026, ultimately ending the year at $78 per barrel, a notable decrease from its prior year-end forecast of $95 per barrel. This downward revision, indicating potential oil oversupply by late summer 2026, likely contributed to a bearish sentiment surrounding oil producers like Baytex for the period.
2. Increased Capital Expenditure Guidance. Following its fiscal Q3 2026 earnings release on November 5, 2026, Baytex increased its 2026 capital expenditure guidance to CAD 665 million, up from the previous CAD 625 million. This adjustment was made to accelerate development in the Duvernay and heavy oil segments. The company also provided initial 2027 capital expenditure guidance ranging from CAD 775 million to CAD 850 million. While aimed at driving future production growth, this increased spending commitment may have raised concerns among some investors regarding near-term free cash flow generation, particularly in a volatile commodity price environment.
3. Mixed Market Reaction to Fiscal Q3 2026 Earnings. Despite Baytex reporting strong operational results for fiscal Q3 2026, which ended September 30, 2026, the stock experienced a significant drop of 4.35% on November 6, 2026, the day of its earnings conference call. The company announced net income of CAD 160 million (CAD 0.23 per basic share) and record Duvernay production of 12.8 thousand BOE per day, representing a 26% increase year-over-year. While these operational achievements and an accelerated three-year growth outlook (targeting 8% to 10% annual production growth to approximately 92 thousand BOE per day by 2029) were positive, the market's reaction suggests that other factors, such as higher capital spending plans or existing bearish sentiment, outweighed the positive news.
Show less
Stock Movement Drivers
Fundamental Drivers
The -10.0% change in BTE stock from 7/31/2026 to 11/9/2026 was primarily driven by a -20.2% change in the company's P/S Multiple.| (LTM values as of) | 7312026 | 11092026 | Change |
|---|---|---|---|
| Stock Price ($) | 4.55 | 4.09 | -10.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,912 | 2,080 | 8.8% |
| P/S Multiple | 1.7 | 1.4 | -20.2% |
| Shares Outstanding (Mil) | 721 | 696 | 3.6% |
| Cumulative Contribution | -10.0% |
Market Drivers
7/31/2026 to 11/9/2026| Return | Correlation | |
|---|---|---|
| BTE | -10.0% | |
| Market (SPY) | 0.8% | -11.6% |
| Sector (XLE) | 4.0% | 81.7% |
Fundamental Drivers
The -18.6% change in BTE stock from 4/30/2026 to 11/9/2026 was primarily driven by a -40.3% change in the company's P/S Multiple.| (LTM values as of) | 4302026 | 11092026 | Change |
|---|---|---|---|
| Stock Price ($) | 5.03 | 4.09 | -18.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,685 | 2,080 | 23.5% |
| P/S Multiple | 2.3 | 1.4 | -40.3% |
| Shares Outstanding (Mil) | 768 | 696 | 10.4% |
| Cumulative Contribution | -18.6% |
Market Drivers
4/30/2026 to 11/9/2026| Return | Correlation | |
|---|---|---|
| BTE | -18.6% | |
| Market (SPY) | 5.0% | -11.8% |
| Sector (XLE) | 4.6% | 81.0% |
Fundamental Drivers
The 71.8% change in BTE stock from 10/31/2025 to 11/9/2026 was primarily driven by a 10.4% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 10312025 | 11092026 | Change |
|---|---|---|---|
| Stock Price ($) | 2.38 | 4.09 | 71.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | -15 | 2,080 | -14156.2% |
| P/S Multiple | -123.6 | 1.4 | -101.1% |
| Shares Outstanding (Mil) | 768 | 696 | 10.4% |
| Cumulative Contribution | 71.8% |
Market Drivers
10/31/2025 to 11/9/2026| Return | Correlation | |
|---|---|---|
| BTE | 71.8% | |
| Market (SPY) | 11.3% | -7.2% |
| Sector (XLE) | 43.7% | 66.8% |
Fundamental Drivers
The 1.1% change in BTE stock from 10/31/2023 to 11/9/2026 was primarily driven by a 45.9% change in the company's P/S Multiple.| (LTM values as of) | 10312023 | 11092026 | Change |
|---|---|---|---|
| Stock Price ($) | 4.04 | 4.09 | 1.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,515 | 2,080 | -17.3% |
| P/S Multiple | 0.9 | 1.4 | 45.9% |
| Shares Outstanding (Mil) | 583 | 696 | -16.2% |
| Cumulative Contribution | 1.1% |
Market Drivers
10/31/2023 to 11/9/2026| Return | Correlation | |
|---|---|---|
| BTE | 1.1% | |
| Market (SPY) | 86.2% | 30.0% |
| Sector (XLE) | 58.9% | 73.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| BTE Return | 0% | 0% | 542% | -21% | 29% | 28% | 740% |
| Peers Return | 217% | 44% | 1% | -15% | -13% | 42% | 383% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 8% | 96% |
Monthly Win Rates [3] | |||||||
| BTE Win Rate | 0% | 0% | 50% | 42% | 67% | 64% | |
| Peers Win Rate | 72% | 60% | 48% | 40% | 50% | 58% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 36% | |
Max Drawdowns [4] | |||||||
| BTE Max Drawdown | 0% | 0% | -33% | -44% | -46% | -27% | |
| Peers Max Drawdown | -32% | -40% | -29% | -35% | -43% | -27% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: OVV, MUR, VET, SM, CHRD.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 11/9/2026 (YTD)
How Low Can It Go
| Event | BTE | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -41.3% | -18.8% |
| % Gain to Breakeven | 70.3% | 23.1% |
| Time to Breakeven | 161 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -13.5% | -7.8% |
| % Gain to Breakeven | 15.6% | 8.5% |
| Time to Breakeven | 21 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -15.2% | -9.5% |
| % Gain to Breakeven | 17.9% | 10.5% |
| Time to Breakeven | 107 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -29.9% | -6.7% |
| % Gain to Breakeven | 42.7% | 7.1% |
| Time to Breakeven | 75 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -81.6% | -33.7% |
| % Gain to Breakeven | 443.4% | 50.9% |
| Time to Breakeven | 1060 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -53.4% | -19.2% |
| % Gain to Breakeven | 114.8% | 23.8% |
| Time to Breakeven | 1522 days | 105 days |
In The Past
Baytex Energy's stock fell -41.3% during the 2025 US Tariff Shock. Such a loss loss requires a 70.3% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
| Event | BTE | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -41.3% | -18.8% |
| % Gain to Breakeven | 70.3% | 23.1% |
| Time to Breakeven | 161 days | 79 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -29.9% | -6.7% |
| % Gain to Breakeven | 42.7% | 7.1% |
| Time to Breakeven | 75 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -81.6% | -33.7% |
| % Gain to Breakeven | 443.4% | 50.9% |
| Time to Breakeven | 1060 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -53.4% | -19.2% |
| % Gain to Breakeven | 114.8% | 23.8% |
| Time to Breakeven | 1522 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -48.8% | -3.7% |
| % Gain to Breakeven | 95.4% | 3.9% |
| Time to Breakeven | 307 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -79.1% | -12.2% |
| % Gain to Breakeven | 379.2% | 13.9% |
| Time to Breakeven | 140 days | 62 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -31.8% | -17.9% |
| % Gain to Breakeven | 46.5% | 21.8% |
| Time to Breakeven | 93 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -50.2% | -53.4% |
| % Gain to Breakeven | 100.9% | 114.4% |
| Time to Breakeven | 74 days | 1085 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -21.5% | -8.6% |
| % Gain to Breakeven | 27.3% | 9.5% |
| Time to Breakeven | 37 days | 47 days |
In The Past
Baytex Energy's stock fell -41.3% during the 2025 US Tariff Shock. Such a loss loss requires a 70.3% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Baytex Energy (BTE)
Baytex Energy Corp. (BTE) is an independent oil and gas company focused on the acquisition, development, and production of hydrocarbon resources. Headquartered in Calgary, Canada, Baytex primarily conducts its operations across two key geographic regions: the Western Canadian Sedimentary Basin in Canada and the Eagle Ford shale play in Texas, United States. The company's strategic focus is on optimizing production from its diverse portfolio of oil and gas properties.
The company's main products include a comprehensive range of petroleum derivatives and natural gas. Specifically, Baytex produces light oil and condensate, heavy oil, natural gas liquids (NGLs), and natural gas. As of December 31, 2021, Baytex reported substantial proved reserves totaling 278 million barrels of oil equivalent (mmboe), highlighting its significant resource base. Its principal properties include the high-value Eagle Ford asset in Texas, alongside significant Canadian holdings such as the Viking, Lloydminster, Peace River, and Duvernay properties.
As an upstream oil and gas producer, Baytex Energy serves the broader North American energy market. Its primary customers are typically large-scale industrial consumers such as crude oil refiners, petrochemical manufacturers, and natural gas distribution companies. These entities process Baytex's raw crude oil, natural gas liquids, and natural gas to supply essential energy products and feedstock for transportation, heating, industrial processes, and various other energy-dependent sectors.
AI Analysis | Feedback
Here are a few analogies for Baytex Energy (BTE):
-
A ConocoPhillips focused on North American oil and gas production.
-
An EOG Resources with significant Canadian oil and gas operations as well.
AI Analysis | Feedback
Major Products
- Light oil and condensate: These are types of crude oil that are typically less dense and flow more easily than heavier oils.
- Heavy oil: A viscous and dense form of crude oil that requires more energy to extract and refine.
- Natural gas liquids (NGLs): These are hydrocarbons that are separated from natural gas and can be used as fuel or raw materials for petrochemicals.
- Natural gas: A fossil fuel primarily composed of methane, used for heating, electricity generation, and industrial purposes.
AI Analysis | Feedback
Baytex Energy (BTE) primarily operates in the upstream sector of the oil and gas industry, meaning it is involved in the exploration and production of crude oil, natural gas, and natural gas liquids. As such, it does not sell directly to individual consumers.
Instead, Baytex Energy sells its raw commodity products to a diverse base of industrial customers within the energy supply chain. Its major customers are typically other companies that are involved in further processing, transportation, or consumption of these energy products. These categories of customers include:
- Refiners: Companies that purchase crude oil from Baytex Energy to process it into various petroleum products such as gasoline, diesel, jet fuel, and lubricants.
- Midstream Companies / Pipeline Operators: Companies that acquire natural gas and crude oil for transportation, processing (e.g., removing impurities, separating natural gas liquids), and storage before it reaches end-users or other industrial customers.
- Utilities and Industrial Users: Companies that purchase natural gas for power generation, heating, or as feedstock for various industrial processes (e.g., petrochemical manufacturing).
- Marketing and Trading Companies: Firms that buy and sell crude oil, natural gas, and NGLs on the wholesale market, facilitating their movement from producers to end-users or other intermediaries.
Due to the commodity nature of oil and natural gas markets, Baytex Energy typically sells its products under various short-term and long-term contracts to a broad array of buyers, rather than having a few dominant named customers. Specific customer names are generally not disclosed unless a single customer accounts for a material percentage (e.g., 10% or more) of the company's revenue, which is uncommon for most E&P companies operating in diversified basins.
AI Analysis | Feedback
AI Analysis | Feedback
Eric T. Greager, Chief Executive Officer
Mr. Greager joined Baytex in November 2022 and is an accomplished energy executive with 30 years of operations and management experience. He previously served as President, Chief Executive Officer, and Director of NYSE-listed Civitas Resources, Inc. (formerly Bonanza Creek Energy, Inc.) from 2018 to 2022. Before that, he was a Vice President and General Manager at Encana Oil & Gas, where he was responsible for a multi-basin portfolio. Mr. Greager also held positions at Dominion Resources and Helmerich & Payne, Inc.
Chad L. Kalmakoff, Chief Financial Officer
Mr. Kalmakoff was appointed Chief Financial Officer of Baytex in November 2022, having joined the company in September 2015 as Vice President, Finance. Prior to Baytex, he held the role of Vice President, Finance and Chief Financial Officer at both Kicking Horse Energy Inc. and Corinthian Exploration Ltd. He also held various positions, including Chief Financial Officer and Vice President, Finance, at Pace Oil & Gas Ltd. and its predecessors. Mr. Kalmakoff is a Chartered Accountant.
Chad E. Lundberg, President and Chief Operating Officer
Mr. Lundberg assumed the role of President and Chief Operating Officer in 2025, after serving as Chief Operating Officer since July 2021. He joined Baytex in August 2018 as Vice President, Light Oil. Prior to joining Baytex, he was Vice President, Operations at Raging River Exploration Inc. from 2016 to 2018, and held progressive technical and management roles at Crescent Point Energy Corporation from 2008 to 2016.
Brian Ector, Senior Vice President of Capital Markets & Investor Relations
Mr. Ector joined Baytex in November 2009. Before that, he spent 15 years as a sell-side research analyst covering energy trusts and exploration and production corporations, including seven years with Scotia Capital.
Kendall Arthur, Senior Vice President & General Manager of Canadian Heavy Oil Operations
Mr. Arthur serves as the Senior Vice President & General Manager of Canadian Heavy Oil Operations.
AI Analysis | Feedback
- Commodity Price Fluctuations: As an oil and gas company, Baytex Energy's financial performance is highly sensitive to the volatile prices of crude oil and natural gas. Sustained periods of low commodity prices can significantly impact the company's revenue, profitability, and cash flow, potentially hindering its ability to fund operations, development, and shareholder returns. The company's sustaining breakeven is stated as US$52/bbl WTI, indicating vulnerability to prices below this threshold.
- Financial Stability and Liquidity Concerns: Baytex Energy faces risks related to its financial health and liquidity. The company's Altman Z-Score, a measure of financial distress, has been in the "distress zone," suggesting a potential risk of financial instability. Additionally, low current and quick ratios indicate potential liquidity constraints. The company also reported a net loss for the full year 2025.
- Regulatory, Environmental, and ESG Risks: Baytex Energy is exposed to risks associated with evolving environmental regulations and increasing pressure related to climate change. Regulatory changes, such as new emissions standards or carbon pricing, could increase operating costs and reduce demand for fossil fuels. Furthermore, certain financial institutions and investors are increasingly shifting investments and financing away from the oil and gas sector due to environmental, social, and governance (ESG) concerns, which could impact Baytex's access to capital in the future.
AI Analysis | Feedback
The global transition towards renewable energy sources and electrification, which poses a long-term threat to the demand for fossil fuels.AI Analysis | Feedback
Baytex Energy Corp. (symbol: BTE) operates in the Western Canadian Sedimentary Basin and Texas, producing light oil and condensate, heavy oil, natural gas liquids, and natural gas. Below are the addressable market sizes for these products in their respective operating regions.
Canada (Western Canadian Sedimentary Basin)
- Light Oil and Condensate: Canada exported approximately 0.8 million barrels per day (MMb/d) of light oil in 2023.
- Heavy Oil: Canada exported about 3.2 MMb/d of heavy oil in 2023, which constituted 79% of all crude oil exported from Canada. The production of heavy oil in Canada reached 25.3 million cubic metres in 2023. The total value of Canada's crude oil exports (including light and heavy) in 2023 was over $130 billion.
- Natural Gas Liquids (NGLs): The Canadian natural gas liquids market generated a revenue of USD 814.4 million in 2024, with projections to reach USD 1,401.7 million by 2030. Canada's NGL production was 716.43 thousand barrels per day (Mb/d) in 2023, and is forecast to reach 757.4 Mb/d by 2028. In 2022, Canada's NGL production, excluding condensate and pentanes plus, was 928.2 Mb/d.
- Natural Gas: Canadian natural gas production averaged 18.3 billion cubic feet per day (Bcf/d) in 2024 and 19.2 Bcf/d during the first five months of 2025. The net export value of natural gas from Canada was $10.1 billion in 2023. Canada was the fifth-largest natural gas producer globally in 2023, with Alberta and British Columbia accounting for 98% of the country's total production.
Texas, United States (Eagle Ford property)
- Light Oil and Condensate: Texas was the leading oil producer in the United States, supplying nearly 2.1 billion barrels of oil in 2025. Texas crude oil production remained steady at 5.7 million barrels per day (mb/d) in May 2025. Production of crude oil and lease condensate (a light hydrocarbon) from the Permian Basin, which includes significant portions of West Texas, increased by 1.9 MMb/d between 2020 and 2024. Texas also set records for exports of crude oil and condensate in fiscal year 2025.
- Natural Gas: Texas achieved a new record in natural gas output, producing over 13.5 trillion cubic feet (Tcf) in 2025. Marketed natural gas production in Texas reached a record 34.4 Bcf/d in May 2025. In 2024, Texas was responsible for 28% of the nation's natural gas gross withdrawals.
AI Analysis | Feedback
Baytex Energy Corp. (BTE) is positioning itself for future revenue growth over the next two to three years primarily through strategic investment in its Canadian asset base, following its divestiture of U.S. Eagle Ford properties. The key drivers of this anticipated growth include:
- Overall Production Growth from Canadian Assets: Baytex Energy is targeting 3% to 5% annual production growth, aiming to reach approximately 67,000-69,000 barrels of oil equivalent per day (boe/d) in 2026 and about 75,000 boe/d by 2028. This growth is underpinned by a capital budget ranging from $550 million to $625 million allocated for exploration and development, with a significant portion directed towards its Canadian light and heavy oil assets.
- Accelerated Pembina Duvernay Development: The Pembina Duvernay asset is a key engine for future growth, with Baytex planning significant production increases. The company intends to scale development into a continuous one-rig program in 2026, backed by 212 drilling locations. Baytex aims to grow Pembina volumes to 20,000–25,000 Boe/d by 2029–2030, supported by a compound annual growth rate exceeding 30%.
- Consistent Heavy Oil Development: Baytex plans to allocate approximately 45% of its 2026 capital budget to its heavy oil assets. The company anticipates bringing 91 heavy oil wells onstream in 2026 and is actively exploring across the Mannville stack, which is expected to deliver strong and consistent performance and contribute to cash flow.
- Enhanced Financial Flexibility and Capital Reinvestment: Following the divestiture of its U.S. Eagle Ford assets, Baytex has substantially strengthened its balance sheet, ending 2025 with significant cash reserves and an undrawn credit facility. This financial strength provides the company with the flexibility to consistently invest in its Duvernay growth and heavy oil drilling programs, even in varying commodity price environments, thus directly supporting its production targets and future revenue generation.
AI Analysis | Feedback
Share Repurchases
- Baytex re-initiated share buybacks on December 24, 2025, and by March 5, 2026, had repurchased 30 million shares for $141 million.
- The company renewed its Normal Course Issuer Bid (NCIB) on June 24, 2025, authorizing the repurchase of up to 66,244,464 common shares (representing 10% of its public float) over a 12-month period beginning July 2, 2025, and ending July 1, 2026.
- Through November 30, 2023, Baytex repurchased 39.1 million common shares for $215 million, representing 4.5% of its shares outstanding at an average price of $5.49 per share.
Share Issuance
- In February 2023, Baytex financed 70% of its approximately $2.5 billion (CAN$3.4 billion) acquisition of Ranger Oil Corporation through the issuance of common stock.
- This issuance contributed to a significant increase in shares outstanding, which reached 0.861 billion in September 2023.
Outbound Investments
- In February 2023, Baytex Energy acquired Ranger Oil Corporation for approximately $2.5 billion (CAN$3.4 billion) to strengthen its position in the Eagle Ford shale in Texas.
Capital Expenditures
- Baytex plans exploration and development expenditures of CAD$550 million to CAD$625 million for 2026, primarily focused on its Canadian portfolio, including the Pembina Duvernay and heavy oil fairways, with a target of 3%-5% organic growth.
- In 2025, exploration and development expenditures were approximately CAD$1.21 billion.
- For 2024, exploration and development expenditures were approximately CAD$1.26 billion, with 60-65% directed to Eagle Ford light oil assets in the U.S. and 35-40% to Canadian assets, split equally between light and heavy oil in Canada.
Peer Outperformance in Oil & Gas Exploration & Production
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Oil & Gas Refining & Marketing | 11 | 66.7% | 109.2% | 283.2% | MPC 549% · VLO 432% · PBF 398% |
| Oil & Gas Storage & Transportation | 18 | 36.4% | 100.5% | 165.7% | INSW 774% · TRGP 432% · DHT 399% |
| Integrated Oil & Gas | 7 | 38.1% | 67.7% | 138.7% | IMO 301% · SU 219% · XOM 196% |
| Oil & Gas Equipment & Services | 33 | 17.5% | 19.4% | 61.1% | SEI 787% · FTI 782% · TDW 442% |
| Oil & Gas Drilling | 7 | 47.5% | 3.9% | 40.5% | VAL 109% · NE 93% · RIG 40% |
| Oil & Gas Exploration & Production ← | 51 | 25.7% | 6.7% | 35.6% | BTE 740% · PR 220% · CNQ 182% |
| Coal & Consumable Fuels | 14 | -34.9% | 0.7% | 28.3% | CNR 274% · CCJ 175% · LEU 59% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 31.88 |
| Mkt Cap | 5.9 |
| Rev LTM | 4,808 |
| Op Inc LTM | 913 |
| FCF LTM | 1,047 |
| FCF 3Y Avg | 514 |
| CFO LTM | 2,810 |
| CFO 3Y Avg | 2,362 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 23.5% |
| Rev Chg 3Y Avg | 9.2% |
| Rev Chg Q | 30.6% |
| QoQ Delta Rev Chg LTM | 6.7% |
| Op Inc Chg LTM | 61.6% |
| Op Inc Chg 3Y Avg | 9.6% |
| Op Mgn LTM | 24.4% |
| Op Mgn 3Y Avg | 23.1% |
| QoQ Delta Op Mgn LTM | 4.4% |
| CFO/Rev LTM | 45.8% |
| CFO/Rev 3Y Avg | 49.1% |
| FCF/Rev LTM | 16.1% |
| FCF/Rev 3Y Avg | 17.9% |
Price Behavior
| Market Price | $4.09 | |
| Market Cap ($ Bil) | 2.8 | |
| First Trading Date | 04/03/2006 | |
| Distance from 52W High | -26.0% | |
| 50 Days | 200 Days | |
| DMA Price | $4.89 | $4.42 |
| DMA Trend | up | up |
| Distance from DMA | -16.4% | -7.5% |
| 3M | 1YR | |
| Volatility | 41.5% | 44.2% |
| Downside Capture | -21.39 | -66.71 |
| Upside Capture | -56.38 | 8.95 |
| Correlation (S&P 500) | -2.6% | -6.6% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.07 | -0.61 | -1.03 | -0.64 | -0.33 | 0.99 |
| Up Beta | 0.18 | -2.98 | -2.76 | -1.57 | -1.33 | 1.19 |
| Down Beta | 0.51 | -0.47 | -0.41 | 0.09 | 0.49 | 1.90 |
| Up Capture | 127% | 4% | -28% | -35% | 20% | 13% |
| Bmk +ve Days | 12 | 18 | 28 | 62 | 130 | 427 |
| Stock +ve Days | 17 | 25 | 37 | 69 | 145 | 382 |
| Down Capture | -155% | -84% | -164% | -107% | -176% | 61% |
| Bmk -ve Days | 10 | 25 | 36 | 64 | 121 | 325 |
| Stock -ve Days | 5 | 15 | 24 | 52 | 95 | 333 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BTE | |
|---|---|---|---|---|
| BTE | 74.3% | 44.2% | 1.37 | - |
| Sector ETF (XLE) | 43.7% | 23.4% | 1.47 | 66.8% |
| Equity (SPY) | 13.3% | 13.7% | 0.65 | -7.7% |
| Gold (GLD) | 3.7% | 28.8% | 0.12 | 5.4% |
| Commodities (DBC) | 38.2% | 21.3% | 1.42 | 56.7% |
| Real Estate (VNQ) | 13.7% | 14.3% | 0.65 | -14.5% |
| Bitcoin (BTCUSD) | -25.3% | 43.6% | -0.55 | 2.1% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BTE | |
|---|---|---|---|---|
| BTE | 0.8% | 49.4% | 0.18 | - |
| Sector ETF (XLE) | 20.2% | 25.6% | 0.70 | 74.3% |
| Equity (SPY) | 11.8% | 17.3% | 0.51 | 30.7% |
| Gold (GLD) | 17.8% | 19.1% | 0.75 | 8.9% |
| Commodities (DBC) | 8.0% | 19.6% | 0.29 | 61.0% |
| Real Estate (VNQ) | 1.5% | 18.9% | -0.03 | 14.4% |
| Bitcoin (BTCUSD) | 4.4% | 51.6% | 0.27 | 8.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BTE | |
|---|---|---|---|---|
| BTE | -18.1% | 64.5% | -0.12 | - |
| Sector ETF (XLE) | 10.3% | 29.7% | 0.38 | 70.0% |
| Equity (SPY) | 15.3% | 18.0% | 0.72 | 38.4% |
| Gold (GLD) | 12.1% | 16.5% | 0.60 | 2.6% |
| Commodities (DBC) | 7.6% | 18.1% | 0.33 | 58.3% |
| Real Estate (VNQ) | 6.1% | 20.7% | 0.25 | 26.4% |
| Bitcoin (BTCUSD) | 60.0% | 66.3% | 1.00 | 7.1% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 6/3/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/31/2026 | 6-K |
| 03/31/2026 | 05/08/2026 | 6-K |
| 12/31/2025 | 03/05/2026 | 40-F |
| 09/30/2025 | 10/31/2025 | 6-K |
| 06/30/2025 | 07/31/2025 | 6-K |
| 03/31/2025 | 05/05/2025 | 6-K |
| 12/31/2024 | 03/05/2025 | 40-F |
| 09/30/2024 | 10/31/2024 | 6-K |
| 06/30/2024 | 07/26/2024 | 6-K |
| 03/31/2024 | 05/10/2024 | 6-K |
| 12/31/2023 | 02/29/2024 | 40-F |
| 09/30/2023 | 11/02/2023 | 6-K |
| 06/30/2023 | 07/28/2023 | 6-K |
| 03/31/2023 | 05/09/2023 | 6-K |
| 12/31/2022 | 02/24/2023 | 40-F |
| 09/30/2022 | 11/08/2022 | 6-K |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/31/2026 | 6-K |
| 03/31/2026 | 05/08/2026 | 6-K |
| 12/31/2025 | 03/05/2026 | 40-F |
| 09/30/2025 | 10/31/2025 | 6-K |
| 06/30/2025 | 07/31/2025 | 6-K |
| 03/31/2025 | 05/05/2025 | 6-K |
| 12/31/2024 | 03/05/2025 | 40-F |
| 09/30/2024 | 10/31/2024 | 6-K |
| 06/30/2024 | 07/26/2024 | 6-K |
| 03/31/2024 | 05/10/2024 | 6-K |
| 12/31/2023 | 02/29/2024 | 40-F |
| 09/30/2023 | 11/02/2023 | 6-K |
| 06/30/2023 | 07/28/2023 | 6-K |
| 03/31/2023 | 05/09/2023 | 6-K |
| 12/31/2022 | 02/24/2023 | 40-F |
| 09/30/2022 | 11/08/2022 | 6-K |
| 06/30/2022 | 07/27/2022 | 6-K |
| 03/31/2022 | 04/28/2022 | 6-K |
| 12/31/2021 | 03/01/2022 | 40-F |
| 09/30/2021 | 11/08/2021 | 6-K |
| 06/30/2021 | 08/04/2021 | 6-K |
| 03/31/2021 | 05/05/2021 | 6-K |
| 12/31/2020 | 03/02/2021 | 40-F |
| 09/30/2020 | 11/09/2020 | 6-K |
| 06/30/2020 | 07/30/2020 | 6-K |
| 03/31/2020 | 05/08/2020 | 6-K |
| 09/30/2019 | 11/01/2019 | 6-K |
| 06/30/2019 | 08/09/2019 | 6-K |
Investor Activity (13F)
Updated Nov 10, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager |
|---|
Industry Resources
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
Prefer one of these to Trefis? Tell us why.