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Highlights

  • Baytex Energy is a TSX-listed oil and gas group with operations in the US and Canada
  • In 2Q 2024, the company recorded total revenue of CAD 892.6 million
  • Juniper Capital Advisors, L.P. has highest stake in the firm with a shareholding of around 12.74%

Baytex Energy Corp. (TSX:BTE) is a TSX-listed oil and gas company with operations in Canada and the United States. Most of its revenue come from Canada, where it focuses on the exploration, advancement, and production of natural gas and crude oil in Western Canada.

In the second quarter of 2024, total revenue of BTE surged to CAD 892.6 million, up from CAD 490.8 million in the prior corresponding period (pcp), driven by increased production and higher average realized prices. However, total expenses also rose, reaching CAD 759.5 million compared to CAD 454.2 million in the pcp. Despite higher depreciation charges and financial costs weighing on the company's earnings before income taxes, it still increased to CAD 133.1 million for the quarter, up from CAD 36.5 million in the pcp. As a result, the company reported net earnings of CAD 103.8 million, a decline from the CAD 213.6 million recorded in the pcp.

Top 10 shareholders of BTE

The top 10 shareholders of BTE have approximately 28.34% shareholding in the company. Juniper Capital Advisors, L.P. and Ninepoint Partners LP have the highest stake in the firm, with a shareholding of around 12.74% and 5.07%, respectively.

Recent business update

On 25 July 2024, the company announced that its Board of Directors has declared a quarterly cash dividend of CAD 0.0225 per share. Pay date of this dividend is 1 October 2024, to shareholders of record as of16 September 2024.

Outlook

For FY 2024, the company has provided a production guidance of 152,000 to 154,000 barrels of oil equivalent per day (boe/d) and has outlined exploration and development (E&D) expenditures between CAD 1.2 billion and CAD 1.3 billion. Additionally, the company anticipates generating approximately CAD 700 million in free cash flow.

Share performance of BTE

BTE shares last closed at CAD 4.080 apiece and marked a downside of nearly 7.06% in past one week and fall of nearly 15.35% in the last one month.

52-week high of BTE is CAD 6.37 and 52-week low is CAD 3.92.