Baytex Energy: A 'Scratch And Dent' Standout
- Baytex Energy Corp. is undervalued, trading at a 35% discount to book value, with strong fundamentals and catalysts in both U.S. and Canadian markets.
- Baytex's acquisition of Ranger Oil in the Eagle Ford basin has diversified its production, now over half of its daily output.
- The company is focused on reducing debt and returning capital to shareholders, with a free cash flow yield of 18% and attractive valuation multiples.
- BTE rates a strong buy for investors anticipating higher oil prices and improved market conditions for upstream E&P operators.
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Introduction
Baytex Energy Corp. (NYSE:BTE) has traded in a fairly tight range for about a year now, oscillating between slightly less than $3.00 and $4.00 per share (when rare
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