Baytex Energy Corp T.BTE

Analyst Actions

[vascris15]

Analyst Actions: TudorPickeringHolt & Co Quick Look at Baytex Energy's Q4; BTE Up 1.7% In US Pre-Mkt 2019-03-06 08:06:42 AM ET (MT Newswires)

08:06 AM EST, 03/06/2019 (MT Newswires) -- TudorPickeringHolt & Co has had a quick look at Q4 results from Baytex Energy, for which it has a HOLD rating and Target of C$2.50. In summary, TPH said it is "positive" on the Q4 beat, and sees Q1 production tracking ahead of expectations According to TPH, BTE's Q4 2018 results point to better than expected production and cash flow, along with a Q1 2019 production number that is tracking ahead of expectations. It noted Q4'18 production of 98.8mboepd came in well ahead of TPH and the Street at 95.4mboepd with full year production exceeding the high end of guidance at 80.46mboepd on in-line capital spending of C$496MM. Q4'18 cash flow was near 10% ahead of expectations at C$111MM (C$0.20/shr) as realized pricing was better than anticipated and cash costs outperformed guidance. TPH also noted Q1 2019 production is tracking ahead of expectations with volumes in excess of 97mboepd (TPHe 94.1mboepd, Street 95.3mboepd) as Eagle Ford well performance looks to be a significant contributing factor (IP30 near 1,800boepd vs TPHe of 1,200boepd). Delineation of BTE's East Shale Duvernay continues with five 2018 wells seeing IP30's double our expectations at near 575boepd (88% liquids) and helping de-risk 175 additional location s. Despite Q1 volumes tracking ahead of expectations, 2019 guidance was reiterated with volumes of 93-97mboepd on a C$550-$650MM capital spend. Given current pricing and production, TPH said it is biased towards the high end and expect all FCF (TPHe near C$200MM) to be put on the balance sheet as BTE looks to de-lever towards a sub 2.5x debt metric. Price: 2.3700, Change: +0.0100, Percent Change: +0.42

Analyst Actions: TudorPickeringHolt & Co Quick Look at Baytex Energy's Q4; BTE Up 1.7% In US Pre-Mkt 2019-03-06 08:06:42 AM ET (MT Newswires)

08:06 AM EST, 03/06/2019 (MT Newswires) -- TudorPickeringHolt & Co has had a quick look at Q4 results from Baytex Energy, for which it has a HOLD rating and Target of C$2.50. In summary, TPH said it is "positive" on the Q4 beat, and sees Q1 production tracking ahead of expectations According to TPH, BTE's Q4 2018 results point to better than expected production and cash flow, along with a Q1 2019 production number that is tracking ahead of expectations. It noted Q4'18 production of 98.8mboepd came in well ahead of TPH and the Street at 95.4mboepd with full year production exceeding the high end of guidance at 80.46mboepd on in-line capital spending of C$496MM. Q4'18 cash flow was near 10% ahead of expectations at C$111MM (C$0.20/shr) as realized pricing was better than anticipated and cash costs outperformed guidance. TPH also noted Q1 2019 production is tracking ahead of expectations with volumes in excess of 97mboepd (TPHe 94.1mboepd, Street 95.3mboepd) as Eagle Ford well performance looks to be a significant contributing factor (IP30 near 1,800boepd vs TPHe of 1,200boepd). Delineation of BTE's East Shale Duvernay continues with five 2018 wells seeing IP30's double our expectations at near 575boepd (88% liquids) and helping de-risk 175 additional location s. Despite Q1 volumes tracking ahead of expectations, 2019 guidance was reiterated with volumes of 93-97mboepd on a C$550-$650MM capital spend. Given current pricing and production, TPH said it is biased towards the high end and expect all FCF (TPHe near C$200MM) to be put on the balance sheet as BTE looks to de-lever towards a sub 2.5x debt metric. Price: 2.3700, Change: +0.0100, Percent Change: +0.42