47,000,000 Shares in 315 Calendar Days -- 50 Days Remaining THE LAST LINE IS THE MOST IMPORTANT!
At the same pace from May 9th to June 27th we can expect to end up at 55,000,0000 Shares retired in the rolling 12 month period.
If you are the BTE CEO and CFO you are smiling right now.
WHY?
They bought 47,000,000 shares at $5.42 per share average. Now they can buy them at less than $4.74 or thereabouts right.
So if you are selling your shares there is a good chance you are selling them back to Baytex.
Now here are the interesting facts:
$255,000,000 in shares bought back over about 10 months means $25M a month. That is pretty significant.
At 55 Million Shares the plublic float will have been reduced by about 6.5% on a 12 month rolling basis. Again considering they were integrating all the business this is pretty significant.
The share buybacks represent a 7% annual return currently plus the dividend it is about 9%.
With credit debt facilites declining as well we can expect at least a 15% return this year.
INVESTORS NEED to FORGET about the 2030 and 2032 debt instriments and focus on the buybacks, dividend and immediate credit line debt reduction.
I BELIEVE that by August 31, 2024 Baytex will have less than 800M Shares. That is where we are heading.
ML