Baytex Energy Corp T.BTE

Birchcliff vs Baytex

[Wildfury]

I was comparing BIR VS BTE daily production numbers and they are basically the same, 79,000 - 81,000 bpd. Birchcliff is trading at $6.87 vs $4.52. Birchcliff has no hedging on its production compared to BTE 40%, with less than 300 million outstanding shares with less than $700 in debt. Once Baytex gets their debt down to these levels as Birchcliff and buy back their shares, the stock should be trading in the $7-$$9 range IMOP, any thoughts on this comparison?

[Cobalt]

Stock price means nothing , should be using market cap BTE 2.55 Billion, BIR 1.8 billion

[JohnnyDoe]

you shouldn't compare companies based on share price. A better comparison is market cap. Baytex is currently roughly valued almost 50% higher than birchcliff. I also wouldn't compare these two companies because although they are both in the oil and gas industry, Baytex is an oil company and Birchcliff is a gas company. better comparisons for bte would be cpg, wcp and TVE.

[Wildfury]

Sorry but I disagree, CPG, WCP have much more production, actually they are almost identical, 130,000 bpd equivalent. If you want me to use capex then if BTE is higher than BIR then why is it trading $2.35 lower with the same production and don't forget, bir has no hedging program in effect.

[JohnnyDoe]

it is trading lower because it has roughly double the share float. It's enterprise value is higherI suggested cpg, wcp and TVE because they're also predominantly oil companies, like baytex. Birch cliff is predominantly a gas company. Gas is a more cyclical business and more subject to price fluctuations based on weather. Oil looks like it is in the early stages of a lengthy bull run. I don

[Cobalt]

2.35 lower because they have more shares out ,and Nobody is calling for a bull in Nat Gas like they are in oil  "Market Cap is equal to the current share price multiplied by the number of shares     outstanding."