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Bullboard - Stock Discussion Forum Baytex Energy Corp T.BTE

Alternate Symbol(s):  BTE

Baytex Energy Corp. is a Canada-based energy company. The Company is engaged in the acquisition, development and production of crude oil and natural gas in the Western Canadian Sedimentary Basin and in the Eagle Ford in the United States. Its crude oil and natural gas operations are organized into three main operating areas: Light Oil USA (Eagle Ford), Light Oil Canada (Pembina Duvernay... see more

TSX:BTE - Post Discussion

Baytex Energy Corp > Share Count for BTE
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Post by Volkomm on Jul 05, 2022 8:16am

Share Count for BTE

Whatcha guys figure a company the size of Baytex will need for a decent share float? Lets say debt is sub-$800 mil. 

With a float of ~563 mil, just my opinion, but they need to at least reduce by 30%-50%, that's a lot of shares.
Comment by Tommy007 on Jul 05, 2022 9:58am
Reduce debt or debt free ? Which way is better?
Comment by Volkomm on Jul 05, 2022 11:17am
For Baytex I'd like to see them with sub $400 mil. Ideally 0 would be perfect but some of their notes are quite a ways out. Once the debt is gone they will have to do some heavy duty share buying to rectify past mistakes of their aquisitions. They should have done a stock split in the depths of the down turn and this problem would have went away. Thoughts? 
Comment by masfortuna on Jul 05, 2022 11:43am
Yes I do have some questions.  Stocksplit? That increases share count NOT reduces it.  I think you meant a reverse stock split. Also they can't buyback more than 56 million shares'ish  "per year" .  That's the most the would be allowed.  They started this year and by the summer of 2025 we would be looking at about 350 million shares.
Comment by BayStreetWolfTO on Jul 05, 2022 11:46am
Once debt targets are reached they can do an SIB. This allows for more than 10% of shares to be eliminated.  Next year if the price of oil is $95 they will hit zero debt and be able to increase the buyback % significantly 
Comment by Volkomm on Jul 05, 2022 1:32pm
Yes, sorry. I meant reverse split. Not enough coffee this AM. Can't they accelerate the current NCIB and restart another one? I believe Imperial did two NCIB's last year, then a SIB this year and another NCIB going again. 
Comment by masfortuna on Jul 05, 2022 1:44pm
The max they could buy is 10% annually and this is based on volume as well. So I did 10% for 4 years and got about 365 million o/s.
Comment by Maxmoe on Jul 05, 2022 2:28pm
They bought stock every day since the NCIB started May 9th. EVERY DAY. Who were the guys complaining bte was paying too much? Careful what you wish for. 3 weeks until Q2 results are released along with an update on debt reduction, stock buyback, and Clearwater drilling. It's going to be huge. How many oil companies were stupid enough to listen to whining about hedge books and cut a huge cheque ...more  
Comment by BayStreetWolfTO on Jul 05, 2022 2:36pm
This is a nonsense argument that always appears. With Oil at these prices I would like Baytex to spend the least amount of FCF short-term to buyback shares. This is not a very good long-term view....not many people cared Baytex dropped in 2022 from 4.33 in November to 3.31 And they certainly don't care about that drop today LOL 
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