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Strategies & Market Trends : Dino's Bar & Grill

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To: Goose94 who wrote (63183)	9/9/2019 7:54:30 PM
From: Goose94	Read Replies (1) of 202988

Baytex Energy (BTE-T) (revisited) top pick from John Zechner on BNN.ca Market Call 2nite Monday Sept 9th @ 1800ET Don’t need to be an energy bull to be positive on Baytex at current levels. The company has reduced financial leverage dramatically in the past three years as it generates free cash flow at current strip prices. There is a misconception that majority of production is priced at WCS, but it now sells a large amount of oil from the U.S. Permian Basin and therefore receives market prices. At current WTI oil prices, the company will generate substantial free cash flow this year and we expect the leverage ratio to drop down to 1.5 times from over four times in 2018, giving it the financial flexibility to continue drilling, pay off additional debt, pursue another acquisition, or reinstate a dividend. The stock is trading at a discount to net asset value and only about three times operating cash flow.

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