BAYTEX Energy Corporation Announces 2011 Financial Results

Dear PGM Capital Blog readers, today March 14 2012, Baytex Energy Corp.
(NYSE: BTE), (TSX: BTE) (ISIN: CA07317Q1054) reported its Q4-2011 and FY 2011 results.


  • Produced record quarterly production of 53,054 boe/d in Q4-2011
    (an increase of 18% over Q4-2010) and
    record annual production of 50,132 boe/d in FY 2011 (an increase of 13% over 2010)
  • Generated record quarterly funds from operations (“FFO”) in Q4-2011 of $163.0  million or $1.39 per basic share in Q4-2011 (an increase of 32% over Q4-2010) and record annual FFO of $555.5 million or $4.79 per basic share in FY 2011
    (an increase of 24% over 2010)
  • Maintained a cash payout ratio in Q4-2011 of 31% net of dividend reinvestment plan (“DRIP”) participation
  • Generated total market return (including reinvestment of dividends) of 31.6% in Q4-2011 and 28.1% in 2011

 (all amounts are in Canadian dollars unless otherwise noted)


Traders today totally ignored the company’s blockbuster earnings report and Baytex Energy Corp sold off, trading as low as C$52.04 per share and falling below 30 on the technical important RSI indicator.

A fundamental investor could look at BTE’s RSI reading of 30 as a sign that the recent heavy selling is in the process of exhausting itself, and begin to look for entry point opportunities on the buy side.

Taking the above mentioned technical analysis and the company’s fundamentals such as a P/E ratio of 10.9, a dividend yield of approx. 5.% (These based on today’s closing price of C$ 52.30), we have a BUY rating on the stock.

Please receive here below an all tine chart of the company.

Last but not least, before following any investing advice, always take your investment horizon and risk tolerance into consideration and keep in mind that the price of Commodities, as well as the stocks of their producers can be very volatile and that sharp corrections might happen in the short term.

Yours sincerely

Eric Panneflek

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