Baytex is a possible addition to the Sweet 16. I need to spend a day building a Proforma forecast model on Baytex to come up with a valuation.
Size matters in this business for several reasons. One of them is that when companies get over 100,000 Boepd of production, they get a lot more analysts covering them. That's why I remain very bullish on ESTE and PR.
Ranger Oil (ROCC) being acquired by Baytex - Feb 28
Re: Ranger Oil (ROCC) being acquired by Baytex - Feb 28
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group
Re: Ranger Oil (ROCC) being acquired by Baytex - Feb 28
Looks like a law firm is investigating the merger between BTE and ROCC:
https://www.nasdaq.com/press-release/ro ... ranger-oil
This might not be over.
https://www.nasdaq.com/press-release/ro ... ranger-oil
This might not be over.
Re: Ranger Oil (ROCC) being acquired by Baytex - Feb 28
THANK YOU HAWKER AND CHUCK
Re: Ranger Oil (ROCC) being acquired by Baytex - Feb 28
tlen > They picked up Dan's target price
In particular, according to an analysis of Wall Street price targets for Ranger in the last 90 days published on Seeking Alpha, there is an average target price of $58.40 per share, and a high price target of $74.00 per share. Both are above the deal price, which indicates that Wall Street analysts think the deal consideration is too low.
Dan, you can be an expert witness. You are usually too high with valuations but this miss was ridiculous. No takeover premium whatsoever
In particular, according to an analysis of Wall Street price targets for Ranger in the last 90 days published on Seeking Alpha, there is an average target price of $58.40 per share, and a high price target of $74.00 per share. Both are above the deal price, which indicates that Wall Street analysts think the deal consideration is too low.
Dan, you can be an expert witness. You are usually too high with valuations but this miss was ridiculous. No takeover premium whatsoever
Re: Ranger Oil (ROCC) being acquired by Baytex - Feb 28
Raymond James Downgrades Baytex Energy to Market Perform, Lowers Price Target to C$5.5
Baytex Energy Kept at Market Perform at BMO after US$2.5 Billion Acquisition; Price Target Kept at C$7.50
Baytex Energy Upgraded to Buy at TD, Shares Rebound
BY MT Newswires
— 10:29 AM ET 03/01/2023
10:29 AM EST, 03/01/2023 (MT Newswires) -- Baytex Energy Corp. (BTE) was upgraded to Buy from Hold at TD Securities.
Analyst Menno Hulshof maintained a target price of $7 on shares of the Calgary-based oil and gas company.
Hulshof said Tuesday's sell-off in the stock was unjustified, following the acquisition of Eagle Ford pure-play Ranger Oil.
"We believe the market reaction to the transaction was overly punitive and believe the positives outweigh the negatives," the analyst said in a note to clients.
"Yesterday's excessive share-price pullback has boosted our target return to 34% which, in turn, merits an upgrade to Buy."
Stifel FirstEnergy on Wednesday reiterated its hold rating on the shares of Baytex Energy (BTE) while lowering its price target to C$7.00 from C$8.00 after the oil and gas producer agreed to acquire Ranger Oil (ROCC) for US$2.5 billion in cash, shares and debt to expand in the Eagle Ford shales in Texas.
Baytex Energy Kept at Market Perform at BMO after US$2.5 Billion Acquisition; Price Target Kept at C$7.50
Baytex Energy Upgraded to Buy at TD, Shares Rebound
BY MT Newswires
— 10:29 AM ET 03/01/2023
10:29 AM EST, 03/01/2023 (MT Newswires) -- Baytex Energy Corp. (BTE) was upgraded to Buy from Hold at TD Securities.
Analyst Menno Hulshof maintained a target price of $7 on shares of the Calgary-based oil and gas company.
Hulshof said Tuesday's sell-off in the stock was unjustified, following the acquisition of Eagle Ford pure-play Ranger Oil.
"We believe the market reaction to the transaction was overly punitive and believe the positives outweigh the negatives," the analyst said in a note to clients.
"Yesterday's excessive share-price pullback has boosted our target return to 34% which, in turn, merits an upgrade to Buy."
Stifel FirstEnergy on Wednesday reiterated its hold rating on the shares of Baytex Energy (BTE) while lowering its price target to C$7.00 from C$8.00 after the oil and gas producer agreed to acquire Ranger Oil (ROCC) for US$2.5 billion in cash, shares and debt to expand in the Eagle Ford shales in Texas.
Re: Ranger Oil (ROCC) being acquired by Baytex - Feb 28
forbes article
https://open.substack.com/pub/blackmon/p/forbes-piece-baytexranger-oil-combination?r=nh748&utm_campaign=post&utm_medium=email
https://open.substack.com/pub/blackmon/p/forbes-piece-baytexranger-oil-combination?r=nh748&utm_campaign=post&utm_medium=email
Re: Ranger Oil (ROCC) being acquired by Baytex - Feb 28
AGAIN: This deal is a MERGER, not a SALE. My current valuations ("price targets") are what I believe a company should sell for in a negotiated sale.
Why is a merger different? Because the shareholdersin Ranger are going to get a lot of shares in Baytex, so they still own the assets of the company, but in a much larger entity. Plus, they get a nice cash "kicker".
There are always a few lawyers that try to make a buck off these deals, ignore them.
Why is a merger different? Because the shareholdersin Ranger are going to get a lot of shares in Baytex, so they still own the assets of the company, but in a much larger entity. Plus, they get a nice cash "kicker".
There are always a few lawyers that try to make a buck off these deals, ignore them.
Last edited by dan_s on Fri Mar 03, 2023 4:21 pm, edited 1 time in total.
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group
Re: Ranger Oil (ROCC) being acquired by Baytex - Feb 28
Here is a video interview from today on BNN TV with a top Canadian oil fund manager.
He likes BTE and the deal of them merging with ROCC.
Those who currently own ROCC may want to hang on to BTE shares when the deal closes
https://www.bnnbloomberg.ca/video/very-meaningful-upside-ahead-for-the-energy-market-eric-nuttall~2639004
He likes BTE and the deal of them merging with ROCC.
Those who currently own ROCC may want to hang on to BTE shares when the deal closes
https://www.bnnbloomberg.ca/video/very-meaningful-upside-ahead-for-the-energy-market-eric-nuttall~2639004