Baytex reported third-quarter EPS of C$0.22, beating the C$0.20 estimate by 10%. The company also posted record Duvernay production and expanded its growth plans.
Baytex Energy Corp. (TSX: BTE) released its third-quarter 2026 results after markets closed on November 5. It reported C$365.5 million in revenue, C$160.3 million in net income and C$139 million in free cash flow. See the BTE stock page for company and share information.
Recent earnings trend
Baytex Energy Corp
BTE.TO
BTE.TO
Baytex Energy Corp
WealthAwesomeMarket cap
$4.14B
Div. yield
0.39%
Div. / share
$0.02
52W high
$7.87
52W low
$3.57
1W change
-21.28%
Beta
0.74
Analyst Price Targets
Based on analyst covering BTE · as of Oct 29, 2026
Wall Street analysts forecast BTE stock price to rise 47.2% over the next 12 months.
Consensus
BullishBased on avg. target vs last close (formal rating unavailable for Canadian listings)
Avg. Target
C$8.71
+47.2% Upside
Previously C$8.56 on Oct 23, 2026
Current Price
C$5.92
Last close
Targets are snapshotted when they change. Unchanged figures keep their original date. Not financial advice.
Wealth Awesome Price Forecast
WA ModelStatistical 90-day price range based on BTE's historical volatility
30-Day Vol
50.4%
Annualized
90-Day Vol
44.4%
Annualized
Trend (90d)
-9.8%
Annualized drift
90d Mean
C$5.72
Expected price
| Horizon | Expected | 68% Range (1σ) |
|---|---|---|
| 30 trading days | C$5.85 | C$4.92 – C$6.96 |
| 60 trading days | C$5.78 | C$4.52 – C$7.40 |
| 90 trading days | C$5.72 | C$4.23 – C$7.73 |
Methodology: Range is calculated using 30-day realized volatility via geometric Brownian motion (log-normal model). 68% band = ±1σ, 95% band = ±2σ. This is a statistical model, not a prediction. Past volatility does not guarantee future results. Not financial advice.
Analyst coverage: 1 analyst(s) cover this name; upcoming EPS consensus is available.
Beat estimates in 2 of the last 4 comparable quarter(s).
| Fiscal period | Report date | Actual EPS | Estimate | Surprise |
|---|---|---|---|---|
| 2026-12-31 | 2027-03-03 | — | 0.1600 | — |
| 2026-09-30 | 2026-11-05 | 0.2200 | 0.2000 | +10.0% |
| 2026-06-30 | 2026-07-30 | 0.2300 | 0.0800 | +187.5% |
| 2026-03-31 | 2026-05-07 | -0.0900 | 0.0100 | -1000.0% |
| 2025-12-31 | 2026-03-04 | -1.1200 | -0.1300 | -761.5% |
| 2025-09-30 | 2025-10-30 | 0.0400 | 0.0700 | -42.9% |
Investor takeaway: Baytex paired a modest earnings beat with stronger operations. Production rose 5% from a year earlier to 71,606 boe/d, Duvernay production hit a record 12,806 boe/d, and the company ended September with C$522 million in net cash. Management increased its 2026 capital plan and laid out faster production growth. That plan requires more spending, and earnings remain exposed to volatile oil prices. The calendar EPS figure is separate from adjusted funds flow per share, which was C$0.48.
C$0.22 EPS
Baytex’s calendar EPS came in 10% above the C$0.20 estimate. The company also reported net income of C$0.23 per basic share and adjusted funds flow of C$0.48 per basic share. These are different measures, which is why earnings coverage may cite different figures.
Bull case
Record Duvernay production, lower drilling and completion costs, and C$139 million in quarterly free cash flow give Baytex room to grow production and return capital to shareholders. The company bought back 24 million shares for C$149 million and paid its quarterly dividend. Its 2027 plan targets average production of 76,000–79,000 boe/d. For 2027–2029, Baytex expects annual growth of 8%–10%.
Bear case
Baytex’s growth plans come with higher spending. The company now expects 2026 exploration and development costs to reach C$665 million, up from C$625 million. Its 2027 budget is C$775 million to C$850 million. Higher benchmark prices have also increased expected royalty costs, and transportation costs are forecast to rise. Baytex has no WTI hedges, so its results remain sensitive to oil prices. The supplied snapshot also shows negative trailing EPS and profit margin.
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