Baytex Energy Corp. (TSX:BTE)(NYSE:BTE) used to be a growth-focused oil company. However, as a result of a significant decline in oil prices, the company not only stopped growing last year, but its production dropped sharply.
Goldman Sachs just came out with a report on the medium-term future for the oil market, and it wasn't particularly promising. It essentially boiled down to this: Goldman Sachs thinks the price of oil will continue to languish until at least 2019 ...
Baytex looks attractive if you believe oil is headed higher in the medium term. The company has managed to hold on to most of its assets through the downturn and would benefit significantly if oil were to move back above US$60.
After a terrible 2015 and 2016, shares of Baytex Energy Corp. (TSX:BTE)(NYSE:BTE) have found a bottom. At a current price of approximately $5.50, Baytex now offer investors excellent value given the book value per share of $10.25.