Baytex Energy Corp. (TSX:BTE)(NYSE:BTE) has been on the slide for more than three months, and investors who missed the big rally in the first half of the year are wondering if this is a good opportunity to buy the stock.
Baytex Energy Corp. (TSX:BTE)(NYSE:BTE) has been one of the poorest-performing names in its peer group over the past six months, and, despite the fact its most recent quarter was surprisingly positive, the market completely overlooked it.
The main appeal to buying Baytex Energy Corp. (TSX:BTE)(NYSE:BTE) can be seen just by looking at how its shares reacted to the oil run up this year—from January 20, when Baytex shares bottomed, to its previous peak in June, Baytex shares rose 357%.
Contrarian investors are always searching for unloved stocks that could be on the cusp of a big rebound. Let's take a look at Cameco Corporation (TSX:CCO)(NYSE:CCJ) and Baytex Energy Corp. (TSX:BTE)(NYSE:BTE) to see if one is more attractive today.