Just an old fashion correction. Couldn't resist, bought more at the 30's( I've been in since $25)
It's the fastest grower of most of the canroys and it's not even near its 50 DMA. What a bargin! Will it go lower? maybe. but then I'll buy more. People alway willing to buy at the top.
The price of Baytex has gone up faster then several other CANROY's
Canadian Edge has a buy up to $32 and cash yield of 9%
CIBC has a price target of 35 and implied return of 13.5%
RBC Captial has target of 34 and implied return of 12%
Advantqage Energy (AAV) has an implied return of up to 34% and a cash yield of 11%. Most other stocks have a better implied yield than Baytex.
I was looking at trading out of BTE into another CANROY to increase dividend yield. But the problem I found with most of the other CANROYS was even though they maybe paying a high dividend yield they don't have the earnings of BTE.
The trend is your friend. It's a nice 45-degree angle trend. No real gaps, no real volatility.
Stock is just off 52-week highs. No overhead resistance. The NYSE specialist won't sell off his inventory under these circumstances.
Buying strength WORKS. BTE is stong.
Chart is still fabulous. Alot of heartburn intraday, but at the end of the day (which is more important) critical support held.
Cramer is an idiot. You'd do better flipping a coin than listening to that half-wit. His rec's do wose than random chance. And those who let go their BTE shares on his idiocy will rue the day.
1. Sector rotation out of the e&p stocks.
2. Apparent weakening economic conditions in the US and Europe.
3. Belief that China will significantly slowdown itself in preparations for the Olympics which will significantly cut their petroleum usage.
This is not a joke. They have already announced that lots of industrial production around Bejing will be shut later this month and the number of cars allowed on the streets will soon be curtailed.
4. A tie in with #3 is that many also believe that China's economy will significantly slow its growth after the Olympics. The govt has pressed a lot of growth to be completed before the games and has tried build a cushion before the games. They really are putting the all out press on to impress the world with the games. Once they conclude some have speculated that the govt will become more aggressive in its efforts to cool down the economy. If it does, it will loosen up the tighness in commodities world-wide.
This stock is not priced for $140+ oil, not even close. Its not even priced at $100/bbl in my opinon. (Although with BTE it is also very important to look at the differentials between heavy and light crude prices.)
That said, there is always a knee jerk reaction from the market to daily swings in the price of oil/gas.
Best of luck...
I think that many investors are now, more than ever, anticipating a plunge in oil prices. Everything you hear points towards the world economy slowing down considerably as the US continues to slow. Demand for oil products and gasoline is declining; however, the price of oil continues to set new highs. Oil has exuberantly decupled itself from reality and those who are jumping in now will be left holding a big bag of rocks. With the impending drop in oil coming, investros are taking profits in all other oil/energy related stocks.
I dunno but I took profits on everything except NG this AM. I don't get it either and that is what bothers me. Does Wall Street think Obamma gonna wil and eliminate divi exclusion and double cap gains???? Cash isgood. CASH NG and GOLD....good luck