Whitecap (WCP) and Baytex (BTE): Why are these TSX oil stocks trending?

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Whitecap (WCP) and Baytex (BTE): Why are these TSX oil stocks trending?

Whitecap (WCP) and Baytex (BTE): Why are these TSX oil stocks trending?
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Highlights

  • Whitecap Resources (TSX: WCP) and Baytex Energy (TSX: BTE) have been trending on the stock markets.
  • Whitecap reported petroleum and natural gas revenues of C$ 1 billion in the first quarter of FY2022.
  • BTE stock ballooned by over 394 per cent in a year.

Whitecap Resources Inc (TSX: WCP) and Baytex Energy Corp (TSX: BTE) have been trending hot on the stock markets.

Whitecap, for one, gained traction after it released its first-quarter results for fiscal 2022 on Thursday, April 28. Baytex Energy, on the other hand, seems to have generated some interest ahead of its earnings release, set to be announced after market close this day.

Let us go through the overall performance of Whitecap Resources and Baytex Energy.

Also read: Teck (TSX: TECK.B) stock takes off after Q1 results. Buy call?

Whitecap Resources Inc (TSX: WCP)

The Canadian oil producer reported petroleum and natural gas revenues of C$ 1 billion in the first quarter of FY2022, notably up from C$ 448.89 million a year ago.

The C$ 6 billion market cap company saw its net profit increase to C$ 652.32 million in the latest quarter compared to C$ 0.01 million in Q1 2021.

Whitecap’s basic earnings per share (EPS) grew from C$ 0.04 to C$ 1.04 in Q1 2022 compared to 2021. Its diluted EPS also jumped to C$ 1.03 apiece in the latest quarter against C$ 0.04 a year ago.

The oil producer posted C$ 505.69 million in a funds flow for the first three months of fiscal 2022 compared to C$ 187.76 million in the same period a year ago. 

Whitecap held a net debt of C$ 1.09 billion as of March 31, 2022, compared to C$ 1.45 billion a year ago. The company also reported increased average production of 132,691 barrels of oil equivalent per day (boe/d) in Q1 FY2022 compared to 120,020 boe/d in Q4 2021.

Having closed at C$ 10.65 on Wednesday, stocks of Whitecap Resources were trading at C$ 10.47 apiece at 9:52 AM EST on Thursday, April 28. WCP scrip swelled by over 92 per cent in 12 months.

 Whitecap Resources (TSX: WCP)’s Q1 2022 results

Baytex Energy Corp (TSX: BTE)

Baytex Energy surpassed its upper limit production guidance at 80,789 boe/d n Q4 FY2021.

The Calgary-headquartered company reported C$ 552.4 million in petroleum and natural gas sales in the last quarter of 2021 compared to C$ 488.73 million in Q4 2020.

Its net income expanded from C$ 0.03 million in Q4 2020 to C$ 563.23 million in Q4 2021.

BTE stock ballooned by over 394 per cent year-over-year (YoY) and was trading at C$ 6.93 AM EST on Thursday.

Bottomline

Investors exploring Whitecap Resources and Baytex Energy should ideally take note of the price fluctuations in the oil market.

Also, investors can dig in deeper and analyze market forces driving volatility in the oil market to understand the dynamics and accordingly make any investment call.

Also read: Lion Electric (LEV) partners with US Energy Dept: An EV stock to buy?

Please note, the above content constitutes a very preliminary observation based on the industry, and is of limited scope without any in-depth fundamental valuation or technical analysis. Any interest in stocks or sectors should be thoroughly evaluated taking into consideration the associated risks.

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