Morning Report: Last call for value investors as Baytex blasts off
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Providing Insider News and Knowledge to Investors
Morning Report: Last call for value investors as Baytex blasts off September 17, 2021
Canada's morning overview of insider filings with a special focus on companies that may interest active and
momentum-oriented investors.
Canadian Company Insider Filing Tally* - Yesterday
Yesterday, 36 companies had insider buy filings and 18 companies had insider sell filings.
INK Market-Wide Sentiment Indicator*
INK Market-Wide Sentiment Indicator: 220.8%
INK Sentiment Reading: INK Venture Sentiment Reading:
*Filing Tally represents Toronto Stock Exchange and Venture companies with public-market transaction SEDI filings of directly-owned equity securities.
Indicators represent companies with buy-only transactions divided by companies with sell-only transactions of direct ownership equity securities in the
public-market by officers and directors (exclusive of officers and directors of subsidiaries or insiders) filed over the last 60 days. The chart line shows insider
sentiment trends by connecting the historic indicator daily readings going back one year. See our market report for commentary on indicator readings.
Report Tutorial Video : http://www.inkresearch.com/pdf_tutorial/morning.html
English
Overview: Sentiment and Stocks
The oil patch is back with a vengeance. In our September Top 40 Stock Report, half the list is from the Energy sector.
Meanwhile, oil & gas prices are rising globally, defying the deflation and strong dollar narratives that are being heard more
frequently. Instead, the summer lull in oil & gas share prices has turned out to be a precious buying opportunity. Throughout
the past few months in our reports, we have encouraged investors to consider the value proposition of Canadian energy
stocks. Baytex Energy (BTE) is a case in point. On July 12th, we highlighted continued insider buying as earnings were
rising. While the stock initially dropped for a few days following our report, it has surged this month, hitting new 52-week
highs along the way.
The stock is now up 19.5% since our report, easily outperforming its peers as tracked by the S&P/TSX Capped Energy Index
(-0.8%) and other inflation-sensitive stocks as tracked by the INK Canadian Insider Index (+4.7%). Part of the reason for
Baytex's outperformance is the better than expected performance of its Peace River Clearwater appraisal program. On
September 1st, Baytex reported that production from five appraisal wells was more than 2,300 barrels of oil per day. The
CEO bought more shares after the news. Meanwhile, cash flow is growing. According to Refinitiv and INK data, as of June
30th, 12-month trailing cash flow stood at $2.88 per share versus a negative cash flow a year earlier. That has the stock
trading at a price-to-cash-flow ratio of 1.0. Value investors, this is your last call.
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September 17, 2021
Today's Chart
Baytex Energy Corp. (BTE)
Chart reflects public-market and option-exercise transactions of common shares (unit trusts) by company officers and directors.
USD transactions are converted to Canadian dollars by us using the Bank of Canada noon rate on the transaction date.
Since our last report on Baytex Energy (BTE) on July 12th, two insiders have spent a combined $109,044 buying shares in
the public market. The most recent buyer was President, Director, and CEO Edward LaFehr (TGL) who picked up 15,000
shares at $2.28. He now holds 1,142,561 shares representing 0.2% of all shares outstanding.
The stock currently holds a sunny INK Edge outlook on the equally weighted V.I.P. criteria of valuations, insider
commitment, and price momentum which places it in the top 10% of all stocks ranked. INK outlook categories are designed
to identify groups of stocks that have the potential to out or underperform the market. However, any individual stock could
surprise on the up or downside. As such, outlook categories are not meant to be stock-specific recommendations. For
background on our INK Edge outlook, please visit our FAQ #5 at inkresearch.com.
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September 17, 2021
Top-10 Tables: Yesterday's Activities
Tables represent public market transactions of directly held equity securities plus purchases and sales of these securities from the exercise of
options by company officers and directors filed on or after September 16, 2021. Transactions filed on Saturday and Sunday are aggregated into
Friday's number. INK may adjust certain filings for common filing errors on a reasonable efforts basis.
M - Public market transaction O - Exercise of options
Top 10 Net "CO2" Buying Top 10 Net "CO2" Selling
(By dollar amount, 000's) (By dollar amount, 000's)
O FirstService (FSV) $4,165.7 M O ProntoForms (PFM) $-165.6
M ValOre Metals (VO) $82.0
M Osisko Mining Inc. (OSK) $38.7
M Greenbriar Capital (GRB) $32.1
M CloudMD Software & Serv. (DOC) $15.9
M Bear Creek Mining (BCM) $12.8
O QYOU Media (QYOU) $12.6
M Urbanimmersive (UI) $10.7
M Galway Metals (GWM) $10.4
M BIGG Digital Assets (BIGG) $4.9
"CO2" may included Board chairs, CEOs, Presidents, CFOs, Treasurers, and Controllers of companies. See data description above.
Top 10 Net Insider Buying Top 10 Net Insider Selling
(By dollar amount, 000's) (By dollar amount, 000's)
O FirstService (FSV) $4,165.7 M Aurinia Pharmaceuticals (AUP) $-3,152.7
M ValOre Metals (VO) $82.0 M O Global Atomic (GLO) $-1,024.8
M Osisko Mining Inc. (OSK) $51.9 M O Birchcliff Energy (BIR) $-692.0
M Greenbriar Capital (GRB) $32.1 M O Cameco (CCO) $-570.2
M General Assembly Holdings (GA) $30.4 M GFL Environmental (GFL) $-246.4
M Churchill Resources (CRI) $30.0 M B2Gold (BTO) $-240.1
M Copperbank Resources (CBK) $28.0 M O ProntoForms (PFM) $-130.9
M Alexco Resource (AXU) $26.1 M O Toromont Industries (TIH) $-123.4
M Eloro Resources (ELO) $25.3 M O Peyto Exploration & Devel (PEY) $-120.1
M Black Diamond Group (BDI) $17.5 M Rupert Resources (RUP) $-111.7
Top 10 Net Insider Buying Top 10 Net Insider Selling
(By volume, 000's) (By volume, 000's)
M O Global Atomic (GLO) 638.7 M Defense Metals (DEFN) -100.0
M O ProntoForms (PFM) 545.0 M B2Gold (BTO) -42.0
O QYOU Media (QYOU) 252.0 M GlobeX Data (SWIS) -28.0
M ValOre Metals (VO) 202.0 M Rupert Resources (RUP) -20.5
M Grizzly Discoveries (GZD) 174.5 M Auxico Resources Canada (AUAG) -20.0
M Churchill Resources (CRI) 107.0 M Jura Energy (JEC) -17.5
M Urbanimmersive (UI) 87.0 M Kelt Exploration (KEL) -8.5
O FirstService (FSV) 60.0 M GFL Environmental (GFL) -4.3
M Copperbank Resources (CBK) 50.0 M Grown Rogue International (GRIN) -3.3
M First Helium (HELI) 50.0 M Blackline Safety (BLN) -2.4
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September 17, 2021
Top-10 Tables: Yesterday's Activities (cont'd)
Tables represent public market transactions of directly held equity securities plus purchases and sales of these securities from the
exercise of options by company officers and directors filed on or after September 16, 2021. Transactions filed on Saturday and Sunday
are aggregated into Friday's number. INK may adjust certain filings for common filing errors on a best efforts basis.
M - Public market transaction O - Exercise of options
I - Information that has been adjusted or estimated by INK A - Amended filing
- CEO Buy - CFO Buy - Officer Buy - Director Buy
- CEO Sell - CFO Sell - Officer Sell - Director Sell
Yesterday's Top 10 Individual Buy Filings
(By volume)
Company Name Insider Name Security Unit/Share Price
Global Atomic (GLO) Officer
Flach, George Andrew O Common Shares 1,000,000 0.25
ProntoForms (PFM) CEO
Pombo, Alvaro O Common Shares 550,000 0.31
QYOU Media (QYOU) CFO
Williams, Kevin O Common Shares 252,000 0.05
Birchcliff Energy (BIR) Officer
Bosman, Myles O Common Shares 200,000 3.07
ProntoForms (PFM) Officer
Chenier, Glenn Michael O Common Shares 170,000 0.31
ProntoForms (PFM) Officer
Scott, Mark O Common Shares 170,000 0.31
Grizzly Discoveries (GZD) Director
Pillersdorf, Solomon (Sam M Common Shares 154,500 0.04
Aurinia Pharmaceuticals (AUP) Officer
Solomons, Neil M Common Shares 150,000 3.20
ValOre Metals (VO) CEO
Paterson, James R. M Common Shares 131,500 0.41
Churchill Resources (CRI) Director
Tomlinson, Kevin Michael M Common Shares 107,000 0.28
Yesterday's Top 10 Individual Sell Filings
(By volume)
Company Name Insider Name Security Unit/Share Price
ProntoForms (PFM) CEO
Pombo, Alvaro M Common Shares -275,000 1.01
Birchcliff Energy (BIR) Officer
Bosman, Myles M Common Shares -200,000 6.53
Aurinia Pharmaceuticals (AUP) Officer
Solomons, Neil M Common Shares -150,000 19.84
Defense Metals (DEFN) Officer
Sali, Maximilian M Common Shares -100,000 0.25
ProntoForms (PFM) Officer
Scott, Mark M Common Shares -70,000 1.01
Global Atomic (GLO) Officer
Flach, George Andrew M Common Shares -55,500 3.80
Global Atomic (GLO) Officer
Flach, George Andrew M Common Shares -55,272 3.68
Global Atomic (GLO) Officer
Flach, George Andrew M Common Shares -50,500 4.02
Global Atomic (GLO) Officer
Flach, George Andrew M Common Shares -50,000 3.77
Global Atomic (GLO) Officer
Flach, George Andrew M Common Shares -50,000 3.07
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