Baytex Energy Corp. Signs $3.4B Deal with Ranger Oil Corp.

HomeEnergyStocks to Watch

Baytex Energy Corp. Signs $3.4B Deal with Ranger Oil Corp.

Baytex to Acquire Ranger Oil in a Deal Valued at $3.4B

First Citizens Swoops In To Save Collapsing SVB
Musk vs Music: Twitter’s Copyright Breach Sparks Lawsuit!
AI Training by Google: Free in the UK

On Tuesday, the Toronto Stock Exchange saw some of its most active companies trading. Manulife Financial Corp. in the financial sector rose 1.54% to $26.98 with 24.2 million shares. Meanwhile, Suncor Energy Inc. in the energy sector declined 0.99% to $45.86 with 22.3 million shares. Baytex Energy Corp. also in the energy sector fell 9.78% to $5.26 with 20 million shares traded. Barrick Gold Corp. in the materials sector increased 1.57% to $22.05 with 15.7 million shares. Enbridge Inc. in the energy sector dropped 0.85% to $51.19 with 13.5 million shares. Africa Oil Corp. in the energy sector declined 3.79% to $2.79 with 11.9 million shares.

Top Reads: Strathmore Plus Uranium Corp Plans 100-Hole Drill Program

Baytex Energy Corp, Ticker TSX:BTE

In other news, Baytex Energy Corp. has acquired Ranger Oil Corp. for C$3.4 billion, which includes assumed debt. The deal includes 7.49 Baytex shares and US$13.31 in cash for each Ranger common share. The agreement values the total consideration at approximately US$44.36 per Ranger share. Ranger Oil Corp. operates in the Eagle Ford shale region in south Texas, which is also an area where Baytex has assets.

Bank of Nova Scotia, Ticker TSX:BNS

Bank of Nova Scotia’s new CEO, Scott Thomson, announced that the bank is reconsidering its strategy after reporting a decrease in profits last quarter. The decrease was due to high funding costs and expense growth. The bank aims to increase its capital ratio to 12% and better match loans with growth in deposits. Thomson plans to release a formal strategy update by the end of the year.

Bank of Montreal, Ticker TSX:BMO

Similarly, Bank of Montreal is focusing on integrating its US$16.3 billion Bank of the West acquisition, which dominated fourth-quarter results and will reshape its balance sheet in the coming quarters. The deal closed three months later than initially expected when first announced in late 2021. With the deal completed, the bank is now concentrating on integrating the banks and achieving the expected US$670 million in cost savings.

In summary, the Toronto Stock Exchange experienced a mix of gains and losses in various sectors. Baytex Energy Corp. acquired Ranger Oil Corp. for C$3.4 billion. Bank of Nova Scotia and Bank of Montreal are rethinking their strategies to address funding costs and balance sheet integration, respectively.

COMMENTS

WORDPRESS: 0
DISQUS: