Comprehensive Stock Comparison
Compare Baytex Energy Corp. (BTE) vs Canadian Natural Resources Limited (CNQ) vs Greenfire Resources Ltd. (GFR) vs Obsidian Energy Ltd. (OBE) vs Barnwell Industries, Inc. (BRN) Stock
Analyze side-by-side fundamentals, valuation, growth, and profitability to decide which stock is the better buy.
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Quick Verdict
| Category | Winner | Why |
|---|---|---|
| Growth | OBE | 28.2% revenue growth vs BRN's -36.9% |
| Value | CNQ | Better valuation composite |
| Quality / Margins | GFR | 27.7% net margin vs BRN's -53.1% |
| Stability / Safety | BRN | Beta 0.18 vs BTE's 1.63, lower leverage |
| Dividends | CNQ | 3.5% yield, 1-year raise streak, vs BTE's 1.7% |
| Momentum (1Y) | BTE | +72.8% vs BRN's -21.9% |
| Efficiency (ROA) | GFR | 15.7% ROA vs BRN's -30.7%, ROIC 16.5% vs -61.9% |
Who Each Stock Is For
Income & stability
Growth exposure
Long-term compounding (10Y)
Sleep-well-at-night portfolio
Defensive / Recession hedge
Business Model
What each company does and how it makes money
Baytex Energy is an oil and gas exploration and production company focused on developing crude oil and natural gas reserves in Western Canada and the Eagle Ford shale in Texas. It generates revenue primarily from crude oil sales — about 80% of total revenue — with the remainder from natural gas and natural gas liquids. The company's competitive advantage lies in its concentrated, high-quality asset base in low-decline basins — particularly its Eagle Ford position — which provides stable production and attractive economics.
Canadian Natural Resources is a major integrated oil and gas producer with operations across Western Canada, the North Sea, and Offshore Africa. It generates revenue primarily from crude oil production—including synthetic crude oil, light/medium crude, and bitumen—with natural gas and natural gas liquids as secondary streams. The company's competitive advantage lies in its massive, long-life reserves—particularly its oil sands assets—which provide decades of low-decline production and operational scale.
Greenfire Resources is an oil sands producer that develops and operates thermal oil recovery projects in Alberta's Athabasca region using steam-assisted gravity drainage technology. It generates revenue primarily from bitumen sales — the heavy crude oil extracted from its SAGD operations — with production volumes directly tied to oil prices. The company's competitive advantage lies in its ownership of Tier-1 oil sands assets with established infrastructure and its expertise in efficient SAGD extraction methods.
Obsidian Energy is an oil and natural gas exploration and production company operating primarily in the Western Canada Sedimentary Basin. It generates revenue through the sale of crude oil (roughly 70% of production) and natural gas liquids, with natural gas making up the remainder. The company's competitive advantage lies in its extensive, low-decline asset base in established Canadian basins — which provides operational efficiency and predictable production.
Barnwell Industries is an oil and gas exploration and production company with operations in Canada and land investments in Hawaii. It generates revenue primarily from oil and gas production in Alberta—roughly 70% of total revenue—with additional income from land investment activities and contract drilling services. The company's key advantage lies in its established land positions and operational expertise in Alberta's oil fields, though its small scale limits competitive moats.
Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
Segment breakdown not available.
Segment breakdown not available.
Financial Metrics Comparison
Side-by-side fundamentals across 5 stocks. BestLagging
Financial Scorecard
GFR leads in 1 of 6 categories (Financial Metrics). OBE leads in 1 (Valuation Metrics). 3 tied.
Financial Metrics (TTM)
CNQ is the larger business by revenue, generating $43.0B annually — 3454.2x BRN's $12M. GFR is the more profitable business, keeping 27.7% of every revenue dollar as net income compared to BRN's -53.1%. On growth, BTE holds the edge at +9.0% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | BTEBaytex Energy Cor… | CNQCanadian Natural … | GFRGreenfire Resourc… | OBEObsidian Energy L… | BRNBarnwell Industri… |
|---|---|---|---|---|---|
| RevenueTrailing 12 months | $3.8B | $43.0B | $731M | $705M | $12M |
| EBITDAEarnings before interest/tax | $1.9B | $21.2B | $181M | $311M | -$3M |
| Net IncomeAfter-tax profit | $215M | $6.7B | $202M | -$237M | -$7M |
| Free Cash FlowCash after capex | $420M | $8.1B | $22M | -$5M | -$607,000 |
| Gross MarginGross profit ÷ Revenue | +27.0% | +31.0% | +45.9% | -1.8% | +8.6% |
| Operating MarginEBIT ÷ Revenue | +16.1% | +28.7% | +12.7% | -44.3% | -50.9% |
| Net MarginNet income ÷ Revenue | +5.6% | +15.5% | +27.7% | -33.7% | -53.1% |
| FCF MarginFCF ÷ Revenue | +11.0% | +18.9% | +3.1% | -0.6% | -4.9% |
| Rev. Growth (YoY)Latest quarter vs prior year | +9.0% | -8.5% | -34.1% | -32.4% | -40.2% |
| EPS Growth (YoY)Latest quarter vs prior year | -82.6% | -72.6% | +60.5% | -42.9% | +31.6% |
Valuation Metrics
At 4.8x trailing earnings, GFR trades at a 77% valuation discount to CNQ's 21.0x P/E. On an enterprise value basis, OBE's 2.6x EV/EBITDA is more attractive than CNQ's 6.2x.
| Metric | BTEBaytex Energy Cor… | CNQCanadian Natural … | GFRGreenfire Resourc… | OBEObsidian Energy L… | BRNBarnwell Industri… |
|---|---|---|---|---|---|
| Market CapShares × price | $3.0B | $91.2B | $745M | $527M | $14M |
| Enterprise ValueMkt cap + debt − cash | $4.6B | $105.9B | $943M | $777M | $12M |
| Trailing P/EPrice ÷ TTM EPS | 17.52x | 21.02x | 4.78x | -4.02x | -1.65x |
| Forward P/EPrice ÷ next-FY EPS est. | 35.75x | 15.33x | 433.58x | 35.04x | — |
| PEG RatioP/E ÷ EPS growth rate | — | 4.51x | — | — | — |
| EV / EBITDAEnterprise value multiple | 2.92x | 6.21x | 4.00x | 2.58x | — |
| Price / SalesMarket cap ÷ Revenue | 0.96x | 3.50x | 1.29x | 0.86x | 1.04x |
| Price / BookPrice ÷ Book value/share | 1.01x | 3.25x | 0.71x | 0.58x | 1.63x |
| Price / FCFMarket cap ÷ FCF | 6.80x | 15.41x | 17.84x | — | — |
Profitability & Efficiency
GFR delivers a 22.8% return on equity — every $100 of shareholder capital generates $23 in annual profit, vs $-81 for BRN. BRN carries lower financial leverage with a 0.04x debt-to-equity ratio, signaling a more conservative balance sheet compared to BTE's 0.55x. On the Piotroski fundamental quality scale (0–9), BTE scores 6/9 vs BRN's 2/9, reflecting solid financial health.
| Metric | BTEBaytex Energy Cor… | CNQCanadian Natural … | GFRGreenfire Resourc… | OBEObsidian Energy L… | BRNBarnwell Industri… |
|---|---|---|---|---|---|
| ROE (TTM)Return on equity | +5.1% | +16.4% | +22.8% | -16.9% | -80.6% |
| ROA (TTM)Return on assets | +2.8% | +7.8% | +15.7% | -13.2% | -30.7% |
| ROICReturn on invested capital | +9.1% | +23.0% | +16.5% | -10.3% | -61.9% |
| ROCEReturn on capital employed | +10.9% | +23.3% | +23.1% | -12.9% | -27.5% |
| Piotroski ScoreFundamental quality 0–9 | 6 | 5 | 6 | 5 | 2 |
| Debt / EquityFinancial leverage | 0.55x | 0.51x | 0.41x | 0.24x | 0.04x |
| Net DebtTotal debt minus cash | $2.3B | $20.2B | $271M | $343M | -$3M |
| Cash & Equiv.Liquid assets | $17M | $131M | $67M | — | $3M |
| Total DebtShort + long-term debt | $2.3B | $20.3B | $338M | $343M | $264,000 |
| Interest CoverageEBIT ÷ Interest expense | 2.81x | 10.83x | 4.50x | -13.27x | -991.14x |
Total Returns (with DRIP)
A $10,000 investment in OBE five years ago would be worth $57,721 today (with dividends reinvested), compared to $3,738 for BRN. Over the past 12 months, BTE leads with a +72.8% total return vs BRN's -21.9%. The 3-year compound annual growth rate (CAGR) favors CNQ at 19.6% vs BRN's -21.4% — a key indicator of consistent wealth creation.
| Metric | BTEBaytex Energy Cor… | CNQCanadian Natural … | GFRGreenfire Resourc… | OBEObsidian Energy L… | BRNBarnwell Industri… |
|---|---|---|---|---|---|
| YTD ReturnYear-to-date | +16.4% | +27.5% | +23.5% | +24.8% | -0.9% |
| 1-Year ReturnPast 12 months | +72.8% | +60.8% | -0.2% | +43.5% | -21.9% |
| 3-Year ReturnCumulative with dividends | +3.5% | +71.2% | -44.9% | +10.9% | -51.5% |
| 5-Year ReturnCumulative with dividends | +296.4% | +256.8% | -44.9% | +477.2% | -62.6% |
| 10-Year ReturnCumulative with dividends | +75.6% | +420.6% | -44.9% | +20.4% | -6.5% |
| CAGR (3Y)Annualised 3-year return | +1.1% | +19.6% | -18.0% | +3.5% | -21.4% |
Risk & Volatility
BRN is the less volatile stock with a 0.18 beta — it tends to amplify market swings less than BTE's 1.63 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. BTE currently trades 99.6% from its 52-week high vs BRN's 50.0% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | BTEBaytex Energy Cor… | CNQCanadian Natural … | GFRGreenfire Resourc… | OBEObsidian Energy L… | BRNBarnwell Industri… |
|---|---|---|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 1.63x | 0.79x | 0.94x | 1.39x | 0.18x |
| 52-Week HighHighest price in past year | $3.85 | $44.02 | $6.18 | $8.10 | $2.28 |
| 52-Week LowLowest price in past year | $1.36 | $24.65 | $3.81 | $3.88 | $0.93 |
| % of 52W HighCurrent price vs 52-week peak | +99.6% | +99.4% | +96.1% | +96.9% | +50.0% |
| RSI (14)Momentum oscillator 0–100 | 60.5 | 76.4 | 54.5 | 55.9 | 50.2 |
| Avg Volume (50D)Average daily shares traded | 15.2M | 7.8M | 99K | 436K | 126K |
Analyst Outlook
Analyst consensus: BTE as "Buy", CNQ as "Buy", GFR as "Buy", OBE as "Hold". For income investors, CNQ offers the higher dividend yield at 3.45% vs BTE's 1.71%.
| Metric | BTEBaytex Energy Cor… | CNQCanadian Natural … | GFRGreenfire Resourc… | OBEObsidian Energy L… | BRNBarnwell Industri… |
|---|---|---|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Buy | Buy | Buy | Hold | — |
| Price TargetConsensus 12-month target | — | $35.00 | — | — | — |
| # AnalystsCovering analysts | 16 | 37 | 1 | 1 | — |
| Dividend YieldAnnual dividend ÷ price | +1.7% | +3.5% | — | — | — |
| Dividend StreakConsecutive years of raises | 1 | 1 | 1 | 0 | 2 |
| Dividend / ShareAnnual DPS | $0.09 | $2.07 | — | — | — |
| Buyback YieldShare repurchases ÷ mkt cap | +5.5% | +2.1% | 0.0% | +5.8% | 0.0% |
Historical Charts
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Chart 1Total Return — 5 Years (Rebased to 100)
| Stock | Oct 23 | Feb 26 | Change |
|---|---|---|---|
| Baytex Energy Corp. (BTE) | 100 | 82 | -18.0% |
| Canadian Natural Re… (CNQ) | 100 | 115.65 | +15.7% |
| Greenfire Resources… (GFR) | 49.03 | 49.49 | +0.9% |
| Obsidian Energy Ltd. (OBE) | 100 | 87.1 | -12.9% |
| Barnwell Industries… (BRN) | 100 | 39.23 | -60.8% |
Obsidian Energy Ltd. (OBE) returned +477% over 5 years vs Barnwell Industries… (BRN)'s -63%. A $10,000 investment in OBE 5 years ago would be worth $57,721 today (including dividends reinvested).
Chart 2Revenue Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Baytex Energy Corp. (BTE) | $780M | $4.2B | +439.5% |
| Canadian Natural Re… (CNQ) | $11.1B | $35.7B | +221.3% |
| Greenfire Resources… (GFR) | $0.00 | $791M | — |
| Obsidian Energy Ltd. (OBE) | $608M | $838M | +37.8% |
| Barnwell Industries… (BRN) | $13M | $14M | +3.1% |
Chart 3Net Margin Trend — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Baytex Energy Corp. (BTE) | -62.2% | 5.6% | +109.0% |
| Canadian Natural Re… (CNQ) | -1.8% | 17.1% | +1031.6% |
| Greenfire Resources… (GFR) | 13.2% | 15.3% | +16.4% |
| Obsidian Energy Ltd. (OBE) | -114.5% | -24.2% | +78.9% |
| Barnwell Industries… (BRN) | -27.2% | -50.4% | -85.4% |
Chart 4P/E Ratio History — 7 Years
| Stock | 2017 | 2024 | Change |
|---|---|---|---|
| Baytex Energy Corp. (BTE) | 8.1 | 8.6 | +6.2% |
| Canadian Natural Re… (CNQ) | 17.5 | 10.8 | -38.3% |
| Obsidian Energy Ltd. (OBE) | 0.8 | 5.3 | +562.5% |
| Barnwell Industries… (BRN) | 14.9 | 5.2 | -65.1% |
Baytex Energy Corp. has traded in a 1x–9x P/E range over 4 years; current trailing P/E is ~18x. Canadian Natural Resources Limited has traded in a 6x–18x P/E range over 7 years; current trailing P/E is ~21x.
Chart 5EPS Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Baytex Energy Corp. (BTE) | -2.29 | 0.3 | +113.1% |
| Canadian Natural Re… (CNQ) | -0.1 | 2.85 | +3100.0% |
| Greenfire Resources… (GFR) | -0.01 | 1.7 | +17808.3% |
| Obsidian Energy Ltd. (OBE) | -9.7 | -2.67 | +72.5% |
| Barnwell Industries… (BRN) | -0.44 | -0.69 | -56.8% |
Chart 6Free Cash Flow — 5 Years
Baytex Energy Corp. generated $594M FCF in 2024 (+50% vs 2021). Canadian Natural Resources Limited generated $8B FCF in 2024 (+3% vs 2021).
BTE vs CNQ vs GFR vs OBE vs BRN: Key Questions Answered
9 questions · data-driven answers · updated daily
01Is BTE or CNQ or GFR or OBE or BRN a better buy right now?
Greenfire Resources Ltd. (GFR) offers the better valuation at 4.8x trailing P/E (433.6x forward), making it the more compelling value choice. Analysts rate Baytex Energy Corp. (BTE) a "Buy" — based on 16 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which has the better valuation — BTE or CNQ or GFR or OBE or BRN?
On trailing P/E, Greenfire Resources Ltd. (GFR) is the cheapest at 4.8x versus Canadian Natural Resources Limited at 21.0x. On forward P/E, Canadian Natural Resources Limited is actually cheaper at 15.3x — notably different from the trailing picture, reflecting expected earnings growth.
03Which is the better long-term investment — BTE or CNQ or GFR or OBE or BRN?
Over the past 5 years, Obsidian Energy Ltd. (OBE) delivered a total return of +477.2%, compared to -62.6% for Barnwell Industries, Inc. (BRN). A $10,000 investment in OBE five years ago would be worth approximately $58K today (assuming dividends reinvested). Over 10 years, the gap is even starker: CNQ returned +420.6% versus GFR's -44.9%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
04Which is safer — BTE or CNQ or GFR or OBE or BRN?
By beta (market sensitivity over 5 years), Barnwell Industries, Inc. (BRN) is the lower-risk stock at 0.18β versus Baytex Energy Corp.'s 1.63β — meaning BTE is approximately 785% more volatile than BRN relative to the S&P 500. On balance sheet safety, Barnwell Industries, Inc. (BRN) carries a lower debt/equity ratio of 4% versus 55% for Baytex Energy Corp. — giving it more financial flexibility in a downturn.
05Which has better profit margins — BTE or CNQ or GFR or OBE or BRN?
Canadian Natural Resources Limited (CNQ) is the more profitable company, earning 17.1% net margin versus -50.4% for Barnwell Industries, Inc. — meaning it keeps 17.1% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: CNQ leads at 47.1% versus -39.1% for BRN. At the gross margin level — before operating expenses — CNQ leads at 49.3%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
06Is BTE or CNQ or GFR or OBE or BRN more undervalued right now?
On forward earnings alone, Canadian Natural Resources Limited (CNQ) trades at 15.3x forward P/E versus 433.6x for Greenfire Resources Ltd. — 418.2x cheaper on a one-year earnings basis.
07Which pays a better dividend — BTE or CNQ or GFR or OBE or BRN?
In this comparison, CNQ (3.5% yield), BTE (1.7% yield) pay a dividend. GFR, OBE, BRN do not pay a meaningful dividend and should not be held primarily for income.
08Is BTE or CNQ or GFR or OBE or BRN better for a retirement portfolio?
For long-horizon retirement investors, Canadian Natural Resources Limited (CNQ) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0.79), 3.5% yield, +420.6% 10Y return). Both have compounded well over 10 years (CNQ: +420.6%, OBE: +20.4%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
09What are the main differences between BTE and CNQ and GFR and OBE and BRN?
Both stocks operate in the Energy sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both. In terms of investment character: BTE is a small-cap deep-value stock; CNQ is a mid-cap income-oriented stock; GFR is a small-cap deep-value stock; OBE is a small-cap quality compounder stock; BRN is a small-cap quality compounder stock. BTE, CNQ pay a dividend while GFR, OBE, BRN do not, making them suitable for different income and tax situations. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
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