So, it had a debt ratio (calculated by total liabilities divided total assets) of 0.57. If Baytex Energy can produce cash flow to reduce its debt levels over time, it'll help lift its stock price. Reinstating a dividend once the balance sheet is cleaned up Baytex Energy used to pay a juicy monthly dividend, until August 2015. Once Baytex Energy cleans up its balance sheet and with the help of higher oil prices, there's a good chance that it'll reinstate its dividend down the road. When it does, the shares will certainly be much higher than today. Investor takeaway Baytex Energy just acquired Raging River Exploration in August, which significantly changed the business. Not only does Raging River improve Baytex Energy's balance sheet, but it also brings with it quality light oil assets. If all goes according to plan, over the next two years, we should see positive results from the merger and a much higher share price. An 11-bagger may be out of the question, but a two-bagger is certainly in the cards.