Connor, Clark & Lunn reports 5.5% stake in Baytex (BTE)

Rhea-AI Filing Summary

Baytex Energy Corp. reports that Connor, Clark & Lunn Investment Management Ltd. beneficially owned 39,829,373 shares of common stock, representing 5.5% of the class as of 03/31/2026. The filing shows sole voting power for 35,002,563 shares and sole dispositive power for 39,829,373 shares. The Schedule 13G was signed on 05/11/2026 by the filer’s Chief Compliance Officer.

Insights

Institutional Ownership Analyst

Connor, Clark & Lunn holds a 5.5% passive stake in Baytex.

The filing records 39,829,373 shares beneficially owned as of 03/31/2026, with sole voting power over 35,002,563 shares. This identifies the holder as an institutional investor above the 5% Schedule 13G reporting threshold.

Cash-flow treatment and any change in stake are not stated; subsequent filings would show purchases or dispositions if activity occurs.

Regulatory Compliance Specialist

Schedule 13G indicates passive reporting status, not an active intent to influence.

The form type is Schedule 13G, which signals passive investment reporting. The filing lists sole dispositive authority of 39,829,373 shares and sole voting authority of 35,002,563 shares.

Any shift to an active role would require different disclosure; monitoring subsequent filings will show any change in reporting status.

Key Figures

Beneficial ownership: 39,829,373 shares Percent of class: 5.5% Sole voting power: 35,002,563 shares +2 more

5 metrics

Beneficial ownership 39,829,373 shares as of 03/31/2026

Percent of class 5.5% ownership percentage as reported

Sole voting power 35,002,563 shares shares with sole voting power

Sole dispositive power 39,829,373 shares shares with sole dispositive power

Filing signature date 05/11/2026 signature by Chief Compliance Officer

Key Terms

Schedule 13G, Beneficially owned, Sole dispositive power, Sole voting power

4 terms

Schedule 13G regulatory

"Item 1. (a) Name of issuer: Baytex Energy Corp."

A Schedule 13G is a formal document that investors file with the government when they acquire a large ownership stake in a company, usually for investment purposes rather than control. It helps keep the public informed about who owns significant parts of a company's shares, which can influence how the company is managed and how investors make decisions. Filing this schedule is important for transparency and understanding the ownership landscape of publicly traded companies.

Beneficially owned regulatory

"Item 4. (a) Amount beneficially owned: 39,829,373"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

Sole dispositive power regulatory

"Item 4. (c)(iii) Sole power to dispose: 39,829,373"

Sole dispositive power is the exclusive legal authority to decide what happens to a security — for example, whether to sell, transfer, or retain shares — without needing anyone else’s permission. Investors care because it signals who truly controls the economic outcome of an investment: like holding the only key to a safe, the holder can realize gains or losses and may trigger regulatory reporting, insider rules, or influence over corporate ownership.

Sole voting power regulatory

"Item 4. (c)(i) Sole power to vote: 35,002,563"

Sole voting power is the exclusive right to cast votes attached to a shareholder’s stock without needing approval from anyone else. Like holding the only remote control for a TV, it lets that holder decide corporate matters such as board members, mergers, and policy changes, making it important to investors because it concentrates control and can strongly influence a company’s strategy and the value of its shares.

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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Baytex Energy Corp.

(Name of Issuer)

COM

(Title of Class of Securities)

07317Q105

(CUSIP Number)

03/31/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 07317Q105

1

Names of Reporting Persons

Connor, Clark & Lunn Investment Management Ltd.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

BRITISH COLUMBIA, CANADA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 35,002,563.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 39,829,373.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

39,829,373.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.5 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Baytex Energy Corp.
(b)	Address of issuer's principal executive offices: 2800, 520 3RD AVE SW, CALGARY, Alberta, Canada, T2P 0R3
Item 2.
(a)	Name of person filing: Connor, Clark & Lunn Investment Management Ltd.
(b)	Address or principal business office or, if none, residence: #2300 - 1111 West Georgia Street, Vancouver, V6E 4M3, BC, Canada
(c)	Citizenship: BRITISH COLUMBIA, CANADA
(d)	Title of class of securities: COM
(e)	CUSIP Number(s): 07317Q105
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 39,829,373
(b)	Percent of class: 5.5 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 35,002,563
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 39,829,373
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Connor, Clark & Lunn Investment Management Ltd.

Signature:	Derrick Crowe
Name/Title:	Chief Compliance Officer
Date:	05/11/2026

FAQ

What stake does Connor, Clark & Lunn report in Baytex Energy (BTE)?

Connor, Clark & Lunn reports beneficial ownership of 39,829,373 shares, representing 5.5% of Baytex Energy's common stock as of 03/31/2026. The filing is a Schedule 13G, indicating a passive holding at the reporting date.

How much voting power does the filer have in Baytex Energy (BTE)?

The filer reports sole voting power over 35,002,563 shares and shared voting power of 0 as of 03/31/2026. These counts are stated in the Schedule 13G ownership section.

What is the difference between sole dispositive power and sole voting power in this filing?

Sole dispositive power refers to authority to sell or direct disposition; the filer reports sole dispositive power for 39,829,373 shares. Sole voting power refers to authority to vote; the filer reports sole voting power for 35,002,563 shares.

When was the Schedule 13G for Baytex Energy (BTE) signed?

The Schedule 13G submitted by Connor, Clark & Lunn was signed by Chief Compliance Officer Derrick Crowe on 05/11/2026, with the ownership snapshot dated 03/31/2026.