Birchcliff Energy (TSE:BIR) Hits New 1-Year High – Here’s What Happened

Birchcliff Energy Ltd. (TSE:BIR)’s share price reached a new 52-week high during trading on Tuesday . The company traded as high as C$6.63 and last traded at C$6.61, with a volume of 310523 shares. The stock had previously closed at C$6.45.

Analyst Upgrades and Downgrades

Several brokerages recently commented on BIR. Scotiabank upgraded Birchcliff Energy from a “sector perform” rating to an “outperform” rating in a report on Friday, January 17th. National Bank Financial raised shares of Birchcliff Energy from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, January 22nd. TD Securities raised shares of Birchcliff Energy from a “hold” rating to a “buy” rating and lifted their target price for the stock from C$5.50 to C$7.00 in a research note on Thursday, January 30th. CIBC raised shares of Birchcliff Energy from a “neutral” rating to an “outperform” rating and upped their price target for the company from C$7.00 to C$8.00 in a research report on Thursday, March 13th. Finally, National Bankshares set a C$8.00 price objective on Birchcliff Energy and gave the stock an “outperform” rating in a research report on Thursday, March 13th. One research analyst has rated the stock with a hold rating, five have assigned a buy rating and three have given a strong buy rating to the company. According to MarketBeat, Birchcliff Energy has an average rating of “Buy” and a consensus target price of C$7.04.

Birchcliff Energy Trading Up 3.9 %

The firm’s 50 day simple moving average is C$5.76 and its two-hundred day simple moving average is C$5.52. The stock has a market capitalization of C$1.82 billion, a P/E ratio of 117.36, a P/E/G ratio of 0.35 and a beta of 1.93. The company has a quick ratio of 0.97, a current ratio of 1.01 and a debt-to-equity ratio of 27.63.

Birchcliff Energy Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 31st will be given a $0.03 dividend. This represents a $0.12 dividend on an annualized basis and a yield of 1.79%. The ex-dividend date is Friday, March 14th. Birchcliff Energy’s payout ratio is 700.63%.

Insider Buying and Selling

In other Birchcliff Energy news, Senior Officer Hue Tran sold 30,000 shares of the business’s stock in a transaction on Friday, March 21st. The shares were sold at an average price of C$6.30, for a total transaction of C$189,000.00. 1.55% of the stock is owned by company insiders.

Birchcliff Energy Company Profile

Birchcliff Energy Ltd is an intermediate oil and gas company that explores for, develops, and produces natural gas, light oil, and natural gas liquids. The company conducts its drilling program in resource plays located in the Peace River Arch region of Alberta. Birchcliff focuses on operating nearly all its high working production, which is surrounded by blocks of high working interest lands where it owns and/or controls the infrastructure.