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

Shares of Birchcliff Energy Ltd. (TSE:BIR) hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as C$7.86 and last traded at C$7.48, with a volume of 950861 shares trading hands. The stock had previously closed at C$7.80.

Wall Street Analyst Weigh In

BIR has been the subject of several analyst reports. CIBC raised Birchcliff Energy from a “neutral” rating to an “outperform” rating and boosted their price objective for the company from C$7.00 to C$8.00 in a report on Thursday, March 13th. Raymond James Financial set a C$7.50 price objective on Birchcliff Energy and gave the company a “market perform” rating in a report on Tuesday, April 8th. Cibc World Mkts raised Birchcliff Energy from a “hold” rating to a “strong-buy” rating in a report on Thursday, March 13th. Canaccord Genuity Group raised Birchcliff Energy from a “hold” rating to a “buy” rating and boosted their price objective for the company from C$6.00 to C$7.00 in a report on Thursday, March 13th. Finally, Cormark raised Birchcliff Energy to a “strong-buy” rating in a report on Thursday, March 13th. Five investment analysts have rated the stock with a buy rating and three have given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of C$7.16.

Birchcliff Energy Stock Down 4.1%

The company has a market cap of C$2.03 billion, a price-to-earnings ratio of 131.02, a PEG ratio of 0.35 and a beta of 1.93. The company has a current ratio of 1.01, a quick ratio of 0.97 and a debt-to-equity ratio of 27.63. The business has a fifty day moving average of C$6.53 and a two-hundred day moving average of C$5.98.

Birchcliff Energy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Monday, June 30th will be issued a dividend of $0.03 per share. The ex-dividend date of this dividend is Friday, June 13th. This represents a $0.12 dividend on an annualized basis and a dividend yield of 1.60%. Birchcliff Energy’s payout ratio is currently 700.63%.

Insider Buying and Selling at Birchcliff Energy

In other Birchcliff Energy news, Director Aaron Jeffery Tonken sold 119,700 shares of the stock in a transaction that occurred on Friday, June 13th. The stock was sold at an average price of C$7.39, for a total transaction of C$884,583.00. Also, Senior Officer Robyn Bourgeois sold 26,800 shares of the stock in a transaction that occurred on Wednesday, June 11th. The shares were sold at an average price of C$7.04, for a total value of C$188,672.00. Insiders sold 147,100 shares of company stock valued at $1,077,277 over the last quarter. 1.55% of the stock is currently owned by 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.