Birchcliff Energy (TSE:BIR) Hits New 12-Month High - Here's Why

Birchcliff Energy Ltd. (TSE:BIR - Get Free Report) shares hit a new 52-week high during mid-day 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 trading hands. The stock had previously closed at C$6.45.

Wall Street Analysts Forecast Growth

BIR has been the topic of a number of research analyst reports. CIBC raised shares of Birchcliff Energy from a "neutral" rating to an "outperform" rating and raised their price objective for the stock from C$7.00 to C$8.00 in a report on Thursday, March 13th. National Bank Financial upgraded shares of Birchcliff Energy from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, January 22nd. National Bankshares set a C$8.00 target price on Birchcliff Energy and gave the stock an "outperform" rating in a research report on Thursday, March 13th. Cibc World Mkts raised Birchcliff Energy from a "hold" rating to a "strong-buy" rating in a report on Thursday, March 13th. Finally, Canaccord Genuity Group raised shares of Birchcliff Energy from a "hold" rating to a "buy" rating and lifted their target price for the company from C$6.00 to C$7.00 in a report on Thursday, March 13th. One investment analyst has rated the stock with a hold rating, five have given a buy rating and three have issued a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Buy" and a consensus target price of C$7.04.

Birchcliff Energy Price Performance

The company has a market cap of C$1.80 billion, a price-to-earnings ratio of 116.48, a price-to-earnings-growth ratio of 0.35 and a beta of 1.93. The company has a fifty day simple moving average of C$5.84 and a two-hundred day simple moving average of C$5.53. The company has a quick ratio of 0.97, a current ratio of 1.01 and a debt-to-equity ratio of 27.63.

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Birchcliff Energy Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 31st will be paid a $0.03 dividend. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.12 dividend on an annualized basis and a yield of 1.80%. Birchcliff Energy's payout ratio is 700.63%.

Insiders Place Their Bets

In other news, Senior Officer Hue Tran sold 30,000 shares of the business's stock in a transaction on Friday, March 21st. The stock was sold at an average price of C$6.30, for a total value of C$189,000.00. 1.55% of the stock is currently 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.