Birchcliff Energy (TSE:BIR) Reaches New 1-Year High - Here's What Happened

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

Wall Street Analyst Weigh In

BIR has been the subject of several research analyst reports. Cormark upgraded shares of Birchcliff Energy to a "strong-buy" rating in a report on Thursday, March 13th. Cibc World Mkts upgraded Birchcliff Energy from a "hold" rating to a "strong-buy" rating in a research note on Thursday, March 13th. Canaccord Genuity Group upgraded Birchcliff Energy from a "hold" rating to a "buy" rating and lifted their price target for the company from C$6.00 to C$7.00 in a research report on Thursday, March 13th. National Bankshares upped their price target on Birchcliff Energy from C$8.00 to C$8.50 and gave the stock an "outperform" rating in a research note on Thursday, May 22nd. Finally, CIBC upgraded Birchcliff Energy from a "neutral" rating to an "outperform" rating and increased their price objective for the stock from C$7.00 to C$8.00 in a report on Thursday, March 13th. Five analysts have rated the stock with a buy rating and three have given a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Buy" and an average target price of C$7.16.

Birchcliff Energy Price Performance

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 company has a market cap of C$1.98 billion, a PE ratio of 127.87, a P/E/G ratio of 0.35 and a beta of 1.93. The firm has a 50 day moving average of C$6.56 and a two-hundred day moving average of C$5.99.

Birchcliff Energy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Stockholders 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 annualized dividend and a dividend yield of 1.64%. Birchcliff Energy's payout ratio is presently 700.63%.

Insider Transactions at Birchcliff Energy

In related news, Senior Officer Robyn Bourgeois sold 26,800 shares of the business's 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. Also, Director Aaron Jeffery Tonken sold 119,700 shares of the business's 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. Insiders sold a total of 147,100 shares of company stock valued at $1,077,277 in the last quarter. 1.55% of the stock is 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.