Birchcliff Energy (TSE:BIR) Shares Cross Above Two Hundred Day Moving Average - Here's Why

Key Points

• Birchcliff Energy shares recently crossed above their 200-day moving average of C$6.35, indicating positive momentum in trading.
• Brokerages have raised their price targets for Birchcliff Energy, with Royal Bank of Canada increasing theirs from C$7.00 to C$8.00 and National Bank raising it from C$8.00 to C$8.50, both maintaining an "outperform" rating.
• The company declared a quarterly dividend of $0.03 per share, resulting in an annualized yield of 1.9%, though it has a high dividend payout ratio of 700.63%.

Birchcliff Energy Ltd. (TSE:BIR - Get Free Report) crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of C$6.35 and traded as high as C$6.45. Birchcliff Energy shares last traded at C$6.34, with a volume of 751,611 shares traded.

Analysts Set New Price Targets

Several brokerages recently weighed in on BIR. Royal Bank Of Canada lifted their price target on Birchcliff Energy from C$7.00 to C$8.00 and gave the company an "outperform" rating in a research note on Monday, June 30th. National Bankshares upped their price objective on shares of Birchcliff Energy from C$8.00 to C$8.50 and gave the company an "outperform" rating in a research note on Thursday, May 22nd. Six analysts have rated the stock with a buy rating and three have given a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Buy" and an average target price of C$7.34.

Birchcliff Energy Price Performance

The stock's 50-day moving average is C$7.01 and its two-hundred day moving average is C$6.35. The stock has a market cap of C$1.72 billion, a PE ratio of 111.05, a PEG ratio of 0.35 and a beta of 1.93. The company has a debt-to-equity ratio of 27.63, a quick ratio of 0.97 and a current ratio of 1.01.

Birchcliff Energy Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Monday, June 30th were paid a dividend of $0.03 per share. The ex-dividend date was Friday, June 13th. This represents a $0.12 dividend on an annualized basis and a yield of 1.9%. Birchcliff Energy's dividend payout ratio is 700.63%.

Insider Activity

In related news, Director Aaron Jeffery Tonken sold 119,700 shares of Birchcliff Energy stock in a transaction that occurred on Friday, June 13th. The shares were sold at an average price of C$7.39, for a total value of C$884,583.00. Also, Senior Officer Robyn Bourgeois sold 26,800 shares of the company's stock in a transaction that occurred on Wednesday, June 11th. The stock was sold at an average price of C$7.04, for a total transaction of C$188,672.00. Insiders have sold 146,800 shares of company stock worth $1,075,465 in the last three months. Corporate insiders own 1.55% of the company's stock.

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.

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