CIBC Issues Positive Forecast for Birchcliff Energy (TSE:BIR) Stock Price

Key Points

• CIBC raised its price target for Birchcliff Energy from C$8.50 to C$9.50, suggesting a potential upside of 56.25% from its current price.
• Investment analysts show positive sentiment towards Birchcliff Energy, with four giving it a Strong Buy rating and six rating it as Buy.
• Birchcliff Energy's stock has seen a 3.8% increase in trading, reaching C$6.08, while the company has a market cap of C$1.66 billion.

Birchcliff Energy (TSE:BIR - Get Free Report) had its price target lifted by CIBC from C$8.50 to C$9.50 in a research report issued to clients and investors on Wednesday,BayStreet.CA reports. CIBC's price target would indicate a potential upside of 56.25% from the company's current price.

Several other research firms also recently weighed in on BIR. Atb Cap Markets raised shares of Birchcliff Energy from a "hold" rating to a "strong-buy" rating in a research note on Thursday, August 14th. Scotiabank lowered their price target on shares of Birchcliff Energy from C$10.00 to C$9.00 in a research note on Thursday, October 9th. Raymond James Financial raised shares of Birchcliff Energy from a "hold" rating to a "moderate buy" rating and boosted their price target for the stock from C$7.50 to C$8.00 in a research note on Thursday, August 14th. Finally, Royal Bank Of Canada boosted their price target on shares of Birchcliff Energy from C$7.00 to C$8.00 and gave the stock an "outperform" rating in a research note on Monday, June 30th. Four investment analysts have rated the stock with a Strong Buy rating and six have given a Buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average target price of C$7.84.

Birchcliff Energy Trading Up 3.8%

Birchcliff Energy stock traded up C$0.22 during mid-day trading on Wednesday, hitting C$6.08. The company's stock had a trading volume of 1,251,462 shares, compared to its average volume of 1,157,691. The company has a debt-to-equity ratio of 27.63, a current ratio of 1.01 and a quick ratio of 0.97. The stock has a market cap of C$1.66 billion, a price-to-earnings ratio of 21.71, a price-to-earnings-growth ratio of 0.35 and a beta of 0.14. The business has a 50 day moving average price of C$6.08 and a 200-day moving average price of C$6.42. Birchcliff Energy has a 12 month low of C$4.53 and a 12 month high of C$7.86.

Insider Activity

In other news, Director Cameron Maclean Proctor bought 15,000 shares of the company's stock in a transaction dated Tuesday, August 19th. The shares were purchased at an average price of C$6.05 per share, for a total transaction of C$90,750.00. Following the completion of the purchase, the director owned 152,500 shares in the company, valued at approximately C$922,625. This represents a 10.91% increase in their position. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.