Scotiabank Cuts Birchcliff Energy (TSE:BIR) Price Target to C$9.00

Key Points

• Scotiabank has lowered its price target for Birchcliff Energy from C$10.00 to C$9.00, indicating a potential upside of 48.76% from the company's previous close.
• Royal Bank of Canada and Raymond James Financial also raised their target prices for Birchcliff Energy, with both now set at C$8.00.
• Birchcliff Energy's stock has experienced moderate trading activity, remaining flat at C$6.05 with a market cap of C$1.65 billion.

Birchcliff Energy (TSE:BIR - Get Free Report) had its target price decreased by analysts at Scotiabank from C$10.00 to C$9.00 in a research report issued to clients and investors on Thursday,BayStreet.CA reports. Scotiabank's target price would indicate a potential upside of 48.76% from the company's previous close.

Several other brokerages have also recently issued reports on BIR. Royal Bank Of Canada upped their target price on shares of Birchcliff Energy from C$7.00 to C$8.00 and gave the company an "outperform" rating in a research report on Monday, June 30th. Raymond James Financial upgraded shares of Birchcliff Energy from a "hold" rating to a "moderate buy" rating and increased their price objective for the company from C$7.50 to C$8.00 in a research note on Thursday, August 14th. Finally, Atb Cap Markets raised shares of Birchcliff Energy from a "hold" rating to a "strong-buy" rating in a report on Thursday, August 14th. Four research analysts have rated the stock with a Strong Buy rating and six have given a Buy rating to the stock. According to MarketBeat.com, Birchcliff Energy has an average rating of "Buy" and an average target price of C$7.66.

Birchcliff Energy Stock Performance

Birchcliff Energy stock remained flat at C$6.05 during mid-day trading on Thursday. 942,419 shares of the company traded hands, compared to its average volume of 1,152,117. The stock has a market cap of C$1.65 billion, a price-to-earnings ratio of 21.61, a P/E/G ratio of 0.35 and a beta of 0.14. 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 company has a 50 day moving average of C$6.14 and a 200 day moving average of C$6.45. Birchcliff Energy has a one year low of C$4.53 and a one year high of C$7.86.

Insider Activity at Birchcliff Energy

In other Birchcliff Energy news, Director Cameron Maclean Proctor bought 15,000 shares of Birchcliff Energy stock in a transaction on Tuesday, August 19th. The shares were bought at an average cost of C$6.05 per share, for a total transaction of C$90,750.00. Following the acquisition, the director directly owned 152,500 shares in the company, valued at C$922,625. This represents a 10.91% increase in their ownership of the stock. Corporate insiders own 1.55% of the company's stock.

About Birchcliff Energy

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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