Birchcliff Energy (TSE:BIR) Shares Cross Above 200-Day Moving Average – Here’s Why

Birchcliff Energy Ltd. (TSE:BIR) passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of C$6.46 and traded as high as C$6.96. Birchcliff Energy shares last traded at C$6.81, with a volume of 1,631,021 shares changing hands.

Analyst Ratings Changes

A number of research analysts recently commented on the stock. Raymond James Financial raised shares of Birchcliff Energy from a “hold” rating to a “moderate buy” rating and increased their target price for the company from C$7.50 to C$8.00 in a research report on Thursday, August 14th. CIBC raised their price objective on shares of Birchcliff Energy from C$8.50 to C$9.50 in a research report on Wednesday, October 15th. Scotiabank lowered their price objective on shares of Birchcliff Energy from C$10.00 to C$9.00 in a research report on Thursday, October 9th. National Bankshares lowered their price objective on shares of Birchcliff Energy from C$9.25 to C$9.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 22nd. Finally, Atb Cap Markets raised shares of Birchcliff Energy from a “hold” rating to a “strong-buy” rating in a research report on Thursday, August 14th. Four research analysts have rated the stock with a Strong Buy rating and six have issued a Buy rating to the company. According to data from MarketBeat.com, Birchcliff Energy currently has a consensus rating of “Buy” and a consensus target price of C$7.91.

Birchcliff Energy Trading Up 1.8%

The firm has a market cap of C$1.86 billion, a price-to-earnings ratio of 24.32, a PEG ratio of 0.35 and a beta of 0.01. The business has a fifty day moving average of C$6.11 and a two-hundred day moving average of C$6.46. 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 Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, September 29th. Stockholders of record on Monday, September 29th were given a $0.03 dividend. The ex-dividend date was Monday, September 15th. This represents a $0.12 dividend on an annualized basis and a dividend yield of 1.8%. Birchcliff Energy’s dividend payout ratio (DPR) is currently 92.86%.

Insider Activity

In other news, Director Cameron Maclean Proctor purchased 15,000 shares of the business’s stock in a transaction dated Tuesday, August 19th. The stock was acquired at an average price of C$6.05 per share, with a total value of C$90,750.00. Following the purchase, the director directly owned 152,500 shares of the company’s stock, valued at C$922,625. This represents a 10.91% increase in their position. 1.55% of the stock is owned by company insiders.

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.