Birchcliff Energy (BIR) Shares Down 5.6%

Birchcliff Energy Ltd. (TSE:BIR)’s share price fell 5.6% during trading on Wednesday . The stock traded as low as C$4.54 and last traded at C$4.56. 2,035,184 shares traded hands during mid-day trading, an increase of 69% from the average session volume of 1,207,081 shares. The stock had previously closed at C$4.83.

Several brokerages recently commented on BIR. Laurentian decreased their price objective on shares of Birchcliff Energy from C$10.00 to C$9.00 in a research report on Friday, October 6th. Raymond James Financial increased their price objective on shares of Birchcliff Energy from C$9.75 to C$10.25 and gave the company an “outperform” rating in a research report on Friday, August 11th. Finally, Laurentian Bank of Canada increased their price objective on shares of Birchcliff Energy from C$9.00 to C$10.00 in a research report on Friday, October 6th. Four research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of C$11.05.

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 2nd. Investors of record on Tuesday, January 2nd will be given a $0.025 dividend. This represents a $0.10 annualized dividend and a dividend yield of 2.36%. The ex-dividend date of this dividend is Thursday, December 14th. Birchcliff Energy’s payout ratio is currently -30.00%.

In other Birchcliff Energy news, insider Myles Bosman purchased 5,700 shares of Birchcliff Energy stock in a transaction on Thursday, October 5th. The stock was bought at an average cost of C$5.56 per share, with a total value of C$31,692.00. Insiders purchased a total of 18,900 shares of company stock valued at $102,851 over the last ninety days.

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About Birchcliff Energy

Birchcliff Energy Ltd. is an intermediate oil and natural gas company. The Company is engaged in the exploration for and the development, production and acquisition of petroleum and natural gas reserves in Western Canada. Its operations are concentrated within core area, the Peace River Arch, which is centered over 90 kilometers northwest of Grande Prairie, Alberta, adjacent to the Alberta/British Columbia border.

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