Shares of Birchcliff Energy Ltd. (TSE:BIR) dropped 5.6% during mid-day trading on Wednesday . The company traded as low as C$4.54 and last traded at C$4.56. Approximately 2,035,184 shares traded hands during trading, an increase of 69% from the average daily volume of 1,207,081 shares. The stock had previously closed at C$4.83.
BIR has been the topic of a number of recent analyst reports. Laurentian dropped their price target on shares of Birchcliff Energy from C$10.00 to C$9.00 in a report on Friday, October 6th. Laurentian Bank of Canada raised their price objective on shares of Birchcliff Energy from C$9.00 to C$10.00 in a report on Friday, October 6th. Finally, Raymond James Financial dropped their price objective on shares of Birchcliff Energy from C$10.00 to C$9.50 and set an “outperform” rating on the stock in a report on Thursday, November 9th. Four equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of C$11.05.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 2nd. Investors of record on Tuesday, January 2nd will be issued a $0.025 dividend. This represents a $0.10 dividend on an annualized basis and a dividend yield of 2.45%. The ex-dividend date is Thursday, December 14th. Birchcliff Energy’s payout ratio is -30.00%.
In other news, insider Myles Bosman bought 5,700 shares of the firm’s stock in a transaction on Thursday, October 5th. The shares were bought at an average price of C$5.56 per share, for a total transaction of C$31,692.00. In the last three months, insiders purchased 19,200 shares of company stock worth $104,147.
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Birchcliff Energy Company Profile
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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