Birchcliff Energy (BIREF) Got Some Good News

By Ryan Adsit

Raymond James analyst Chris Cox upgraded Birchcliff Energy (BIREFResearch Report) to Buy yesterday and set a price target of C$2.00. The company’s shares closed last Wednesday at $0.86.

According to, Cox is currently ranked with 0 stars on a 0-5 stars ranking scale, with an average return of -4.8% and a 42.0% success rate. Cox covers the Utilities sector, focusing on stocks such as Painted Pony Petroleum, Crescent Point Energy, and Advantage Oil & Gas.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Birchcliff Energy with a $1.69 average price target, a 97.6% upside from current levels. In a report issued on July 10, Canaccord Genuity also maintained a Buy rating on the stock with a C$2.50 price target.

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Based on Birchcliff Energy’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $128 million and GAAP net loss of $44.15 million. In comparison, last year the company earned revenue of $178 million and had a net profit of $16.85 million.

Based on the recent corporate insider activity of 48 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of BIREF in relation to earlier this year.

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Birchcliff Energy Ltd. is an intermediate oil and natural gas company, which engages in the exploration, development, and production of natural gas, crude oil, and natural gas liquids (NGLs). Its properties include Peace River Arch, and the Montney/Doig Resource Play. The company was founded by Myles R. Bosman, Gordon W. Cameron, Bruno P. Geremia, Laurence A. Shaw, Werner A. Siemens, James W. Surbey, and A. Jeffery Tonken on July 6, 2004 and is headquartered in Calgary, Canada.