TD Securities analyst Aaron Bilkoski downgraded Birchcliff Energy to Hold from Buy with a price target of C$8, down from C$9. The firm is lowering its Henry Hub natural gas price assumptions for 2023 and 2024 and notes that Birchcliff has unhedged natural gas price exposure predominately linked to Henry Hub. The dividend is not supported with cash flow based on its revised estimates, the firm noted.
Published first on TheFly
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