Canaccord downgraded Birchcliff Energy to Hold from Buy with a price target of C$6, down from C$9. The company’s 50% dividend cut and reduced first half of 2024 capital program reflect a focus on maintaining balance sheet strength, the analyst tells investors in a research note. The firm downgraded the shares to reflect cautious views on near-term natural gas pricing.
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Read More on BIREF:
- Birchcliff Energy Ltd. Announces 2024 Budget and Guidance and Updated Five-Year Outlook and Declares $0.10 Per Common Share Dividend for Q1 2024
- Birchcliff Energy price target lowered to C$6.50 from C$8 at CIBC
- Birchcliff Energy price target lowered to C$7 from C$10 at Scotiabank
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