Birchcliff Energy downgraded to Market Perform from Outperform at BMO Capital

BMO Capital analyst Randy Ollenberger downgraded Birchcliff Energy to Market Perform from Outperform with a price target of C$9, up from C$8.75. The analyst expects natural gas prices to remain relatively weak over the next 18-months, especially in western Canada. Against a weaker gas price backdrop, Birchcliff has limited share price upside over the next 12 months, the analyst tells investors in a research note.