Stifel 11:17 AM EDT, 08/12/2022 (MT Newswires) -- Stifel FirstEnergy on Friday reiterated its buy rating on the shares of Birchcliff Energy (BIR.TO) while raising its price target to C$11.50 from C$11.25 after the Western Canadian oil and gas producer reported mixed second-quarter results.
"Birchcliff 2Q22 results were short of our expectations though directionally in line as cash generation was ahead of the market. It has lifted 2022e E&D capex to capture cost inflation in line with most reporting this period, though realistically there are no material changes to our forecast. We lift our target price slightly and maintain a BUY rating," analyst Robert Fitzmartyn said in a note.
(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)
Price: 10.22, Change: -0.08, Percent Change: -0.78