Birchcliff Energy initiated with a Market Perform at Raymond James

Raymond James analyst Luke Davis initiated coverage of Birchcliff Energy (BIREF) with a Market Perform rating and C$7.50 price target as the firm started coverage of eight natural gas-weighted producers operating in Western Canada. The firm continues to see “significant latent value across the space,” though it sees Canada remaining at a structural disadvantage given dislocation from global markets. The firm thinks “consolidation is logical, and likely necessary in several case,” the analyst added.