Birchcliff Energy upgraded to Outperform from Market Perform at Raymond James

Raymond James upgraded Birchcliff Energy (BIREF) to Outperform from Market Perform with a price target of C$8, up from C$7.50. The company’s Q2 results came in ahead of expectations, driven by a lower capital spend, deep in-the-money basis swaps, and ongoing operational efficiencies, but while its leverage screens above its gas-weighted peers, the second half free cash profile should drive accelerated debt repayment, bringing the company into alignment, while increasing optionality into 2026, the analyst tells investors in a research note.