The Globe and Mail reports in its Thursday, Nov. 16, edition that BMO Capital Markets analyst Randy Ollenberger has reaffirmed his "market perform" recommendation for Birchcliff Energy. The Globe's David Leeder writes that Mr. Ollenberger gave his share target a 50-cent trim to $8. Analysts on average target the shares at $9.57. Mr. Ollenberger says in a note: "Birchcliff reported lower-than-expected cash flow due to softer volumes, weaker realized prices and higher transport costs. Total debt continued to rise as the company outspent cash flow. The company pulled forward $20-million of 2024 capital into Q4/23, with 2023 expenditures now expected to total $300 million. Birchcliff also released a preliminary 2024 capital budget that was in-line with expectations. Birchcliff continues to have no fixed hedges in place, leaving it fully exposed to weaker natural gas prices." The Globe reported on May 12 that Raymond James rated Birchcliff "outperform" when it was worth $7.59. The Globe reported on July 14 that Mr. Ollenberger had cut Birchcliff to "market perform" from "outperform." It was then worth $7.47. The Globe reported on Oct. 13 that Birchcliff insiders were buying shares, which were then worth $7.82.