The Globe and Mail reports in its Thursday, Jan. 11, edition that analysts at National Bank Financial warn oil and gas investors should expect "another year of macro uncertainty." The Globe's David Leeder writes in the Eye On Equities column that National Bank analysts say in a note: "The ebb and flow of conspiring oil and gas fundamentals influenced by uncertain and complicated global geopolitics have forced us to think of 2024 as a year of cautious optimism. We expect much of the same turbulence in the year ahead as inflation continues to play a role, interest rates remain sticky and tense geopolitics persist (which makes a 12-month price prediction tricky). To start the year, we would describe our investment stance as 'on the defensive' given the macro uncertainty (but at the same time are not flagging material downside from here)." Citing the street's desire for "greater visibility around its payout," National Bank downgraded Birchcliff Energy to "sector perform" from "outperform" with a $6.50 share target, down from $9.25. Analysts on average target the shares at $8.86. The Globe reported on Oct. 13 that Birchcliff insiders were buying shares, which were then worth $7.82.