The stock has gained about 24% over the past 12 months amid significant volatility for natural gas prices From jefflagerquist
) on Thursday announced a 900 per cent hike to its quarterly dividend, a payout that will rank among the highest on the Toronto Stock Exchange.says its quarterly dividend will jump from $0.02 per share to $0.20 per share, payable on March 31 to shareholders of record at the close of business on March 15.
The company also announced a five-year plan, budget, and 2023 guidance on Thursday. Birchcliff upped its capital spending plans from $255 million to $270 million while leaving its production estimate unchanged at roughly 82,000 barrels of oil equivalent per day, rising to average production of 90,000 in 2027.
"We believe the equity could lag in 2023, given the headwinds for natural gas prices," Scotiabank Global Equity Research analyst Cameron Bean wrote in a client note on Thursday.
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