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Birchcliff Energy

TSX:BIR
Snowflake Description

Adequate balance sheet and fair value.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
BIR
TSX
CA$726M
Market Cap
  1. Home
  2. CA
  3. Energy
Company description

Birchcliff Energy Ltd., an intermediate oil and natural gas company, explores for, develops, and produces natural gas, crude oil, and natural gas liquids in Western Canada. The last earnings update was 42 days ago. More info.


Add to Portfolio Compare Print
  • Birchcliff Energy has significant price volatility in the past 3 months.
BIR Share Price and Events
7 Day Returns
-0.4%
TSX:BIR
-0.8%
CA Oil and Gas
-0.7%
CA Market
1 Year Returns
-43%
TSX:BIR
-16.1%
CA Oil and Gas
-2.2%
CA Market
BIR Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Birchcliff Energy (BIR) -0.4% -20.4% -25.8% -43% -59.8% -80.6%
CA Oil and Gas -0.8% -3.6% -4.7% -16.1% -13.5% -40.1%
CA Market -0.7% 0.2% 0.3% -2.2% 11.9% 0.9%
1 Year Return vs Industry and Market
  • BIR underperformed the Oil and Gas industry which returned -16.1% over the past year.
  • BIR underperformed the Market in Canada which returned -2.2% over the past year.
Price Volatility
BIR
Industry
5yr Volatility vs Market

BIR Value

 Is Birchcliff Energy undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Birchcliff Energy to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Birchcliff Energy.

TSX:BIR Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 5 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 10.1%
Perpetual Growth Rate 10-Year CA Government Bond Rate 1.9%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for TSX:BIR
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year CA Govt Bond Rate 1.9%
Equity Risk Premium S&P Global 6%
Oil and Gas Unlevered Beta Simply Wall St/ S&P Global 0.92
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.917 (1 + (1- 26.5%) (93.27%))
1.365
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.37
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.95% + (1.365 * 5.96%)
10.08%

Discounted Cash Flow Calculation for TSX:BIR using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Birchcliff Energy is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

TSX:BIR DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (CAD, Millions) Source Present Value
Discounted (@ 10.08%)
2019 131.00 Analyst x1 119.00
2020 99.33 Analyst x3 81.97
2021 80.83 Est @ -18.62% 60.60
2022 70.77 Est @ -12.45% 48.19
2023 65.01 Est @ -8.13% 40.22
2024 61.69 Est @ -5.11% 34.67
2025 59.85 Est @ -2.99% 30.55
2026 58.94 Est @ -1.51% 27.33
2027 58.66 Est @ -0.47% 24.71
2028 58.81 Est @ 0.25% 22.51
Present value of next 10 years cash flows CA$489.74
TSX:BIR DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= CA$58.81 × (1 + 1.95%) ÷ (10.08% – 1.95%)
CA$736.98
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= CA$736.98 ÷ (1 + 10.08%)10
CA$282.02
TSX:BIR Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= CA$489.74 + CA$282.02
CA$771.76
Equity Value per Share
(CAD)
= Total value / Shares Outstanding
= CA$771.76 / 265.93
CA$2.9
TSX:BIR Discount to Share Price
Calculation Result
Value per share (CAD) From above. CA$2.90
Current discount Discount to share price of CA$2.73
= -1 x (CA$2.73 - CA$2.90) / CA$2.90
5.9%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Birchcliff Energy is available for.
Intrinsic value
6%
Share price is CA$2.73 vs Future cash flow value of CA$2.9
Current Discount Checks
For Birchcliff Energy to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Birchcliff Energy's share price is below the future cash flow value, but not at a moderate discount (< 20%).
  • Birchcliff Energy's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Birchcliff Energy's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Birchcliff Energy's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
TSX:BIR PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in CAD CA$0.38
TSX:BIR Share Price ** TSX (2019-06-26) in CAD CA$2.73
Canada Oil and Gas Industry PE Ratio Median Figure of 59 Publicly-Listed Oil and Gas Companies 12.81x
Canada Market PE Ratio Median Figure of 543 Publicly-Listed Companies 15x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Birchcliff Energy.

TSX:BIR PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= TSX:BIR Share Price ÷ EPS (both in CAD)

= 2.73 ÷ 0.38

7.28x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Birchcliff Energy is good value based on earnings compared to the CA Oil and Gas industry average.
  • Birchcliff Energy is good value based on earnings compared to the Canada market.
Price based on expected Growth
Does Birchcliff Energy's expected growth come at a high price?
Raw Data
TSX:BIR PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 7.28x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts
3.5%per year
Canada Oil and Gas Industry PEG Ratio Median Figure of 36 Publicly-Listed Oil and Gas Companies 0.85x
Canada Market PEG Ratio Median Figure of 248 Publicly-Listed Companies 1.15x

*Line of best fit is calculated by linear regression .

TSX:BIR PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 7.28x ÷ 3.5%

2.05x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Birchcliff Energy is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Birchcliff Energy's assets?
Raw Data
TSX:BIR PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in CAD CA$6.56
TSX:BIR Share Price * TSX (2019-06-26) in CAD CA$2.73
Canada Oil and Gas Industry PB Ratio Median Figure of 224 Publicly-Listed Oil and Gas Companies 0.8x
Canada Market PB Ratio Median Figure of 2,426 Publicly-Listed Companies 1.44x
TSX:BIR PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= TSX:BIR Share Price ÷ Book Value per Share (both in CAD)

= 2.73 ÷ 6.56

0.42x

* Primary Listing of Birchcliff Energy.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Birchcliff Energy is good value based on assets compared to the CA Oil and Gas industry average.
X
Value checks
We assess Birchcliff Energy's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Oil and Gas industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Oil and Gas industry average (and greater than 0)? (1 check)
  5. Birchcliff Energy has a total score of 3/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

BIR Future Performance

 How is Birchcliff Energy expected to perform in the next 1 to 3 years based on estimates from 5 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
3.5%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Birchcliff Energy expected to grow at an attractive rate?
  • Birchcliff Energy's earnings growth is expected to exceed the low risk savings rate of 1.9%.
Growth vs Market Checks
  • Birchcliff Energy's earnings growth is positive but not above the Canada market average.
  • Birchcliff Energy's revenue growth is expected to exceed the Canada market average.
Annual Growth Rates Comparison
Raw Data
TSX:BIR Future Growth Rates Data Sources
Data Point Source Value (per year)
TSX:BIR Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts 3.5%
TSX:BIR Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 5 Analysts 10.4%
Canada Oil and Gas Industry Earnings Growth Rate Market Cap Weighted Average 8.4%
Canada Oil and Gas Industry Revenue Growth Rate Market Cap Weighted Average 4.5%
Canada Market Earnings Growth Rate Market Cap Weighted Average 14.8%
Canada Market Revenue Growth Rate Market Cap Weighted Average 5.9%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
TSX:BIR Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below
All numbers in CAD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
TSX:BIR Future Estimates Data
Date (Data in CAD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 895 455 1
2020-12-31 670 371 92 5
2019-12-31 653 354 62 5
TSX:BIR Past Financials Data
Date (Data in CAD Millions) Revenue Cash Flow Net Income *
2019-03-31 604 327 100
2018-12-31 583 324 98
2018-09-30 592 321 52
2018-06-30 554 323 -77
2018-03-31 556 309 -66
2017-12-31 528 288 -51
2017-09-30 497 289 -65
2017-06-30 479 241 55
2017-03-31 383 190 14
2016-12-31 317 141 -28
2016-09-30 263 95 -50
2016-06-30 252 115 -44

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Birchcliff Energy's earnings are expected to grow by 3.5% yearly, however this is not considered high growth (20% yearly).
  • Birchcliff Energy's revenue is expected to grow by 10.4% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
TSX:BIR Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below

All data from Birchcliff Energy Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

TSX:BIR Future Estimates Data
Date (Data in CAD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31
2020-12-31 0.36 0.41 0.30 3.00
2019-12-31 0.25 0.31 0.22 3.00
TSX:BIR Past Financials Data
Date (Data in CAD Millions) EPS *
2019-03-31 0.38
2018-12-31 0.37
2018-09-30 0.20
2018-06-30 -0.29
2018-03-31 -0.25
2017-12-31 -0.19
2017-09-30 -0.24
2017-06-30 0.21
2017-03-31 0.06
2016-12-31 -0.14
2016-09-30 -0.29
2016-06-30 -0.29

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if Birchcliff Energy will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Birchcliff Energy's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Canada market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Canada market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Birchcliff Energy has a total score of 2/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

BIR Past Performance

  How has Birchcliff Energy performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Birchcliff Energy's growth in the last year to its industry (Oil and Gas).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Birchcliff Energy's year on year earnings growth rate was negative over the past 5 years, however the most recent earnings are above average.
  • Birchcliff Energy has become profitable in the last year making the earnings growth rate difficult to compare to the 5-year average.
  • Birchcliff Energy has become profitable in the last year making it difficult to compare the CA Oil and Gas industry average.
Earnings and Revenue History
Birchcliff Energy's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Birchcliff Energy Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

TSX:BIR Past Revenue, Cash Flow and Net Income Data
Date (Data in CAD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 603.54 99.75 32.30
2018-12-31 583.12 98.03 32.30
2018-09-30 592.04 51.90 29.63
2018-06-30 554.24 -76.50 30.33
2018-03-31 556.19 -65.88 30.81
2017-12-31 528.22 -51.03 30.56
2017-09-30 496.62 -64.72 27.44
2017-06-30 478.98 54.96 27.18
2017-03-31 383.47 13.63 24.91
2016-12-31 316.68 -28.34 23.97
2016-09-30 263.37 -49.74 24.91
2016-06-30 252.29 -43.86 23.92
2016-03-31 286.57 -24.72 25.06
2015-12-31 305.76 -16.16 26.03
2015-09-30 333.00 10.22 25.67
2015-06-30 362.17 35.07 25.98
2015-03-31 389.32 67.33 27.40
2014-12-31 436.09 110.30 27.14
2014-09-30 418.97 130.31 26.83
2014-06-30 376.75 110.80 26.20
2014-03-31 340.69 93.49 24.93
2013-12-31 289.07 61.42 24.75
2013-09-30 278.79 30.66 24.67
2013-06-30 266.77 23.67 25.11
2013-03-31 246.74 14.31 27.54
2012-12-31 233.01 11.62 27.99
2012-09-30 223.87 9.65 33.88
2012-06-30 227.21 18.89 35.96

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Birchcliff Energy has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Birchcliff Energy used its assets less efficiently than the CA Oil and Gas industry average last year based on Return on Assets.
  • Birchcliff Energy has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Birchcliff Energy's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Oil and Gas industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Birchcliff Energy has a total score of 1/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

BIR Health

 How is Birchcliff Energy's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Birchcliff Energy's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Birchcliff Energy's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Birchcliff Energy's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Birchcliff Energy's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.1x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Birchcliff Energy Company Filings, last reported 2 months ago.

TSX:BIR Past Debt and Equity Data
Date (Data in CAD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 1,785.37 661.52 0.05
2018-12-31 1,774.89 654.80 0.05
2018-09-30 1,708.73 684.58 0.05
2018-06-30 1,706.96 666.67 0.05
2018-03-31 1,705.53 623.24 0.05
2017-12-31 1,696.15 636.35 0.05
2017-09-30 1,675.63 634.47 0.01
2017-06-30 1,799.35 677.47 0.01
2017-03-31 1,780.89 627.95 0.05
2016-12-31 1,754.41 621.43 0.05
2016-09-30 1,735.64 683.37 0.05
2016-06-30 1,064.01 758.27 0.02
2016-03-31 1,086.97 696.04 0.06
2015-12-31 1,098.43 670.68 0.06
2015-09-30 1,107.06 675.37 0.06
2015-06-30 1,101.18 648.45 0.02
2015-03-31 1,104.24 584.94 0.05
2014-12-31 1,106.28 517.33 0.05
2014-09-30 1,087.62 483.76 0.05
2014-06-30 1,005.10 500.32 0.06
2014-03-31 961.12 503.24 0.10
2013-12-31 914.49 443.35 0.92
2013-09-30 871.73 494.03 0.10
2013-06-30 859.40 458.32 0.02
2013-03-31 846.07 452.42 0.05
2012-12-31 834.25 433.26 0.05
2012-09-30 826.33 390.54 0.05
2012-06-30 772.67 400.88 0.05
  • Birchcliff Energy's level of debt (37.1%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (52.3% vs 37.1% today).
  • Debt is well covered by operating cash flow (49.5%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 6.5x coverage).
X
Financial health checks
We assess Birchcliff Energy's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Birchcliff Energy has a total score of 4/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

BIR Dividends

 What is Birchcliff Energy's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
3.85%
Current annual income from Birchcliff Energy dividends. Estimated to be 3.96% next year.
If you bought CA$2,000 of Birchcliff Energy shares you are expected to receive CA$77 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Birchcliff Energy's pays a higher dividend yield than the bottom 25% of dividend payers in Canada (2.13%).
  • Birchcliff Energy's dividend is below the markets top 25% of dividend payers in Canada (5.75%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
TSX:BIR Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below
Canada Oil and Gas Industry Average Dividend Yield Market Cap Weighted Average of 37 Stocks 4.7%
Canada Market Average Dividend Yield Market Cap Weighted Average of 336 Stocks 3.5%
Canada Minimum Threshold Dividend Yield 10th Percentile 1.1%
Canada Bottom 25% Dividend Yield 25th Percentile 2.1%
Canada Top 25% Dividend Yield 75th Percentile 5.8%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

TSX:BIR Future Dividends Estimate Data
Date (Data in CA$) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 0.11 2.00
2020-12-31 0.11 7.00
2019-12-31 0.11 8.00
TSX:BIR Past Annualized Dividends Data
Date (Data in CA$) Dividend per share (annual) Avg. Yield (%)
2019-06-04 0.105 3.737
2019-02-13 0.105 2.937
2018-11-28 0.100 3.126
2018-09-05 0.100 2.268
2018-05-29 0.100 2.084
2018-02-28 0.100 2.564
2017-11-30 0.100 2.695
2017-09-05 0.100 1.838
2017-05-30 0.100 1.692
2017-03-01 0.100 1.422

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Whilst dividend payments have been stable, Birchcliff Energy has been paying a dividend for less than 10 years.
  • Dividend payments have increased, but Birchcliff Energy only paid a dividend in the past 2 years.
Current Payout to shareholders
What portion of Birchcliff Energy's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (3.7x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (3.6x coverage).
X
Income/ dividend checks
We assess Birchcliff Energy's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.1%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Birchcliff Energy afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Birchcliff Energy has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

BIR Management

 What is the CEO of Birchcliff Energy's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Jeff Tonken
COMPENSATION CA$4,892,322
AGE 61
TENURE AS CEO 14.9 years
CEO Bio

Mr. A. Jeffery Tonken, also known as Jeff, is the Founder of Birchcliff Energy Ltd. and has been its President and Chief Executive Officer since July 6, 2004. Mr. Tonken has over 37 years of experience in the oil and natural gas industry. He is one of the Birchcliff Energy’s founders. Mr. Tonken has been with Birchcliff Energy since January 18, 2005. He served as the President and Chief Executive Officer at Case Resources Inc. from October 2000 to July 2004. He served as the President and Chief Executive Officer at Big Bear Exploration Ltd. since joining in November 1997 until January 2000. Prior thereto, he served as the President and Chief Executive Officer at Stampeder Exploration Ltd. He founded Stampeder Exploration Ltd. in 1987. Mr. Tonken founded Case Resources Inc., Big Bear Exploration Ltd. and Stampeder Exploration Ltd. Previously, he was a Partner at Howard Mackie where he practiced commercial and corporate law for approximately 12 years. He has been the Chairman of Birchcliff Energy Ltd. since May 11, 2017 and has been its Non-Independent Director since July 6, 2004. He serves as a Member of Fund External Advisory Board at EdgeStone Capital Energy Fund, L.P. He served as a Member of the Board at Scout Capital Corp. since January 18, 2005 and Case Resources Inc. since 1997. He served as a Director of Sinopec Daylight Energy Ltd. He also served as a Member of the Board of Directors at the Canadian Association of Petroleum Producers. He is a member of the Law Society of Alberta. Mr. Tonken holds a Bachelor of Commerce Degree from the University of Alberta and a Law Degree from the University of Wales.

CEO Compensation
  • Jeff's compensation has increased in line with Birchcliff Energy recently becoming profitable.
  • Jeff's remuneration is higher than average for companies of similar size in Canada.
Management Team Tenure

Average tenure of the Birchcliff Energy management team in years:

14.9
Average Tenure
  • The average tenure for the Birchcliff Energy management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Jeff Tonken

TITLE
Chairman
COMPENSATION
CA$5M
AGE
61
TENURE
14.9 yrs

Bruno Geremia

TITLE
VP & CFO
COMPENSATION
CA$3M
TENURE
14.9 yrs

Myles Bosman

TITLE
VP of Exploration & COO
COMPENSATION
CA$3M
TENURE
14.9 yrs

Gates Aurigemma

TITLE
Manager of General Accounting
TENURE
14.1 yrs

Jesse Doenz

TITLE
Controller & Manager of Investor Relations
TENURE
14.7 yrs

Robyn Bourgeois

TITLE
General Counsel & Corporate Secretary

Michelle Rodgerson

TITLE
Manager of Human Resources & Corporate Services

Bruce Palmer

TITLE
Manager of Geology
Board of Directors Tenure

Average tenure and age of the Birchcliff Energy board of directors in years:

2.1
Average Tenure
61
Average Age
  • The average tenure for the Birchcliff Energy board of directors is less than 3 years, this suggests a new board.
Board of Directors

Jeff Tonken

TITLE
Chairman
COMPENSATION
CA$5M
AGE
61
TENURE
2.1 yrs

Jim Surbey

TITLE
Non-Independent Director
COMPENSATION
CA$178K
AGE
68
TENURE
2.1 yrs

Dennis Dawson

TITLE
Lead Independent Director
COMPENSATION
CA$183K
AGE
64
TENURE
2.1 yrs

Debbie Gerlach

TITLE
Independent Director
COMPENSATION
CA$190K
AGE
57
TENURE
1.6 yrs

Stacey McDonald

TITLE
Independent Director
COMPENSATION
CA$6K
AGE
34
TENURE
0.5 yrs
Who owns this company?
Recent Insider Trading
  • More shares have been bought than sold by Birchcliff Energy individual insiders in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (CA$) Value (CA$)
12. Jun 19 Buy James Surbey Individual 11. Jun 19 11. Jun 19 12,000 CA$2.88 CA$34,120
11. Jun 19 Buy Debra Gerlach Individual 11. Jun 19 11. Jun 19 5,000 CA$2.84 CA$14,200
11. Jun 19 Buy James Surbey Individual 10. Jun 19 10. Jun 19 14,000 CA$2.90 CA$40,240
06. Jun 19 Buy Debra Gerlach Individual 06. Jun 19 06. Jun 19 5,000 CA$2.97 CA$14,850
06. Jun 19 Buy Stacey McDonald Individual 05. Jun 19 05. Jun 19 15,000 CA$3.02 CA$45,272
03. Jun 19 Buy Christopher Carlsen Individual 31. May 19 31. May 19 4,580 CA$3.15 CA$14,411
03. Jun 19 Buy Myles Bosman Individual 31. May 19 31. May 19 3,095 CA$3.17 CA$9,795
03. Jun 19 Buy A. Tonken Individual 31. May 19 31. May 19 2,000 CA$3.15 CA$6,300
29. May 19 Buy David Humphreys Individual 29. May 19 29. May 19 3,550 CA$3.25 CA$11,538
28. May 19 Buy Debra Gerlach Individual 28. May 19 28. May 19 5,000 CA$3.40 CA$17,000
22. Apr 19 Buy A. Tonken Individual 22. Apr 19 22. Apr 19 7,100 CA$3.70 CA$26,298
03. Apr 19 Buy A. Tonken Individual 03. Apr 19 03. Apr 19 6,000 CA$3.56 CA$21,360
21. Feb 19 Buy Christopher Carlsen Individual 20. Feb 19 20. Feb 19 8,000 CA$3.57 CA$28,560
19. Feb 19 Buy David Humphreys Individual 15. Feb 19 15. Feb 19 2,675 CA$3.58 CA$9,576
03. Jan 19 Buy A. Tonken Individual 03. Jan 19 03. Jan 19 6,500 CA$3.12 CA$20,280
25. Dec 18 Buy James Surbey Individual 24. Dec 18 24. Dec 18 15,100 CA$2.66 CA$39,860
21. Dec 18 Buy Christopher Carlsen Individual 18. Dec 18 20. Dec 18 8,800 CA$2.85 CA$24,612
20. Dec 18 Buy James Surbey Individual 20. Dec 18 20. Dec 18 20,000 CA$2.82 CA$56,000
18. Dec 18 Buy Debra Gerlach Individual 18. Dec 18 18. Dec 18 5,000 CA$2.80 CA$14,000
18. Dec 18 Buy James Surbey Individual 14. Dec 18 14. Dec 18 50,000 CA$3.00 CA$149,300
18. Nov 18 Buy Myles Bosman Individual 16. Nov 18 16. Nov 18 9,300 CA$3.97 CA$36,921
18. Nov 18 Buy A. Tonken Individual 16. Nov 18 16. Nov 18 4,950 CA$4.06 CA$20,097
07. Sep 18 Buy Christopher Carlsen Individual 05. Sep 18 05. Sep 18 5,300 CA$4.42 CA$23,401
05. Sep 18 Sell David Humphreys Individual 05. Sep 18 05. Sep 18 -11,000 CA$4.41 CA$-48,428
03. Jul 18 Buy A. Tonken Individual 03. Jul 18 03. Jul 18 4,100 CA$4.89 CA$20,049
04. Jul 18 Buy David Humphreys Individual 04. Jul 18 04. Jul 18 2,400 CA$4.80 CA$11,520
X
Management checks
We assess Birchcliff Energy's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Birchcliff Energy has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

BIR News

Simply Wall St News

How Much Of Birchcliff Energy Ltd. (TSE:BIR) Do Insiders Own?

Birchcliff Energy is a smaller company with a market capitalization of CA$715m, so it may still be flying under the radar of many institutional investors. … Check out our latest analysis for Birchcliff Energy TSX:BIR Ownership Summary, June 26th 2019 What Does The Institutional Ownership Tell Us About Birchcliff Energy? … Insider Ownership Of Birchcliff Energy The definition of company insiders can be subjective, and does vary between jurisdictions.

Simply Wall St -

Is There More To Birchcliff Energy Ltd. (TSE:BIR) Than Its 6.9% Returns On Capital?

The formula for calculating the return on capital employed is: Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities) Or for Birchcliff Energy: 0.069 = CA$185m ÷ (CA$2.8b - CA$77m) (Based on the trailing twelve months to December 2018.) Therefore, Birchcliff Energy has an ROCE of 6.9%. … Birchcliff Energy's Current Liabilities And Their Impact On Its ROCE Liabilities, such as supplier bills and bank overdrafts, are referred to as current liabilities if they need to be paid within 12 months. … Due to the way ROCE is calculated, a high level of current liabilities makes a company look as though it has less capital employed, and thus can (sometimes unfairly) boost the ROCE.

Simply Wall St -

How Does Birchcliff Energy Ltd. (TSE:BIR) Fare As A Dividend Stock?

(TSE:BIR) a good dividend stock? … Yet sometimes, investors buy a stock for its dividend and lose money because the share price falls by more than they earned in dividend payments. … With only a two-year payment history, and a 2.8% yield, investors probably think Birchcliff Energy is not much of a dividend stock.

Simply Wall St -

What You Should Know About Birchcliff Energy Ltd.'s (TSE:BIR) Financial Strength

(TSE:BIR) with its market cap of CA$989m, are popular for their explosive growth, investors should also be aware of their balance sheet to judge whether the company can survive a downturn. … Understanding the company's financial health becomes. … The following basic checks can help you get a picture of the company's balance sheet strength.

Simply Wall St -

Investors Who Bought Birchcliff Energy Shares Five Years Ago Are Now Down 64%

(TSE:BIR) shareholders should be happy to see the share price up 15% in the last month. … One flawed but reasonable way to assess how sentiment around a company has changed is to compare the earnings per share (EPS) with the share price. … A more detailed examination of the revenue and earnings may or may not explain why the share price languishes; there could be an opportunity.

Simply Wall St -

Do Institutions Own Birchcliff Energy Ltd. (TSE:BIR) Shares?

The big shareholder groups in Birchcliff Energy Ltd. … Insiders often own a large chunk of younger, smaller, companies while huge companies tend to have institutions as shareholders. … With a market capitalization of CA$856m, Birchcliff Energy is a small cap stock, so it might not be well known by many institutional investors.

Simply Wall St -

How Much Did Birchcliff Energy Ltd.'s (TSE:BIR) CEO Pocket Last Year?

Jeff Tonken became the CEO of Birchcliff Energy Ltd. … First, this article will compare CEO compensation with compensation at similar sized companies. … How Does Jeff Tonken's Compensation Compare With Similar Sized Companies?

Simply Wall St -

Should Birchcliff Energy Ltd. (TSE:BIR) Be Part Of Your Portfolio?

In the last few years Birchcliff Energy Ltd. … Does Birchcliff Energy tick all the boxes of a great dividend stock? … View our latest analysis for Birchcliff Energy

Simply Wall St -

Read This Before Selling Birchcliff Energy Ltd (TSE:BIR) Shares

So we'll take a look at whether insiders have been buying or selling shares in Birchcliff Energy Ltd (TSE:BIR). … Birchcliff Energy Insider Transactions Over The Last Year. … In the last twelve months there was more buying than selling by Birchcliff Energy insiders

Simply Wall St -

Is Birchcliff Energy Ltd's (TSE:BIR) Balance Sheet Strong Enough To Weather A Storm?

Birchcliff Energy Ltd (TSE:BIR) is a small-cap stock with a market capitalization of CA$1.2b. … While investors primarily focus on the growth potential and competitive landscape of the small-cap companies, they end up ignoring a key aspect, which could be the biggest threat to its existence: its financial health. … Assessing first and foremost the financial health is

Simply Wall St -

BIR Company Info

Description

Birchcliff Energy Ltd., an intermediate oil and natural gas company, explores for, develops, and produces natural gas, crude oil, and natural gas liquids in Western Canada. The company holds interests in the Montney/Doig resource play, as well as other assets located in the Peace River Arch area of Alberta. As of December 31, 2018, it had interests in various gas plants, oil batteries, compressors, facilities, and infrastructure; and 178,296.7 net acres of undeveloped land, as well as gross total proved plus probable reserves of 1,002,070 Mboe. Birchcliff Energy Ltd. was founded in 2004 and is headquartered in Calgary, Canada.

Details
Name: Birchcliff Energy Ltd.
BIR
Exchange: TSX
Founded: 2004
CA$725,996,257
265,932,695
Website: http://www.birchcliffenergy.com
Address: Birchcliff Energy Ltd.
600 - 3rd Avenue SW,
Suite 1000,
Calgary,
Alberta, T2P 0G5,
Canada
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
TSX BIR Common Shares The Toronto Stock Exchange CA CAD 20. Jan 2005
OTCPK BIRE.F Common Shares Pink Sheets LLC US USD 20. Jan 2005
DB 39B Common Shares Deutsche Boerse AG DE EUR 20. Jan 2005
TSX BIR.PRA REDEEMABLE PFD A The Toronto Stock Exchange CA CAD 08. Aug 2012
TSX BIR.PRC PFD SER C The Toronto Stock Exchange CA CAD 14. Jun 2013
Number of employees
Current staff
Staff numbers
182
Birchcliff Energy employees.
Industry
Oil and Gas Exploration and Production
Energy
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/06/26 23:59
End of day share price update: 2019/06/26 00:00
Last estimates confirmation: 2019/06/25
Last earnings filing: 2019/05/15
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.