Western Forest Products (TSE:WEF) Reaches New 1-Year High on Analyst Upgrade

Western Forest Products Inc. (TSE:WEF) reached a new 52-week high during mid-day trading on Wednesday after Raymond James Financial raised their price target on the stock from C$10.00 to C$12.00. Raymond James Financial currently has a market perform rating on the stock. Western Forest Products traded as high as C$17.22 and last traded at C$17.07, with a volume of 36648 shares. The stock had previously closed at C$16.77.

Separately, Scotiabank upped their price objective on shares of Western Forest Products from C$12.50 to C$18.00 and gave the stock a “sector perform” rating in a research report on Monday, January 26th. Four investment analysts have rated the stock with a Hold rating, According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of C$14.63.

Insiders Place Their Bets

In related news, Director Elizabeth Kernaghan bought 2,600 shares of the company’s stock in a transaction on Thursday, November 6th. The shares were purchased at an average cost of C$11.55 per share, for a total transaction of C$30,030.00. Following the completion of the purchase, the director directly owned 1,791,200 shares in the company, valued at C$20,688,360. The trade was a 0.15% increase in their ownership of the stock. Also, insider Kernwood Limited acquired 2,600 shares of the company’s stock in a transaction that occurred on Thursday, November 6th. The stock was purchased at an average price of C$11.55 per share, for a total transaction of C$30,030.00. Following the purchase, the insider owned 1,791,200 shares of the company’s stock, valued at C$20,688,360. The trade was a 0.15% increase in their position. Insiders have bought a total of 8,800 shares of company stock worth $99,760 over the last quarter. Company insiders own 0.67% of the company’s stock.

Western Forest Products Stock Performance

The business’s fifty day moving average price is C$12.27 and its 200-day moving average price is C$12.23. The company has a debt-to-equity ratio of 19.61, a current ratio of 3.04 and a quick ratio of 0.73. The stock has a market capitalization of C$179.49 million, a PE ratio of -2.76, a P/E/G ratio of 0.32 and a beta of 1.02.

Western Forest Products (TSE:WEF) last posted its earnings results on Wednesday, November 5th. The company reported C($5.71) earnings per share for the quarter. Western Forest Products had a negative return on equity of 7.69% and a negative net margin of 4.21%.The firm had revenue of C$233.00 million for the quarter. As a group, equities research analysts expect that Western Forest Products Inc. will post 0.004992 EPS for the current year.

Western Forest Products Company Profile

Western Forest Products Inc is a Canada-based softwood forest products company. The company’s principal business activities include timber harvesting, reforestation, forest management, sawmilling logs into lumber and wood chips, and value-added lumber remanufacturing. Its operating business segment comprised of Timber harvesting, Log sales, and Lumber manufacturing and sales. The firm purchases and harvests logs which are then manufactured into lumber products at its sawmills, or sold. Canada and the United States, represent the company’s largest markets and contribute the vast majority of its total revenue.