Raymond James Financial Forecasts Strong Price Appreciation for Western Forest Products (TSE:WEF) Stock

Western Forest Products (TSE:WEF) had its price target lifted by investment analysts at Raymond James Financial from C$10.00 to C$12.00 in a note issued to investors on Wednesday,BayStreet.CA reports. The brokerage currently has a “market perform” rating on the stock. Raymond James Financial’s price objective would indicate a potential downside of 29.54% from the company’s previous close.

Separately, Scotiabank increased their price target on Western Forest Products from C$12.50 to C$18.00 and gave the company a “sector perform” rating in a research note on Monday, January 26th. Four research analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, Western Forest Products currently has an average rating of “Hold” and an average target price of C$14.63.

Western Forest Products Price Performance

WEF stock traded up C$0.26 during trading on Wednesday, hitting C$17.03. 60,297 shares of the stock traded hands, compared to its average volume of 45,642. The company has a current ratio of 3.04, a quick ratio of 0.73 and a debt-to-equity ratio of 19.61. The stock has a market cap of C$179.80 million, a price-to-earnings ratio of -2.76, a P/E/G ratio of 0.32 and a beta of 1.02. Western Forest Products has a one year low of C$10.16 and a one year high of C$17.28. The company has a 50 day simple moving average of C$12.27 and a 200 day simple moving average of C$12.23.

Western Forest Products (TSE:WEF) last announced its quarterly earnings data on Wednesday, November 5th. The company reported C($5.71) EPS for the quarter. The firm had revenue of C$233.00 million during the quarter. Western Forest Products had a negative return on equity of 7.69% and a negative net margin of 4.21%. Equities analysts expect that Western Forest Products will post 0.004992 EPS for the current fiscal year.

Insider Buying and Selling

In other Western Forest Products news, insider Kernwood Limited purchased 2,600 shares of the company’s stock in a transaction that occurred on Thursday, November 6th. The shares were acquired at an average price of C$11.55 per share, with a total value of C$30,030.00. Following the transaction, the insider 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, Director Elizabeth Kernaghan purchased 2,600 shares of the company’s stock in a transaction that occurred 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 transaction, the director directly owned 1,791,200 shares of the company’s stock, valued at C$20,688,360. This represents a 0.15% increase in their ownership of the stock. Insiders have bought 8,800 shares of company stock worth $99,760 over the last ninety days. 0.67% of the stock is owned by insiders.

About Western Forest Products

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.