Canfor (TSE:CFP) Stock Crosses Above 200-Day Moving Average – Here’s Why

Shares of Canfor Co. (TSE:CFP) passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of C$12.88 and traded as high as C$13.22. Canfor shares last traded at C$12.50, with a volume of 238,146 shares trading hands.

Analyst Ratings Changes

CFP has been the topic of a number of research reports. Royal Bank Of Canada reduced their target price on shares of Canfor from C$16.00 to C$15.00 and set an “outperform” rating on the stock in a report on Thursday, December 18th. Scotiabank upgraded shares of Canfor from a “strong sell” rating to a “hold” rating and boosted their price target for the stock from C$13.00 to C$16.00 in a research note on Monday, January 26th. Finally, Raymond James Financial raised Canfor from a “moderate buy” rating to a “strong-buy” rating and upped their price objective for the stock from C$15.00 to C$17.00 in a research report on Wednesday, January 14th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of C$16.20.

Canfor Stock Performance

The stock has a 50-day moving average price of C$14.11 and a 200 day moving average price of C$12.87. The company has a quick ratio of 2.14, a current ratio of 1.45 and a debt-to-equity ratio of 37.16. The firm has a market capitalization of C$1.46 billion, a price-to-earnings ratio of -1.83 and a beta of 1.54.

Canfor (TSE:CFP) last issued its quarterly earnings results on Friday, March 6th. The company reported C($3.33) earnings per share (EPS) for the quarter. Canfor had a negative return on equity of 27.04% and a negative net margin of 14.92%.The firm had revenue of C$1.28 billion during the quarter. On average, analysts forecast that Canfor Co. will post 0.4005401 EPS for the current year.

About Canfor

Canfor Corp is a global leader in the manufacturing of high-value low-carbon forest products including dimension and specialty lumber, engineered wood products, pulp and paper, wood pellets and green energy. Proudly headquartered in Vancouver, British Columbia, Canfor Corp produces renewable products from sustainably managed forests, at more than 50 facilities across its diversified operating platform in Canada, the United States and Europe. Canfor Corp has a 77% stake in Vida AB, Sweden’s largest privately owned sawmill company and also owns, approximately, a 54.8% interest in Canfor Pulp.