Western Forest Products (TSE:WEF) Reaches New 1-Year High – Here’s What Happened

Western Forest Products Inc. (TSE:WEF) shares hit a new 52-week high during mid-day trading on Thursday . The company traded as high as C$15.15 and last traded at C$14.90, with a volume of 22289 shares changing hands. The stock had previously closed at C$15.16.

Wall Street Analysts Forecast Growth

Separately, Scotiabank raised their price objective on Western Forest Products from C$12.50 to C$18.00 and gave the company a “sector perform” rating in a research report on Monday. Four investment analysts have rated the stock with a Hold rating, According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of C$14.13.

Western Forest Products Price Performance

The firm has a market cap of C$157.42 million, a P/E ratio of -2.42, a PEG ratio of 0.32 and a beta of 1.04. 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’s 50-day simple moving average is C$11.86 and its two-hundred day simple moving average is C$12.13.

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

Insider Buying and Selling

In related news, insider Kernwood Limited bought 9,600 shares of the stock in a transaction dated Monday, November 3rd. The stock was purchased at an average cost of C$11.70 per share, with a total value of C$112,320.00. Following the completion of the purchase, the insider owned 1,770,900 shares of the company’s stock, valued at C$20,719,530. This trade represents a 0.55% increase in their ownership of the stock. Also, Director Elizabeth Kernaghan purchased 9,600 shares of the business’s stock in a transaction dated Monday, November 3rd. The stock was bought at an average price of C$11.70 per share, for a total transaction of C$112,320.00. Following the completion of the acquisition, the director owned 1,770,900 shares of the company’s stock, valued at approximately C$20,719,530. The trade was a 0.55% increase in their position. In the last ninety days, insiders have bought 73,200 shares of company stock worth $849,536. Insiders own 0.67% of the company’s stock.

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.