Western Forest Products (TSE:WEF) Reaches New 52-Week High on Analyst Upgrade

Shares of Western Forest Products Inc. (TSE:WEF) hit 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 traded. The stock had previously closed at C$16.77.

Separately, Scotiabank boosted 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, According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of C$14.63.

Insider Buying and Selling

In other news, Director Elizabeth Kernaghan bought 2,600 shares of the stock in a transaction that occurred on Thursday, November 6th. The stock was acquired at an average price of C$11.55 per share, with a total value of C$30,030.00. Following the completion of the purchase, the director directly owned 1,791,200 shares of the company’s stock, valued at approximately C$20,688,360. This represents a 0.15% increase in their ownership of the stock. Also, insider Kernwood Limited purchased 2,600 shares of Western Forest Products stock in a transaction that occurred on Thursday, November 6th. The stock was acquired at an average cost 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. This trade represents a 0.15% increase in their position. Insiders bought a total of 8,800 shares of company stock worth $99,760 in the last 90 days. Corporate insiders own 0.67% of the company’s stock.

Western Forest Products Price Performance

The company has a debt-to-equity ratio of 19.61, a quick ratio of 0.73 and a current ratio of 3.04. The business has a 50 day simple moving average of C$12.27 and a 200-day simple moving average of C$12.23. The firm has a market cap of C$179.49 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 (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 net margin of 4.21% and a negative return on equity of 7.69%. The company had revenue of C$233.00 million during the quarter. Equities research analysts expect that Western Forest Products Inc. will post 0.004992 earnings per share 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.