Canfor (TSE:CFP) Share Price Passes Above 200 Day Moving Average – Here’s Why

Canfor Co. (TSE:CFP) crossed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of C$15.70 and traded as high as C$16.26. Canfor shares last traded at C$16.02, with a volume of 187,366 shares.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the company. BMO Capital Markets cut Canfor from an “outperform” rating to a “market perform” rating in a research note on Friday, December 6th. Raymond James raised Canfor from an “outperform” rating to a “strong-buy” rating and increased their target price for the stock from C$20.00 to C$28.00 in a research note on Tuesday, October 22nd. CIBC increased their target price on Canfor from C$20.00 to C$21.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 29th. Finally, TD Securities lowered their target price on Canfor from C$22.00 to C$21.00 and set a “buy” rating for the company in a research note on Tuesday, October 29th. Two research analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of C$21.33.

Canfor Stock Down 2.3 %

The company has a market capitalization of C$1.90 billion, a P/E ratio of -4.75 and a beta of 2.08. The firm’s 50 day moving average price is C$17.12 and its two-hundred day moving average price is C$15.70. The company has a current ratio of 1.99, a quick ratio of 2.14 and a debt-to-equity ratio of 11.97.

About Canfor

Canfor Corporation operates as an integrated forest products company in the United States, Asia, Canada, Europe, and internationally. It operates in two segments, Lumber, and Pulp and Paper. The company manufactures and sells softwood lumber, remanufactured lumber products, engineered wood, and other lumber-related products, as well as wood chips and pellets; and generates green energy.