Western Forest Products (TSE:WEF) Share Price Passes Above Two Hundred Day Moving Average – Here’s What Happened

Shares of Western Forest Products Inc. (TSE:WEF) crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of C$16.00 and traded as high as C$17.28. Western Forest Products shares last traded at C$16.79, with a volume of 27,973 shares traded.

Analysts Set New Price Targets

WEF has been the topic of a number of recent analyst reports. Raymond James Financial lifted their target price on Western Forest Products from C$12.50 to C$20.00 and gave the company a “market perform” rating in a research report on Monday, July 27th. TD lifted their price target on shares of Western Forest Products from C$19.00 to C$20.00 and gave the company a “hold” rating in a report on Friday, August 14th. Finally, Royal Bank Of Canada upped their price objective on shares of Western Forest Products from C$16.00 to C$18.00 and gave the stock a “sector perform” rating in a research report on Friday, August 14th. Five analysts have rated the stock with a Hold rating, Based on data from MarketBeat, Western Forest Products has an average rating of “Hold” and an average price target of C$18.40.

Western Forest Products Price Performance

The firm has a market cap of C$182.55 million, a P/E ratio of -2.16, a price-to-earnings-growth ratio of 0.32 and a beta of 0.16. The company has a current ratio of 2.44, a quick ratio of 0.73 and a debt-to-equity ratio of 12.63. The business has a 50-day moving average of C$17.99 and a two-hundred day moving average of C$16.01.

Western Forest Products (TSE:WEF) last posted its earnings results on Wednesday, August 12th. The company reported C$1.10 EPS for the quarter. Western Forest Products had a negative return on equity of 17.78% and a negative net margin of 9.64%.The firm had revenue of C$239.60 million during the quarter. On average, sell-side analysts anticipate that Western Forest Products Inc. will post 0.004992 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Western Forest Products news, Director Elizabeth Kernaghan sold 1,800 shares of the business’s stock in a transaction that occurred on Tuesday, July 14th. The shares were sold at an average price of C$19.05, for a total transaction of C$34,290.00. Following the sale, the director directly owned 1,889,000 shares of the company’s stock, valued at C$35,985,450. The trade was a 0.10% decrease in their position. Also, insider Kernwood Limited sold 2,700 shares of the company’s stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of C$19.00, for a total transaction of C$51,300.00. Following the completion of the transaction, the insider owned 1,900,800 shares of the company’s stock, valued at approximately C$36,115,200. This trade represents a 0.14% decrease in their ownership of the stock. In the last quarter, insiders sold 14,200 shares of company stock valued at $270,980. 0.67% of the stock is owned by company insiders.

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.