Western Forest Products (TSE:WEF) Sets New 12-Month High – Here’s What Happened

Western Forest Products Inc. (TSE:WEF)’s share price hit a new 52-week high during trading on Tuesday . The company traded as high as C$19.02 and last traded at C$19.01, with a volume of 58466 shares. The stock had previously closed at C$18.08.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the company. Raymond James Financial boosted their price objective on Western Forest Products from C$12.50 to C$20.00 and gave the company a “market perform” rating in a research note on Monday, July 27th. TD increased their price objective on shares of Western Forest Products from C$17.00 to C$19.00 and gave the stock a “hold” rating in a research note on Tuesday, July 14th. Finally, Royal Bank Of Canada lifted their target price on shares of Western Forest Products from C$13.00 to C$14.00 and gave the company a “sector perform” rating in a research note on Thursday, April 16th. Five investment analysts have rated the stock with a Hold rating, According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of C$17.40.

Western Forest Products Stock Performance

The company has a market capitalization of C$195.11 million, a P/E ratio of -1.72, a P/E/G ratio of 0.32 and a beta of 0.23. The company has a debt-to-equity ratio of 15.10, a quick ratio of 0.73 and a current ratio of 2.63. The business’s fifty day simple moving average is C$17.55 and its 200-day simple moving average is C$15.52.

Western Forest Products (TSE:WEF) last posted its earnings results on Wednesday, May 6th. The company reported C($1.83) EPS for the quarter. Western Forest Products had a negative return on equity of 22.88% and a negative net margin of 12.23%.The firm had revenue of C$201.50 million during the quarter. As a group, equities analysts anticipate that Western Forest Products Inc. will post 0.004992 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Elizabeth Kernaghan sold 1,800 shares of the stock in a transaction dated Tuesday, July 14th. The shares were sold at an average price of C$19.05, for a total value of C$34,290.00. Following the completion of the transaction, the director owned 1,889,000 shares of the company’s stock, valued at approximately C$35,985,450. This trade represents a 0.10% decrease in their position. Also, insider Kernwood Limited sold 1,800 shares of the business’s stock in a transaction that occurred on Tuesday, July 14th. The stock was sold at an average price of C$19.05, for a total value of C$34,290.00. Following the sale, the insider directly owned 1,889,000 shares in the company, valued at C$35,985,450. The trade was a 0.10% decrease in their ownership of the stock. In the last ninety days, insiders have sold 14,200 shares of company stock worth $270,980. 0.67% of the stock is owned by insiders.

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.