Western Forest Products (TSE:WEF) Share Price Passes Above 50-Day Moving Average – Here’s Why

Western Forest Products Inc. (TSE:WEF)’s stock price crossed above its 50-day moving average during trading on Tuesday . The stock has a 50-day moving average of C$16.13 and traded as high as C$16.85. Western Forest Products shares last traded at C$16.81, with a volume of 20,048 shares trading hands.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on WEF shares. Royal Bank Of Canada upped their target price on Western Forest Products from C$13.00 to C$14.00 and gave the stock a “sector perform” rating in a research note on Thursday, April 16th. TD boosted their price objective on Western Forest Products from C$16.00 to C$17.00 and gave the stock a “hold” rating in a research note on Thursday, April 16th. Five investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, Western Forest Products has a consensus rating of “Hold” and a consensus price target of C$15.70.

Western Forest Products Trading Down 0.5%

The company’s 50-day moving average price is C$16.13 and its 200 day moving average price is C$14.58. 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 stock has a market cap of C$177.48 million, a PE ratio of -1.57, a price-to-earnings-growth ratio of 0.32 and a beta of 0.22.

Western Forest Products (TSE:WEF) last announced its quarterly earnings results on Wednesday, May 6th. The company reported C($1.83) EPS for the quarter. The business had revenue of C$201.50 million during the quarter. Western Forest Products had a negative net margin of 12.23% and a negative return on equity of 22.88%. On average, sell-side analysts forecast that Western Forest Products Inc. will post 0.004992 EPS for the current fiscal year.

Insider Buying and Selling

In other Western Forest Products news, insider Kernwood Limited sold 2,700 shares of the stock in a transaction dated 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 C$36,115,200. This trade represents a 0.14% decrease in their ownership of the stock. Insiders have sold a total of 10,600 shares of company stock valued at $202,400 over the last 90 days. Corporate insiders own 0.67% of the company’s stock.

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.