Canfor (TSE:CFP) Hits New 52-Week High After Analyst Upgrade

Canfor Co. (TSE:CFP)’s share price hit a new 52-week high during trading on Tuesday after Raymond James Financial upgraded the stock from a moderate buy rating to a strong-buy rating. Raymond James Financial now has a C$21.00 price target on the stock, up from their previous price target of C$17.00. Canfor traded as high as C$16.49 and last traded at C$16.31, with a volume of 104975 shares changing hands. The stock had previously closed at C$15.62.

Separately, TD upped their price target on Canfor from C$18.00 to C$20.00 and gave the stock a “buy” rating in a report on Friday, July 31st. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of C$18.00.

Insider Buying and Selling

In other Canfor news, insider Stephen Roche Mackie sold 4,052 shares of the business’s stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of C$16.00, for a total transaction of C$64,832.00. Following the completion of the transaction, the insider owned 5,410 shares in the company, valued at C$86,560. The trade was a 42.82% decrease in their position. 53.92% of the stock is owned by company insiders.

Canfor Trading Up 1.6%

The stock has a market cap of C$1.91 billion, a price-to-earnings ratio of -2.91 and a beta of 1.39. The business’s 50 day moving average is C$14.63 and its 200 day moving average is C$13.71. The company has a debt-to-equity ratio of 41.78, a current ratio of 1.35 and a quick ratio of 2.14.

Canfor (TSE:CFP) last posted its quarterly earnings results on Wednesday, July 29th. The company reported C($0.16) earnings per share for the quarter. The business had revenue of C$1.53 billion during the quarter. Canfor had a negative net margin of 12.04% and a negative return on equity of 25.37%. As a group, equities analysts expect that Canfor Co. will post 0.4005401 earnings per share for the current fiscal year.

About Canfor

Canfor Corp is a global leader in the manufacturing of high-value low-carbon forest products including dimension and specialty lumber, engineered wood products, pulp and paper, wood pellets and green energy. Proudly headquartered in Vancouver, British Columbia, Canfor Corp produces renewable products from sustainably managed forests, at more than 50 facilities across its diversified operating platform in Canada, the United States and Europe. Canfor Corp has a 77% stake in Vida AB, Sweden’s largest privately owned sawmill company and also owns, approximately, a 54.8% interest in Canfor Pulp.