TD Forecasts Strong Price Appreciation for Western Forest Products (TSE:WEF) Stock

Key Points

• TD raised its price target on Western Forest Products from C$17.00 to C$19.00, while keeping a hold rating on the stock. The new target implies only about 1.44% upside from the current share price.
• The stock jumped 8.9% to C$18.73 in Tuesday trading, near its 12-month high of C$19.40. Trading volume was below average, with 34,659 shares changing hands versus a typical 42,285.
• Other analysts remain cautious: Royal Bank of Canada also lifted its target, but the overall consensus among analysts is still Hold with a consensus price target of C$16.10.

Western Forest Products (TSE:WEF - Get Free Report) had its price target boosted by investment analysts at TD from C$17.00 to C$19.00 in a note issued to investors on Tuesday,BayStreet.CA reports. The firm currently has a "hold" rating on the stock. TD's price objective would indicate a potential upside of 1.44% from the company's current price.

Separately, Royal Bank Of Canada boosted their price objective on shares of Western Forest Products from C$13.00 to C$14.00 and gave the stock a "sector perform" rating in a research report on Thursday, April 16th. Five research analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of C$16.10.

Western Forest Products Trading Up 8.9%

Western Forest Products stock traded up C$1.53 during midday trading on Tuesday, reaching C$18.73. 34,659 shares of the stock traded hands, compared to its average volume of 42,285. Western Forest Products has a 12-month low of C$10.16 and a 12-month high of C$19.40. The company has a 50-day simple moving average of C$16.28 and a two-hundred day simple moving average of C$14.75. The company has a current ratio of 2.63, a quick ratio of 0.73 and a debt-to-equity ratio of 15.10. The firm has a market cap of C$197.75 million, a PE ratio of -1.75, a price-to-earnings-growth ratio of 0.32 and a beta of 0.22.

Western Forest Products (TSE:WEF - Get Free Report) last released 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 company had revenue of C$201.50 million for the quarter. Research analysts expect that Western Forest Products will post 0.004992 earnings per share for the current fiscal year.

Insider Activity at Western Forest Products

In related 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 value of C$51,300.00. Following the sale, the insider directly owned 1,900,800 shares of the company's stock, valued at approximately C$36,115,200. This represents a 0.14% decrease in their position. In the last 90 days, insiders have sold 10,600 shares of company stock valued at $202,400. 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.

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