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Western Forest Products (TSE:WEF) Hits New 1-Year High - Here's Why

Western Forest Products logo with Basic Materials background

Key Points

  • Western Forest Products Inc. shares reached a new 52-week high of C$12.31 during trading, up from a previous close of C$0.41.
  • Multiple research analysts have downgraded the company's stock price targets, with Royal Bank of Canada setting a new target of C$0.50, down from C$0.70.
  • Insider trading activity includes a significant purchase of 1,063,000 shares by Kernwood Limited, contributing to a total of 7,451,500 shares bought by insiders in the last three months.
  • MarketBeat previews top five stocks to own in August.
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Western Forest Products Inc. (TSE:WEF - Get Free Report) shares hit a new 52-week high during mid-day trading on Monday . The company traded as high as C$12.31 and last traded at C$12.23, with a volume of 4642 shares changing hands. The stock had previously closed at C$0.41.

Analyst Upgrades and Downgrades

WEF has been the subject of a number of research analyst reports. Royal Bank Of Canada cut their price objective on shares of Western Forest Products from C$0.70 to C$0.50 and set a "sector perform" rating for the company in a report on Tuesday, April 22nd. TD Securities lowered their target price on Western Forest Products from C$0.55 to C$0.45 and set a "hold" rating for the company in a research report on Thursday, April 17th. Finally, Raymond James Financial lowered their target price on Western Forest Products from C$0.50 to C$0.40 and set a "market perform" rating for the company in a research report on Wednesday, April 30th.

Check Out Our Latest Report on Western Forest Products

Western Forest Products Price Performance

The firm has a 50 day simple moving average of C$0.40 and a 200-day simple moving average of C$0.41. The company has a quick ratio of 0.73, a current ratio of 3.04 and a debt-to-equity ratio of 19.61. The company has a market cap of C$3.88 billion, a PE ratio of -88.72, a price-to-earnings-growth ratio of 0.32 and a beta of 1.81.

Insiders Place Their Bets

In other news, insider Kernwood Limited bought 1,063,000 shares of the firm's stock in a transaction that occurred on Wednesday, June 25th. The stock was purchased at an average price of C$0.39 per share, with a total value of C$409,255.00. Insiders bought a total of 7,451,500 shares of company stock valued at $2,901,170 over the last three months. 0.67% of the stock is currently owned by company insiders.

About Western Forest Products

(Get Free Report)

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.

Further Reading

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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