Western Forest Products (TSE:WEF) Reaches New 52-Week High - Here's What Happened

Key Points

• Western Forest Products reached a new 52-week high of C$19.82, up 7.4% from its previous close of C$18.46, with 39,041 shares traded.
• Analysts raised their price targets, but maintained mostly neutral ratings. The consensus remains “Hold”, with an average target price of C$18.40.
• The company reported quarterly revenue of C$239.6 million and EPS of C$1.10, but continued to post a negative net margin and return on equity. Insiders have sold 14,200 shares worth approximately C$270,980 over the past quarter.

Western Forest Products Inc. (TSE:WEF - Get Free Report) reached a new 52-week high on Wednesday . The company traded as high as C$19.82 and last traded at C$19.82, with a volume of 39041 shares. The stock had previously closed at C$18.46.

Analysts Set New Price Targets

Several analysts recently issued reports on the stock. TD boosted their price objective on shares of Western Forest Products from C$19.00 to C$20.00 and gave the company a "hold" rating in a report on Friday, August 14th. Raymond James Financial boosted their price target on shares of 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. Finally, Royal Bank Of Canada upped their price objective on shares of Western Forest Products from C$16.00 to C$18.00 and gave the stock a "sector perform" rating in a report on Friday, August 14th. Five analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of C$18.40.

Western Forest Products Trading Up 7.4%

The company has a 50 day moving average of C$17.97 and a 200-day moving average of C$15.77. The stock has a market cap of C$209.37 million, a price-to-earnings ratio of -2.48, a price-to-earnings-growth ratio of 0.32 and a beta of 0.23. The company has a debt-to-equity ratio of 12.63, a quick ratio of 0.73 and a current ratio of 2.44.

Western Forest Products (TSE:WEF - Get Free Report) last issued its quarterly earnings results on Wednesday, August 12th. The company reported C$1.10 earnings per share (EPS) for the quarter. The company had revenue of C$239.60 million for the quarter. Western Forest Products had a negative net margin of 9.64% and a negative return on equity of 17.78%. On average, research analysts anticipate that Western Forest Products Inc. will post 0.004992 earnings per share for the current year.

Insider Buying and Selling

In other Western Forest Products news, Director Elizabeth Kernaghan sold 1,800 shares of the firm's stock in a transaction that occurred on 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 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 on Tuesday, July 14th. The stock was sold at an average price of C$19.05, for a total transaction of C$34,290.00. Following the completion of the transaction, the insider 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. Over the last quarter, insiders have sold 14,200 shares of company stock worth $270,980. 0.67% of the stock is owned by company insiders.

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.

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