Western Forest Products (TSE:WEF) Share Price Crosses Above 200-Day Moving Average - Here's What Happened

Key Points

• Western Forest Products' share price has crossed above its 200-day moving average, currently trading at C$12.50 after reaching a high of C$12.71.
• Analysts have varying target prices for the stock, with Scotiabank setting a target of C$15.00 and Raymond James Financial at C$10.00; the average rating remains a "Hold."
• Insider buying activity has increased, with Kernwood Limited acquiring 211,883 shares at approximately C$11.70 each, totaling nearly C$2.5 million in the past 90 days.

Western Forest Products Inc. (TSE:WEF - Get Free Report) shares crossed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of C$12.37 and traded as high as C$12.71. Western Forest Products shares last traded at C$12.50, with a volume of 37,698 shares.

Analyst Ratings Changes

A number of brokerages have recently issued reports on WEF. Raymond James Financial raised their target price on shares of Western Forest Products to C$10.00 in a research report on Friday, August 8th. Scotiabank raised their target price on shares of Western Forest Products to C$15.00 in a research report on Friday, August 1st. Three equities research analysts have rated the stock with a Hold rating, According to MarketBeat, the stock currently has an average rating of "Hold" and an average price target of C$13.38.

Western Forest Products Trading Up 0.2%

The business's 50-day moving average is C$12.31 and its two-hundred day moving average is C$12.37. The company has a debt-to-equity ratio of 19.61, a quick ratio of 0.73 and a current ratio of 3.04. The stock has a market capitalization of C$3.96 billion, a PE ratio of -90.60, 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 acquired 211,883 shares of the stock in a transaction that occurred on Wednesday, June 11th. The shares were purchased at an average cost of C$11.70 per share, for a total transaction of C$2,479,031.10. In the last 90 days, insiders have acquired 248,382 shares of company stock valued at $2,901,154. Company insiders own 0.67% of the company's stock.

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.

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