Western Forest Products (TSE:WEF) Stock Price Crosses Above 200 Day Moving Average - Here's Why

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) crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-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 trading hands.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on WEF shares. Scotiabank boosted their target price on shares of Western Forest Products to C$15.00 in a research report on Friday, August 1st. Raymond James Financial lifted their price target on Western Forest Products to C$10.00 in a research note on Friday, August 8th. Three analysts have rated the stock with a Hold rating, According to MarketBeat, the company has an average rating of "Hold" and an average price target of C$13.38.

Western Forest Products Price Performance

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 company's fifty day moving average price is C$12.37 and its 200 day moving average price is C$12.36. The firm has a market capitalization of C$130.18 million, a price-to-earnings ratio of -5.49, a price-to-earnings-growth ratio of 0.32 and a beta of 0.77.

Insider Buying and Selling

In related news, insider Kernwood Limited bought 211,883 shares of the firm's stock in a transaction on Wednesday, June 11th. The stock was bought at an average cost of C$11.70 per share, for a total transaction of C$2,479,031.10. Insiders purchased 248,382 shares of company stock valued at $2,901,154 in the last three months. 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.