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

Key Points

• Western Forest Products shares crossed above their 200-day moving average of C$15.65, reaching C$19.10 before closing at C$18.46; the stock was down about 2% in trading.
• Analysts raised their price targets, including Raymond James to C$20.00, but the five analysts covering the stock maintain a consensus “Hold” rating and an average target of C$17.40.
• Insiders sold 14,200 shares worth approximately C$270,980 over the past 90 days, while insiders retain a 0.67% ownership stake.

Western Forest Products Inc. (TSE:WEF - Get Free Report)'s stock price passed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of C$15.65 and traded as high as C$19.10. Western Forest Products shares last traded at C$18.46, with a volume of 25,368 shares.

Analysts Set New Price Targets

A number of research analysts have commented on the stock. TD raised their target price on shares of Western Forest Products from C$17.00 to C$19.00 and gave the company a "hold" rating in a research report on Tuesday, July 14th. Royal Bank Of Canada boosted their price target on 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. Finally, Raymond James Financial upped their price objective on Western Forest Products from C$12.50 to C$20.00 and gave the stock a "market perform" rating in a research note on Monday, July 27th. Five investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of C$17.40.

Western Forest Products Trading Down 2.0%

The company's fifty day moving average is C$17.78 and its two-hundred day moving average is C$15.65. The company has a debt-to-equity ratio of 15.10, a quick ratio of 0.73 and a current ratio of 2.63. The company has a market cap of C$194.90 million, a price-to-earnings ratio of -1.72, a P/E/G ratio of 0.32 and a beta of 0.23.

Insider Activity

In other news, Director Elizabeth Kernaghan sold 1,800 shares of the stock in a transaction dated Tuesday, July 14th. The shares were sold at an average price of C$19.05, for a total transaction of C$34,290.00. Following the sale, the director directly owned 1,889,000 shares of the company's stock, valued at C$35,985,450. This represents a 0.10% decrease in their position. Also, insider Kernwood Limited sold 1,800 shares of the company's stock in a transaction that occurred on Tuesday, July 14th. The stock was sold at an average price of C$19.05, for a total value of C$34,290.00. Following the transaction, the insider directly owned 1,889,000 shares of the company's stock, valued at approximately C$35,985,450. The trade was a 0.10% decrease in their ownership of the stock. Insiders have sold a total of 14,200 shares of company stock worth $270,980 over the last ninety days. 0.67% of the stock is owned by 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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