Western Forest Products (TSE:WEF) Shares Cross Above 200 Day Moving Average - Here's Why

Key Points

• Western Forest Products shares rose above their 200-day moving average, trading at C$13.32, signaling potential upward momentum.
• Several analysts have lowered their price targets for WEF, with TD Securities setting a new target of C$13.50 and Raymond James Financial reducing theirs to C$12.00.
• Insider buying activity has been noted, with Kernwood Limited purchasing 35,433 shares recently, indicating confidence in the company's future performance.

Western Forest Products Inc. (TSE:WEF - Get Free Report)'s stock price passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of C$12.32 and traded as high as C$13.32. Western Forest Products shares last traded at C$13.32, with a volume of 11,216 shares trading hands.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on WEF. TD Securities dropped their price target on shares of Western Forest Products from C$16.50 to C$13.50 and set a "hold" rating for the company in a research note on Thursday, April 17th. Scotiabank raised their price target on shares of Western Forest Products to C$15.00 in a research note on Friday. Raymond James Financial dropped their price target on shares of Western Forest Products from C$15.00 to C$12.00 and set a "market perform" rating for the company in a research note on Wednesday, April 30th. Finally, Royal Bank Of Canada dropped their price target on shares of Western Forest Products from C$21.00 to C$15.00 and set a "sector perform" rating for the company in a research note on Tuesday, April 22nd.

Western Forest Products Price Performance

The company has a market capitalization of C$4.14 billion, a P/E ratio of -94.81, a price-to-earnings-growth ratio of 0.32 and a beta of 1.81. 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 business's 50-day moving average is C$12.15 and its two-hundred day moving average is C$12.33.

Insider Buying and Selling at Western Forest Products

In other news, insider Kernwood Limited acquired 211,883 shares of Western Forest Products stock in a transaction that occurred on Wednesday, June 11th. The stock was bought at an average price of C$11.70 per share, with a total value of C$2,479,031.10. Insiders have bought a total of 248,382 shares of company stock valued at $2,901,154 in the last three months. 0.67% of the stock is owned by company insiders.

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.