Canfor (TSE:CFP) Reaches New 1-Year High Following Analyst Upgrade

Canfor Co. (TSE:CFP – Get Free Report) hit a new 52-week high during mid-day trading on Tuesday after Raymond James Financial upgraded the stock from a moderate buy rating to a strong-buy rating. Raymond James Financial now has a C$21.00 price target on the stock, up from their previous price target of C$17.00. Canfor traded as high as C$16.49 and last traded at C$16.31, with a volume of 104975 shares changing hands. The stock had previously closed at C$15.62.

Separately, TD lifted their target price on Canfor from C$18.00 to C$20.00 and gave the stock a “buy” rating in a report on Friday, July 31st. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, Canfor has an average rating of “Moderate Buy” and a consensus target price of C$18.00.

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Insider Buying and Selling

In other Canfor news, insider Stephen Roche Mackie sold 4,052 shares of the business’s stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of C$16.00, for a total value of C$64,832.00. Following the completion of the sale, the insider directly owned 5,410 shares of the company’s stock, valued at C$86,560. The trade was a 42.82% decrease in their ownership of the stock. 53.92% of the stock is owned by corporate insiders.

Canfor Price Performance

The stock’s 50-day moving average is C$14.63 and its 200-day moving average is C$13.71. The company has a quick ratio of 2.14, a current ratio of 1.35 and a debt-to-equity ratio of 41.78. The firm has a market cap of C$1.91 billion, a P/E ratio of -2.91 and a beta of 1.39.

Canfor (TSE:CFP – Get Free Report) last announced its quarterly earnings data on Wednesday, July 29th. The company reported C($0.16) EPS for the quarter. The company had revenue of C$1.53 billion for the quarter. Canfor had a negative net margin of 12.04% and a negative return on equity of 25.37%. As a group, equities analysts anticipate that Canfor Co. will post 0.4005401 EPS for the current fiscal year.

About Canfor

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Canfor Corp is a global leader in the manufacturing of high-value low-carbon forest products including dimension and specialty lumber, engineered wood products, pulp and paper, wood pellets and green energy. Proudly headquartered in Vancouver, British Columbia, Canfor Corp produces renewable products from sustainably managed forests, at more than 50 facilities across its diversified operating platform in Canada, the United States and Europe. Canfor Corp has a 77% stake in Vida AB, Sweden’s largest privately owned sawmill company and also owns, approximately, a 54.8% interest in Canfor Pulp.

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