Western Forest Products (WEF) Trading Up 14.8%

Shares of Western Forest Products Inc (TSE:WEF) were up 14.8% during mid-day trading on Friday . The company traded as high as C$2.03 and last traded at C$2.02. Approximately 474,012 shares were traded during mid-day trading, a decline of 39% from the average daily volume of 775,161 shares. The stock had previously closed at C$1.76.

A number of analysts have issued reports on WEF shares. TD Securities lowered their target price on Western Forest Products from C$3.50 to C$3.25 and set a “buy” rating on the stock in a report on Tuesday, August 7th. CIBC lowered Western Forest Products from an “outperform” rating to a “neutral” rating and lowered their target price for the company from C$3.00 to C$2.50 in a report on Wednesday, September 19th. Finally, Raymond James decreased their price objective on Western Forest Products from C$1.60 to C$1.00 in a report on Monday, October 15th. One research analyst has rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of C$2.60.

Western Forest Products (TSE:WEF) last announced its quarterly earnings data on Thursday, August 2nd. The company reported C$0.07 earnings per share for the quarter. Western Forest Products had a return on equity of 13.63% and a net margin of 6.71%. The company had revenue of C$327.80 million for the quarter.

About Western Forest Products (TSE:WEF)

Western Forest Products Inc operates as an integrated forest products company. The company is involved in timber harvesting, sawmilling logs into specialty lumber, and value-added lumber remanufacturing. It offers lumber and logs from various tree species, such as western red cedar, hem-fir, Douglas fir, yellow cedar, and Sitka spruce.

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