Canfor Co. (CFP) Sets New 1-Year High at $24.24

Canfor Co. (TSE:CFP) reached a new 52-week high during trading on Monday . The stock traded as high as C$24.24 and last traded at C$24.20, with a volume of 152,475 shares traded. The stock had previously closed at C$23.99.

Several equities research analysts recently commented on the company. BMO Capital Markets downgraded Canfor from an “outperform” rating to a “market perform” rating in a report on Monday, August 14th. TD Securities lifted their price objective on Canfor from C$24.00 to C$25.00 and gave the stock a “buy” rating in a report on Friday, July 28th. Scotiabank lifted their price objective on Canfor from C$20.50 to C$21.25 and gave the stock an “outperform” rating in a report on Thursday, July 27th. Royal Bank Of Canada lifted their price objective on Canfor from C$17.00 to C$18.00 and gave the stock an “underperform” rating in a report on Friday, July 28th. Finally, Raymond James Financial, Inc. lifted their price objective on Canfor from C$24.00 to C$25.00 and gave the stock a “strong-buy” rating in a report on Thursday, July 27th. One analyst has rated the stock with a sell rating, two have assigned a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company’s stock. Canfor has an average rating of “Buy” and an average target price of C$21.45.

The firm has a market capitalization of $3.31 billion and a P/E ratio of 14.02. The company has a 50 day moving average of $22.72 and a 200-day moving average of $20.34.

Canfor (TSE:CFP) last announced its earnings results on Wednesday, July 26th. The company reported C$0.78 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of C$0.52 by C$0.26. Canfor had a return on equity of 20.50% and a net margin of 7.67%. The company had revenue of C$1.19 billion for the quarter. Analysts predict that Canfor Co. will post $1.67 earnings per share for the current fiscal year.

In other news, insider James A. Pattison acquired 225,000 shares of the business’s stock in a transaction dated Friday, August 11th. The shares were acquired at an average cost of C$21.20 per share, with a total value of C$4,770,000.00. Also, Director William W. Stinson acquired 3,000 shares of the business’s stock in a transaction dated Thursday, August 3rd. The stock was purchased at an average cost of C$21.34 per share, for a total transaction of C$64,020.00.

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About Canfor

Canfor Corporation is an integrated forest products company. The Company produces softwood lumber, pulp and paper products, remanufactured lumber products, engineered wood products, wood pellets and energy. Its segments include lumber, and pulp and paper. Its lumber segment includes logging operations, and manufacturing and sale of various grades, widths and lengths of lumber, engineered wood products, wood chips and wood pellets.

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