Resolute Forest Products Inc. (RFP) PT Raised to $7.75
Resolute Forest Products Inc. (NYSE:RFP) (TSE:RFP) had its price objective hoisted by equities research analysts at Scotiabank from $5.25 to $7.75 in a report issued on Friday. The brokerage currently has an “underperform” rating on the basic materials company’s stock. Scotiabank’s price target would suggest a potential downside of 3.13% from the company’s previous close.
Several other brokerages have also issued reports on RFP. Royal Bank Of Canada reaffirmed a “hold” rating and set a $6.00 price objective on shares of Resolute Forest Products in a report on Friday, October 20th. TD Securities raised Resolute Forest Products from a “reduce” rating to a “hold” rating and raised their price objective for the stock from $5.00 to $8.00 in a report on Friday. CIBC raised Resolute Forest Products from a “neutral” rating to a “sector outperform” rating in a report on Friday. Finally, BidaskClub raised Resolute Forest Products from a “hold” rating to a “buy” rating in a report on Wednesday, August 23rd. One research analyst has rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the company. Resolute Forest Products has a consensus rating of “Hold” and a consensus target price of $7.58.
Resolute Forest Products (NYSE:RFP) traded up $2.15 during trading on Friday, reaching $8.00. The company’s stock had a trading volume of 576,273 shares, compared to its average volume of 195,592.
Resolute Forest Products (NYSE:RFP) (TSE:RFP) last posted its quarterly earnings results on Thursday, November 2nd. The basic materials company reported $0.34 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.18 by $0.16. Resolute Forest Products had a negative return on equity of 0.30% and a negative net margin of 4.05%. The company had revenue of $885.00 million for the quarter. During the same quarter in the prior year, the business earned $0.17 earnings per share. The firm’s quarterly revenue was down .3% on a year-over-year basis.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Oppenheimer Asset Management Inc. purchased a new stake in Resolute Forest Products in the 1st quarter valued at approximately $9,806,000. Fairfax Financial Holdings Ltd Can boosted its holdings in Resolute Forest Products by 5.2% in the 2nd quarter. Fairfax Financial Holdings Ltd Can now owns 30,548,190 shares of the basic materials company’s stock valued at $161,600,000 after purchasing an additional 1,500,000 shares in the last quarter. Norges Bank purchased a new stake in Resolute Forest Products in the 4th quarter valued at approximately $9,870,000. Restructuring Capital Associates LP purchased a new stake in Resolute Forest Products in the 4th quarter valued at approximately $9,378,000. Finally, Alpine Investment Management LLC boosted its holdings in Resolute Forest Products by 23.4% in the 1st quarter. Alpine Investment Management LLC now owns 4,878,866 shares of the basic materials company’s stock valued at $26,883,000 after purchasing an additional 924,367 shares in the last quarter. 87.54% of the stock is currently owned by hedge funds and other institutional investors.
Resolute Forest Products Company Profile
Resolute Forest Products Inc operates in the forest products industry. It offers a range of forest products, including market pulp, tissue, wood products, newsprint and specialty papers. As of December 31, 2016, it owned or operated over 40 pulp, paper, tissue and wood products facilities in the United States and Canada.
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