Royal Bank Of Canada Raises Resolute Forest Products Inc. (RFP) Price Target to $7.00
Resolute Forest Products Inc. (NYSE:RFP) (TSE:RFP) had its price objective lifted by stock analysts at Royal Bank Of Canada from $6.00 to $7.00 in a research report issued to clients and investors on Friday. The brokerage presently has a “sector perform” rating on the basic materials company’s stock. Royal Bank Of Canada’s price objective indicates a potential downside of 2.78% from the company’s current price.
Several other equities analysts have also recently issued reports on the company. Scotiabank boosted their price objective on Resolute Forest Products from $5.25 to $7.75 and gave the company an “underperform” rating in a report on Friday. TD Securities raised Resolute Forest Products from a “reduce” rating to a “hold” rating and upped their price target 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 assigned a hold rating and two have issued a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $7.58.
Resolute Forest Products (NYSE:RFP) traded up $2.15 during mid-day 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 Thomson Reuters’ consensus estimate of $0.18 by $0.16. The business had revenue of $885.00 million for the quarter. Resolute Forest Products had a negative return on equity of 0.30% and a negative net margin of 4.05%. The firm’s revenue for the quarter was down .3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.17 EPS.
Several institutional investors have recently made changes to their positions in RFP. Oppenheimer Asset Management Inc. acquired a new position in shares of Resolute Forest Products during the first quarter valued at approximately $9,806,000. Fairfax Financial Holdings Ltd Can grew its position in shares of Resolute Forest Products by 5.2% in the second 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 shares of Resolute Forest Products in the fourth quarter valued at approximately $9,870,000. Restructuring Capital Associates LP purchased a new stake in shares of Resolute Forest Products in the fourth quarter valued at approximately $9,378,000. Finally, Alpine Investment Management LLC grew its position in shares of Resolute Forest Products by 23.4% in the first 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 owned by institutional investors and hedge funds.
About Resolute Forest Products
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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