Canfor (TSE:CFP) Shares Cross Above Two Hundred Day Moving Average – Here’s Why

Shares of Canfor Co. (TSE:CFP) passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of C$12.88 and traded as high as C$13.22. Canfor shares last traded at C$12.50, with a volume of 238,146 shares trading hands.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on CFP shares. Scotiabank raised shares of Canfor from a “strong sell” rating to a “hold” rating and raised their price target for the company from C$13.00 to C$16.00 in a report on Monday, January 26th. Raymond James Financial raised shares of Canfor from a “moderate buy” rating to a “strong-buy” rating and upped their price objective for the company from C$15.00 to C$17.00 in a research report on Wednesday, January 14th. Finally, Royal Bank Of Canada lowered their target price on Canfor from C$16.00 to C$15.00 and set an “outperform” rating for the company in a research note on Thursday, December 18th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, Canfor currently has an average rating of “Moderate Buy” and a consensus target price of C$16.20.

Canfor Stock Performance

The company has a market capitalization of C$1.46 billion, a price-to-earnings ratio of -1.84 and a beta of 1.54. The company has a current ratio of 1.45, a quick ratio of 2.14 and a debt-to-equity ratio of 37.16. The stock has a 50-day simple moving average of C$14.12 and a 200-day simple moving average of C$12.88.

Canfor (TSE:CFP) last released its quarterly earnings results on Friday, March 6th. The company reported C($3.33) earnings per share for the quarter. The company had revenue of C$1.28 billion for the quarter. Canfor had a negative return on equity of 27.04% and a negative net margin of 14.92%. On average, analysts anticipate that Canfor Co. will post 0.4005401 earnings per share for the current year.

About Canfor

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.