Canfor (TSE:CFP) Share Price Passes Above 200 Day Moving Average – Here’s Why

Canfor Co. (TSE:CFP) shares crossed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of C$15.70 and traded as high as C$16.26. Canfor shares last traded at C$16.02, with a volume of 187,366 shares traded.

Wall Street Analyst Weigh In

CFP has been the subject of a number of research reports. CIBC lifted their target price on Canfor from C$20.00 to C$21.00 and gave the stock an “outperform” rating in a report on Tuesday, October 29th. Raymond James upgraded Canfor from an “outperform” rating to a “strong-buy” rating and raised their price target for the stock from C$20.00 to C$28.00 in a research report on Tuesday, October 22nd. BMO Capital Markets cut Canfor from an “outperform” rating to a “market perform” rating in a research report on Friday, December 6th. Finally, TD Securities decreased their price target on Canfor from C$22.00 to C$21.00 and set a “buy” rating on the stock in a research report on Tuesday, October 29th. Two analysts have rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of C$21.33.

Canfor Price Performance

The stock has a market capitalization of C$1.90 billion, a P/E ratio of -4.75 and a beta of 2.08. The business has a fifty day simple moving average of C$17.12 and a 200-day simple moving average of C$15.70. The company has a debt-to-equity ratio of 11.97, a quick ratio of 2.14 and a current ratio of 1.99.

About Canfor

Canfor Corporation operates as an integrated forest products company in the United States, Asia, Canada, Europe, and internationally. It operates in two segments, Lumber, and Pulp and Paper. The company manufactures and sells softwood lumber, remanufactured lumber products, engineered wood, and other lumber-related products, as well as wood chips and pellets; and generates green energy.