Resolute Forest Products (NYSE:RFP) PT Raised to $4.00 at TD Securities

Resolute Forest Products (NYSE:RFP) (TSE:RFP) had its target price raised by TD Securities from $2.75 to $4.00 in a report issued on Friday, BayStreet.CA reports. The firm currently has a “hold” rating on the basic materials company’s stock. TD Securities’ target price points to a potential upside of 32.01% from the company’s current price.

Other equities research analysts also recently issued reports about the stock. Royal Bank of Canada reissued a “hold” rating and set a $3.00 target price on shares of Resolute Forest Products in a research report on Monday, July 13th. Scotiabank lowered Resolute Forest Products from a “sector perform” rating to an “underperform” rating and set a $3.25 price objective for the company. in a report on Friday. They noted that the move was a valuation call. Finally, CIBC lowered Resolute Forest Products from a “sector outperform” rating to a “neutral” rating and raised their target price for the company from $2.75 to $3.75 in a report on Friday. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $3.75.

Shares of Resolute Forest Products stock opened at $3.03 on Friday. Resolute Forest Products has a 52 week low of $1.14 and a 52 week high of $6.42. The stock has a 50 day moving average price of $2.37 and a two-hundred day moving average price of $2.40. The company has a debt-to-equity ratio of 0.71, a current ratio of 3.21 and a quick ratio of 1.55.

Resolute Forest Products (NYSE:RFP) (TSE:RFP) last issued its earnings results on Thursday, July 30th. The basic materials company reported ($0.25) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.30) by $0.05. The company had revenue of $612.00 million for the quarter. Resolute Forest Products had a negative return on equity of 7.47% and a negative net margin of 3.19%.

A number of hedge funds and other institutional investors have recently made changes to their positions in RFP. Goldman Sachs Group Inc. raised its stake in shares of Resolute Forest Products by 64.0% in the fourth quarter. Goldman Sachs Group Inc. now owns 123,767 shares of the basic materials company’s stock valued at $520,000 after buying an additional 48,298 shares during the period. Cubist Systematic Strategies LLC bought a new stake in Resolute Forest Products in the 4th quarter valued at about $43,000. Geode Capital Management LLC lifted its holdings in Resolute Forest Products by 6.2% during the fourth quarter. Geode Capital Management LLC now owns 871,460 shares of the basic materials company’s stock valued at $3,659,000 after purchasing an additional 50,642 shares during the last quarter. Assenagon Asset Management S.A. bought a new position in Resolute Forest Products during the first quarter worth about $44,000. Finally, Oppenheimer Asset Management Inc. increased its stake in shares of Resolute Forest Products by 4.9% in the first quarter. Oppenheimer Asset Management Inc. now owns 1,332,631 shares of the basic materials company’s stock worth $1,679,000 after purchasing an additional 62,821 shares in the last quarter. 83.63% 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 in the United States, Canada, Mexico, and internationally. The company operates through five segments: Market Pulp, Tissue, Wood Products, Newsprint, and Specialty Papers. The Market Pulp segment offers virgin and recycled bleached Kraft used to make a range of consumer products, including tissue, packaging, specialty paper products, diapers, and other absorbent products.

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