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

Canfor Co. (TSE:CFP) passed below its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of C$15.71 and traded as low as C$15.23. Canfor shares last traded at C$15.32, with a volume of 185,470 shares traded.

Analysts Set New Price Targets

A number of brokerages recently issued reports on CFP. TD Securities dropped their target price on shares of 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. CIBC upped their price objective on shares of Canfor from C$20.00 to C$21.00 and gave the company an “outperform” rating in a research report on Tuesday, October 29th. Royal Bank of Canada lowered their price target on Canfor from C$21.00 to C$19.00 and set an “outperform” rating on the stock in a research note on Friday, December 20th. BMO Capital Markets downgraded Canfor from an “outperform” rating to a “market perform” rating in a research report on Friday, December 6th. Finally, Raymond James upgraded Canfor from an “outperform” rating to a “strong-buy” rating and boosted their price objective for the company from C$20.00 to C$28.00 in a research report on Tuesday, October 22nd. Two investment 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 stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of C$21.33.

Canfor Stock Up 0.5 %

The company has a debt-to-equity ratio of 11.97, a quick ratio of 2.14 and a current ratio of 1.99. The company has a market cap of C$1.78 billion, a P/E ratio of -4.47 and a beta of 2.08. The firm’s 50-day simple moving average is C$16.40 and its 200 day simple moving average is C$15.71.

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.