Scotiabank Boosts West Fraser Timber (NYSE:WFG) Price Target to $120.00

West Fraser Timber (NYSE:WFG) had its price objective hoisted by investment analysts at Scotiabank from $100.00 to $120.00 in a research report issued on Friday, Benzinga reports. The brokerage presently has a “sector outperform” rating on the stock. Scotiabank’s target price would indicate a potential upside of 21.94% from the company’s previous close. Scotiabank also issued estimates for West Fraser Timber’s Q3 2024 earnings at ($0.45) EPS.

Several other equities analysts have also weighed in on WFG. BMO Capital Markets increased their price objective on shares of West Fraser Timber from $105.00 to $115.00 and gave the company an “outperform” rating in a research report on Tuesday. Royal Bank of Canada lifted their price target on shares of West Fraser Timber from $97.00 to $100.00 and gave the company an “outperform” rating in a report on Friday, July 26th. Four research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, West Fraser Timber presently has an average rating of “Buy” and a consensus target price of $111.60.

West Fraser Timber Stock Performance

West Fraser Timber stock traded up $2.91 during trading hours on Friday, reaching $98.41. 80,849 shares of the company were exchanged, compared to its average volume of 159,031. The company has a current ratio of 2.33, a quick ratio of 1.49 and a debt-to-equity ratio of 0.03. West Fraser Timber has a 12 month low of $64.11 and a 12 month high of $102.40. The stock has a 50-day moving average of $92.90 and a 200 day moving average of $84.40. The firm has a market cap of $7.67 billion, a price-to-earnings ratio of 63.08 and a beta of 1.16.

West Fraser Timber (NYSE:WFG) last announced its earnings results on Wednesday, October 23rd. The company reported ($1.03) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.87). The company had revenue of $1.44 billion for the quarter, compared to analyst estimates of $1.45 billion. West Fraser Timber had a return on equity of 3.83% and a net margin of 2.23%. During the same quarter in the previous year, the company posted $1.81 earnings per share. As a group, research analysts anticipate that West Fraser Timber will post 2.03 earnings per share for the current year.

Hedge Funds Weigh In On West Fraser Timber

Several hedge funds have recently made changes to their positions in WFG. Park Place Capital Corp acquired a new stake in West Fraser Timber during the 2nd quarter worth $31,000. Signaturefd LLC boosted its position in shares of West Fraser Timber by 60.0% in the 2nd quarter. Signaturefd LLC now owns 496 shares of the company’s stock valued at $38,000 after purchasing an additional 186 shares during the period. Ensign Peak Advisors Inc acquired a new stake in shares of West Fraser Timber in the 2nd quarter worth $44,000. UniSuper Management Pty Ltd increased its holdings in West Fraser Timber by 100.0% in the first quarter. UniSuper Management Pty Ltd now owns 800 shares of the company’s stock valued at $69,000 after buying an additional 400 shares in the last quarter. Finally, Dixon Mitchell Investment Counsel Inc. acquired a new stake in shares of West Fraser Timber in the first quarter valued at approximately $103,000. 40.23% of the stock is owned by institutional investors and hedge funds.

West Fraser Timber Company Profile

West Fraser Timber Co Ltd., a diversified wood products company, engages in manufacturing, selling, marketing, and distributing lumber, engineered wood products, pulp, newsprint, wood chips, and other residuals and renewable energy. It offers spruce-pine-fir, douglas fir-larch, hem-fir, and southern yellow pine lumber, treated wood products, medium density fiberboard panels and plywood, oriented strand board, and laminated veneer lumber wood products, as well as particleboards.