Canfor (TSE:CFP) Shares Cross Above 200-Day Moving Average – Should You Sell?

Canfor Co. (TSE:CFP)’s share price crossed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of C$15.43 and traded as high as C$17.45. Canfor shares last traded at C$17.13, with a volume of 103,804 shares.

Wall Street Analyst Weigh In

A number of research firms have 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 for the company in a report on Tuesday, October 29th. BMO Capital Markets dropped their target price on shares of Canfor from C$22.00 to C$20.00 and set a “strong-buy” rating for the company in a report on Tuesday, July 23rd. Royal Bank of Canada upped their price objective on shares of Canfor from C$18.00 to C$19.00 and gave the company an “outperform” rating in a report on Monday, July 29th. Scotiabank dropped their price objective on shares of Canfor from C$20.00 to C$19.00 and set a “sector perform” rating for the company in a report on Tuesday, July 30th. Finally, Raymond James raised shares of Canfor from an “outperform” rating to a “strong-buy” rating and upped their price objective for the company from C$20.00 to C$28.00 in a report on Tuesday, October 22nd. One analyst has rated the stock with a hold rating, three have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of C$21.33.

Canfor Price Performance

The stock’s 50-day simple moving average is C$16.57 and its 200 day simple moving average is C$15.43. The company has a quick ratio of 2.14, a current ratio of 1.99 and a debt-to-equity ratio of 11.97. The company has a market cap of C$2.03 billion, a price-to-earnings ratio of -5.08 and a beta of 2.08.

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.