U.S. markets closed
  • S&P 500

    4,471.37
    +33.11 (+0.75%)
     
  • Dow 30

    35,294.76
    +382.20 (+1.09%)
     
  • Nasdaq

    14,897.34
    +73.91 (+0.50%)
     
  • Russell 2000

    2,265.65
    -8.52 (-0.37%)
     
  • Crude Oil

    82.66
    +1.35 (+1.66%)
     
  • Gold

    1,768.10
    -29.80 (-1.66%)
     
  • Silver

    23.35
    -0.13 (-0.54%)
     
  • EUR/USD

    1.1606
    +0.0005 (+0.05%)
     
  • 10-Yr Bond

    1.5760
    +0.0570 (+3.75%)
     
  • GBP/USD

    1.3751
    +0.0074 (+0.54%)
     
  • USD/JPY

    114.2000
    +0.5230 (+0.46%)
     
  • BTC-USD

    61,457.18
    +2,088.25 (+3.52%)
     
  • CMC Crypto 200

    1,464.06
    +57.32 (+4.07%)
     
  • FTSE 100

    7,234.03
    +26.32 (+0.37%)
     
  • Nikkei 225

    29,068.63
    +517.70 (+1.81%)
     

West Fraser Timber Bumps Quarterly Dividend by 25%; Street Says Buy

  • Oops!
    Something went wrong.
    Please try again later.
·1 min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.

Diversified wood products company West Fraser Timber (WFG) has increased its quarterly dividend by 25% to C$0.25 per share.

The dividend is payable on July 6 to investors of record on June 21.

Additionally, the company increased its share buyback authorization to up to approximately 9.58 million of its common shares. The previous authorization for share buybacks was for approximately 6.04 million shares.

As of June 7, West Fraser had repurchased about 3.86 million shares at an average price of $88.08 per share. Approximately 5.72 million shares remain available for repurchase. (See West Fraser Timber stock analysis on TipRanks)

Recently, TD Securities analyst Sean Steuart reiterated a Buy rating on the stock and increased the price target to 95 (33.8% upside potential) from $91.

Steuart noted positive revisions to West Fraser’s commodity price deck across lumber, structural panels, pulp, and paper for 2021 and 2022 and accordingly increased his earnings forecasts.

Based on 5 unanimous Buys, consensus among analysts is a Strong Buy. The WFG average analyst price target of $108.65 implies 53% upside potential.

Shares have gained about 86.6% over the past year.

Related News:
Vulcan Inks $1.294B Cash Deal to Buy U.S. Concrete
Biogen’s ADUHELM Receives Accelerated Approval from FDA; Shares Soar 38%
UiPath Earnings Preview: Here’s What to Watch For

More recent articles from Smarter Analyst: