Robert Bishop’s Value Fund is Up 10% in 2022: Top 5 Stock Picks

2. West Fraser Timber Co. Ltd. (NYSE:WFG)

Impala Asset Management’s Stake Value: $82,862,000

Percentage of Impala Asset Management’s 13F Portfolio: 7.14%

Number of Hedge Fund Holders: 18

West Fraser Timber Co. Ltd. (NYSE:WFG) is a Canadian company that provides lumber, engineered wood products, pulp, wood chips, and other residuals. Bob Bishop’s Impala Asset Management trimmed its West Fraser Timber Co. Ltd. (NYSE:WFG) stake by 19% in Q1 2022, holding more than 1 million shares worth $82.8 million. 

On April 28, West Fraser Timber Co. Ltd. (NYSE:WFG) posted earnings for the first fiscal quarter of 2022, announcing an EPS of $10.25, surpassing analysts’ estimates by $0.18. The revenue jumped 31.70% year-over-year to $3.12 billion, topping Street forecasts by $49.54 million. The company plans to repurchase up to $1.25 billion of its outstanding common shares. 

Raymond James analyst Daryl Swetlishoff on April 21 raised the price target on West Fraser Timber Co. Ltd. (NYSE:WFG) to C$190 from C$180 and maintained a Strong Buy rating on the shares.

According to Insider Monkey’s Q1 data, 18 hedge funds placed long calls on West Fraser Timber Co. Ltd. (NYSE:WFG), compared to 20 funds in the preceding quarter. Brad Dunkley and Blair Levinsky’s Waratah Capital Advisors owned a significant stake in the company in the first quarter of 2022, comprising 993,423 shares worth $81.7 million.