Zacks Investment Research upgraded shares of Forestar Group Inc. (NYSE:FOR) from a hold rating to a buy rating in a research report report published on Tuesday morning. Zacks Investment Research currently has $13.00 price objective on the oil and gas exploration company’s stock.
According to Zacks, “Forestar Group, Inc. formerly known as Forestar Real Estate Group Inc. operates in two business segments: real estate and natural resources. The real estate segment owns directly or through ventures real estate. The natural resources segment manages acres of oil and gas mineral interests. In addition, the company also sells wood fiber from its land primarily located in Georgia, and leases land for recreational uses. “
Forestar Group (NYSE:FOR) opened at 11.20 on Tuesday. The company has a 50 day moving average price of $11.80 and a 200 day moving average price of $12.25. Forestar Group has a 12 month low of $7.95 and a 12 month high of $14.87. The stock’s market capitalization is $384.17 million.
Forestar Group (NYSE:FOR) last posted its quarterly earnings results on Friday, July 29th. The oil and gas exploration company reported $0.23 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.10 by $0.13. The firm had revenue of $46.40 million for the quarter, compared to analyst estimates of $44.80 million. Forestar Group had a negative net margin of 66.84% and a positive return on equity of 7.06%. The firm’s quarterly revenue was up 6.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.06 earnings per share. Equities research analysts predict that Forestar Group will post $0.30 earnings per share for the current year.
A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Shell Asset Management Co. acquired a new position in Forestar Group during the second quarter valued at about $830,000. California State Teachers Retirement System raised its position in Forestar Group by 0.6% in the second quarter. California State Teachers Retirement System now owns 71,685 shares of the oil and gas exploration company’s stock valued at $852,000 after buying an additional 438 shares during the period. Prudential Financial Inc. raised its position in Forestar Group by 4.3% in the first quarter. Prudential Financial Inc. now owns 80,049 shares of the oil and gas exploration company’s stock valued at $1,044,000 after buying an additional 3,300 shares during the period. GSA Capital Partners LLP acquired a new position in Forestar Group during the second quarter valued at about $238,000. Finally, Aperio Group LLC raised its position in Forestar Group by 24.2% in the first quarter. Aperio Group LLC now owns 25,732 shares of the oil and gas exploration company’s stock valued at $336,000 after buying an additional 5,017 shares during the period.
About Forestar Group
Forestar Group Inc is a residential and mixed-use real estate development company. The Company operates through three segments: Real Estate, Oil and Gas, and Other Natural Resources. Its Real Estate segment secures entitlements and develops infrastructure on its lands for single-family residential and mixed-use communities, and manages its undeveloped land, commercial and income producing properties, mainly a hotel and its multifamily properties.