Zacks Investment Research upgraded shares of Forestar Group Inc. (NYSE:FOR) from a hold rating to a buy rating in a research report sent to investors on Tuesday. The firm currently has $13.00 price target 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) traded up 0.09% on Tuesday, reaching $11.24. 5,307 shares of the company’s stock were exchanged. Forestar Group has a 1-year low of $7.95 and a 1-year high of $14.87. The stock’s market capitalization is $385.54 million. The firm’s 50 day moving average is $11.89 and its 200 day moving average is $12.27.
Forestar Group (NYSE:FOR) last posted its earnings results on Friday, July 29th. The oil and gas exploration company reported $0.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.10 by $0.13. The company had revenue of $46.40 million for the quarter, compared to analysts’ expectations of $44.80 million. Forestar Group had a positive return on equity of 7.06% and a negative net margin of 66.84%. The firm’s quarterly revenue was up 6.4% compared to the same quarter last year. During the same period last year, the business posted $0.06 earnings per share. Analysts expect that Forestar Group will post $0.30 EPS for the current year.
Several large investors have recently modified their holdings of FOR. Shell Asset Management Co. bought a new stake in shares of Forestar Group during the second quarter worth $830,000. California State Teachers Retirement System boosted its stake in shares of 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 worth $852,000 after buying an additional 438 shares in the last quarter. Prudential Financial Inc. boosted its stake in shares of 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 worth $1,044,000 after buying an additional 3,300 shares in the last quarter. GSA Capital Partners LLP bought a new stake in shares of Forestar Group during the second quarter worth $238,000. Finally, Aperio Group LLC boosted its stake in shares of 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 worth $336,000 after buying an additional 5,017 shares in the last quarter.
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.
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