Forestar Group Inc. (FOR) Lifted to Buy at Zacks Investment Research
Forestar Group Inc. (NYSE:FOR) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Tuesday. The firm currently has a $13.00 price objective on the oil and gas exploration company’s stock. Zacks Investment Research’s price objective would suggest a potential upside of 15.76% from the stock’s previous close.
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. “
Shares of Forestar Group (NYSE:FOR) remained flat at $11.23 during trading on Tuesday. 174,895 shares of the stock were exchanged. The stock’s market cap is $385.20 million. The stock’s 50-day moving average is $11.92 and its 200 day moving average is $12.28. Forestar Group has a 1-year low of $7.95 and a 1-year high of $14.87.
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Forestar Group (NYSE:FOR) last announced its quarterly earnings results on Friday, July 29th. The oil and gas exploration company reported $0.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.10 by $0.13. Forestar Group had a positive return on equity of 7.06% and a negative net margin of 66.84%. The firm earned $46.40 million during the quarter, compared to the consensus estimate of $44.80 million. During the same period in the prior year, the firm earned $0.06 EPS. The firm’s quarterly revenue was up 6.4% compared to the same quarter last year. Equities analysts expect that Forestar Group will post $0.30 earnings per share for the current fiscal year.
Hedge funds have recently made changes to their positions in the stock. Emerald Acquisition Ltd. acquired a new stake in shares of Forestar Group during the second quarter valued at $5,474,000. Cove Street Capital LLC increased its stake in shares of Forestar Group by 10.2% in the second quarter. Cove Street Capital LLC now owns 3,536,822 shares of the oil and gas exploration company’s stock valued at $42,053,000 after buying an additional 326,737 shares in the last quarter. JPMorgan Chase & Co. increased its stake in shares of Forestar Group by 18.0% in the first quarter. JPMorgan Chase & Co. now owns 1,774,964 shares of the oil and gas exploration company’s stock valued at $23,147,000 after buying an additional 270,886 shares in the last quarter. Schneider Capital Management Corp increased its stake in shares of Forestar Group by 125.0% in the fourth quarter. Schneider Capital Management Corp now owns 266,610 shares of the oil and gas exploration company’s stock valued at $2,917,000 after buying an additional 148,120 shares in the last quarter. Finally, AGF Investments Inc. increased its stake in shares of Forestar Group by 20.4% in the second quarter. AGF Investments Inc. now owns 868,930 shares of the oil and gas exploration company’s stock valued at $10,329,000 after buying an additional 146,967 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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