Forestar Group Inc. (FOR) Upgraded 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 on Tuesday. The brokerage presently has a $13.00 target price on the oil and gas exploration company’s stock. Zacks Investment Research’s target price indicates a potential upside of 15.76% from the company’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. “
Forestar Group (NYSE:FOR) remained flat at $11.23 during midday trading on Tuesday. 174,895 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 firm’s 50-day moving average price is $11.92 and its 200-day moving average price is $12.28. The company’s market cap is $385.20 million.
Forestar Group (NYSE:FOR) last issued its quarterly earnings data on Friday, July 29th. The oil and gas exploration company reported $0.23 earnings per share for the quarter, topping the Zacks’ 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 positive return on equity of 7.06% and a negative net margin of 66.84%. The business’s quarterly revenue was up 6.4% compared to the same quarter last year. During the same period last year, the company earned $0.06 EPS. On average, analysts predict that Forestar Group will post $0.30 EPS for the current fiscal year.
Several large investors have recently modified their holdings of the company. Emerald Acquisition Ltd. acquired a new stake in shares of Forestar Group during the second quarter worth $5,474,000. Cove Street Capital LLC raised 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 worth $42,053,000 after buying an additional 326,737 shares in the last quarter. JPMorgan Chase & Co. raised 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 worth $23,147,000 after buying an additional 270,886 shares in the last quarter. AGF Investments Inc. raised 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 worth $10,329,000 after buying an additional 146,967 shares in the last quarter. Finally, BlackRock Fund Advisors raised its stake in shares of Forestar Group by 4.8% in the second quarter. BlackRock Fund Advisors now owns 2,265,954 shares of the oil and gas exploration company’s stock worth $26,942,000 after buying an additional 104,708 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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