Forestar Group (NYSE:FOR) Price Target Lowered to $32.00 at Citigroup

Forestar Group (NYSE:FOR) had its target price decreased by equities researchers at Citigroup from $39.00 to $32.00 in a report released on Thursday,Benzinga reports. The firm presently has a “buy” rating on the oil and gas exploration company’s stock. Citigroup’s target price would indicate a potential upside of 32.42% from the stock’s current price.

Forestar Group Price Performance

Shares of Forestar Group stock opened at $24.17 on Thursday. The company has a market cap of $1.22 billion, a PE ratio of 6.77 and a beta of 1.74. The business has a 50 day moving average of $27.39 and a 200 day moving average of $29.97. Forestar Group has a 52 week low of $23.80 and a 52 week high of $40.92. The company has a quick ratio of 1.61, a current ratio of 1.61 and a debt-to-equity ratio of 0.44.

Forestar Group (NYSE:FOR) last posted its earnings results on Tuesday, January 21st. The oil and gas exploration company reported $0.32 EPS for the quarter, missing the consensus estimate of $0.65 by ($0.33). Forestar Group had a return on equity of 11.91% and a net margin of 12.50%. The company had revenue of $250.40 million during the quarter, compared to analysts’ expectations of $318,000 billion. The firm’s revenue for the quarter was down 18.1% on a year-over-year basis. As a group, equities research analysts forecast that Forestar Group will post 3.67 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Dimensional Fund Advisors LP raised its holdings in Forestar Group by 9.0% in the second quarter. Dimensional Fund Advisors LP now owns 2,438,669 shares of the oil and gas exploration company’s stock worth $78,012,000 after purchasing an additional 201,032 shares in the last quarter. Woodson Capital Management LP increased its stake in shares of Forestar Group by 12.0% in the 3rd quarter. Woodson Capital Management LP now owns 560,000 shares of the oil and gas exploration company’s stock worth $18,127,000 after acquiring an additional 60,000 shares in the last quarter. State Street Corp lifted its position in Forestar Group by 0.9% during the 3rd quarter. State Street Corp now owns 427,487 shares of the oil and gas exploration company’s stock valued at $13,838,000 after acquiring an additional 3,922 shares during the period. Principal Financial Group Inc. boosted its stake in Forestar Group by 13.7% during the third quarter. Principal Financial Group Inc. now owns 360,471 shares of the oil and gas exploration company’s stock worth $11,668,000 after acquiring an additional 43,369 shares in the last quarter. Finally, Empowered Funds LLC increased its stake in shares of Forestar Group by 3.8% during the third quarter. Empowered Funds LLC now owns 317,989 shares of the oil and gas exploration company’s stock valued at $10,293,000 after purchasing an additional 11,780 shares in the last quarter. Hedge funds and other institutional investors own 35.50% of the company’s stock.

About Forestar Group

Forestar Group Inc operates as a residential lot development company in the United States. The company acquires land and develops infrastructure for single-family residential communities. It sells its residential single-family finished lots to local, regional, and national homebuilders. The company was incorporated in 2005 and is headquartered in Arlington, Texas.