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

Forestar Group (NYSE:FOR) had its price objective cut by Citigroup from $39.00 to $32.00 in a report issued on Thursday morning,Benzinga reports. They currently have a buy rating on the oil and gas exploration company’s stock.

Forestar Group Stock Down 3.2 %

Shares of NYSE FOR opened at $23.46 on Thursday. Forestar Group has a 12-month low of $23.38 and a 12-month high of $40.92. The stock has a market cap of $1.19 billion, a P/E ratio of 6.57 and a beta of 1.74. The company has a current ratio of 0.50, a quick ratio of 1.61 and a debt-to-equity ratio of 0.50. The business’s fifty day simple moving average is $27.16 and its 200-day simple moving average is $29.88.

Forestar Group (NYSE:FOR) last posted its quarterly earnings results on Tuesday, January 21st. The oil and gas exploration company reported $0.32 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.65 by ($0.33). Forestar Group had a net margin of 12.50% and a return on equity of 11.74%. The company had revenue of $250.40 million during the quarter, compared to analyst estimates of $318,000 billion. The firm’s quarterly revenue was down 18.1% on a year-over-year basis. As a group, equities analysts predict that Forestar Group will post 3.67 EPS for the current fiscal year.

Institutional Investors Weigh In On Forestar Group

A number of large investors have recently modified their holdings of the company. Point72 DIFC Ltd purchased a new stake in shares of Forestar Group during the 3rd quarter worth $32,000. nVerses Capital LLC lifted its holdings in Forestar Group by 500.0% during the 3rd quarter. nVerses Capital LLC now owns 1,200 shares of the oil and gas exploration company’s stock worth $39,000 after buying an additional 1,000 shares during the last quarter. R Squared Ltd purchased a new stake in Forestar Group during the 4th quarter worth about $95,000. Heck Capital Advisors LLC acquired a new position in shares of Forestar Group during the 4th quarter worth about $112,000. Finally, SG Americas Securities LLC increased its holdings in shares of Forestar Group by 43.3% in the 4th quarter. SG Americas Securities LLC now owns 5,727 shares of the oil and gas exploration company’s stock valued at $148,000 after acquiring an additional 1,731 shares during the last quarter. 35.50% of the stock is owned by hedge funds and other institutional investors.

Forestar Group Company Profile

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.