Citigroup Cuts Forestar Group (NYSE:FOR) Price Target to $39.00

Forestar Group (NYSE:FOR) had its price objective dropped by investment analysts at Citigroup from $43.00 to $39.00 in a note issued to investors on Monday,Benzinga reports. The firm presently has a “buy” rating on the oil and gas exploration company’s stock. Citigroup’s target price indicates a potential upside of 51.93% from the company’s previous close.

Forestar Group Stock Down 0.9 %

Shares of NYSE:FOR traded down $0.24 during mid-day trading on Monday, reaching $25.67. 112,149 shares of the stock were exchanged, compared to its average volume of 124,656. The company has a market cap of $1.30 billion, a P/E ratio of 6.40 and a beta of 1.72. The stock’s 50 day simple moving average is $28.82 and its 200-day simple moving average is $30.46. 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 has a one year low of $25.27 and a one year high of $40.92.

Forestar Group (NYSE:FOR) last announced its earnings results on Tuesday, October 29th. The oil and gas exploration company reported $1.60 EPS for the quarter, topping the consensus estimate of $1.31 by $0.29. The business had revenue of $551.40 million during the quarter, compared to analysts’ expectations of $503.76 million. Forestar Group had a net margin of 13.48% and a return on equity of 13.59%. The firm’s revenue was up .3% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.44 earnings per share. As a group, equities research analysts predict that Forestar Group will post 3.67 EPS for the current year.

Hedge Funds Weigh In On Forestar Group

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Dimensional Fund Advisors LP grew its position in shares of Forestar Group by 9.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,438,669 shares of the oil and gas exploration company’s stock valued at $78,012,000 after acquiring an additional 201,032 shares during the period. Woodson Capital Management LP lifted its stake in 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 valued at $18,127,000 after purchasing an additional 60,000 shares during the last quarter. American Century Companies Inc. grew its holdings in Forestar Group by 22.5% during the second quarter. American Century Companies Inc. now owns 461,388 shares of the oil and gas exploration company’s stock worth $14,760,000 after purchasing an additional 84,861 shares during the period. State Street Corp increased its position in Forestar Group by 0.9% during the third quarter. State Street Corp now owns 427,487 shares of the oil and gas exploration company’s stock worth $13,838,000 after buying an additional 3,922 shares during the last quarter. Finally, Principal Financial Group Inc. raised its stake in Forestar Group by 13.7% in the third quarter. Principal Financial Group Inc. now owns 360,471 shares of the oil and gas exploration company’s stock valued at $11,668,000 after buying an additional 43,369 shares during the period. 35.50% of the stock is owned by institutional investors.

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.