Forestar Group (NYSE:FOR) Sets New 12-Month Low Following Weak Earnings

Forestar Group Inc. (NYSE:FOR)’s stock price reached a new 52-week low on Wednesday following a dissappointing earnings announcement. The stock traded as low as $23.80 and last traded at $24.35, with a volume of 571250 shares trading hands. The stock had previously closed at $26.79.

The oil and gas exploration company reported $0.32 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.65 by ($0.33). Forestar Group had a net margin of 12.50% and a return on equity of 11.91%. The company had revenue of $250.40 million during the quarter, compared to analyst estimates of $318,000 billion. The business’s revenue was down 18.1% compared to the same quarter last year.

Analysts Set New Price Targets

Separately, Citigroup dropped their price objective on shares of Forestar Group from $39.00 to $32.00 and set a “buy” rating for the company in a research note on Thursday.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of FOR. Dimensional Fund Advisors LP raised its holdings in shares of Forestar Group by 9.0% during the second 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. Renaissance Technologies LLC grew its position in Forestar Group by 4.9% during the second quarter. Renaissance Technologies LLC now owns 154,080 shares of the oil and gas exploration company’s stock valued at $4,929,000 after purchasing an additional 7,180 shares in the last quarter. EverSource Wealth Advisors LLC grew its position in Forestar Group by 474.8% during the second quarter. EverSource Wealth Advisors LLC now owns 5,311 shares of the oil and gas exploration company’s stock valued at $168,000 after purchasing an additional 4,387 shares in the last quarter. Marshall Wace LLP purchased a new position in Forestar Group during the second quarter valued at approximately $835,000. Finally, Dark Forest Capital Management LP grew its position in Forestar Group by 17.5% in the second quarter. Dark Forest Capital Management LP now owns 23,730 shares of the oil and gas exploration company’s stock worth $759,000 after acquiring an additional 3,538 shares in the last quarter. 35.50% of the stock is owned by institutional investors and hedge funds.

Forestar Group Price Performance

The company has a quick ratio of 1.61, a current ratio of 1.61 and a debt-to-equity ratio of 0.44. The company has a market capitalization of $1.23 billion, a P/E ratio of 6.78 and a beta of 1.74. The company’s 50-day simple moving average is $27.39 and its 200 day simple moving average is $29.97.

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.