Forestar Group (NYSE:FOR) Shares Gap Down Following Weak Earnings

Forestar Group Inc. (NYSE:FOR) shares gapped down prior to trading on Tuesday following a dissappointing earnings announcement. The stock had previously closed at $26.79, but opened at $25.00. Forestar Group shares last traded at $25.55, with a volume of 49,126 shares.

The oil and gas exploration company reported $0.32 EPS for the quarter, missing analysts’ consensus estimates of $0.65 by ($0.33). Forestar Group had a return on equity of 13.59% and a net margin of 13.48%. The firm had revenue of $250.40 million for the quarter, compared to analyst estimates of $318,000 billion. The firm’s revenue for the quarter was down 18.1% on a year-over-year basis.

Analyst Upgrades and Downgrades

Separately, Citigroup cut their price target on Forestar Group from $43.00 to $39.00 and set a “buy” rating for the company in a research note on Monday, January 6th.

Institutional Investors Weigh In On Forestar Group

Several hedge funds and other institutional investors have recently bought and sold shares of the company. SG Americas Securities LLC raised its holdings in 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 buying an additional 1,731 shares during the period. Hennessy Advisors Inc. lifted its holdings in shares of Forestar Group by 6.9% in the 4th quarter. Hennessy Advisors Inc. now owns 254,000 shares of the oil and gas exploration company’s stock worth $6,584,000 after acquiring an additional 16,300 shares during the last quarter. Carolina Wealth Advisors LLC lifted its holdings in shares of Forestar Group by 2.3% in the 4th quarter. Carolina Wealth Advisors LLC now owns 20,589 shares of the oil and gas exploration company’s stock worth $534,000 after acquiring an additional 454 shares during the last quarter. Assenagon Asset Management S.A. boosted its position in shares of Forestar Group by 37.0% during the 4th quarter. Assenagon Asset Management S.A. now owns 21,650 shares of the oil and gas exploration company’s stock worth $561,000 after purchasing an additional 5,847 shares during the period. Finally, CWA Asset Management Group LLC increased its holdings in Forestar Group by 24.2% in the 4th quarter. CWA Asset Management Group LLC now owns 19,374 shares of the oil and gas exploration company’s stock valued at $502,000 after purchasing an additional 3,778 shares during the last quarter. 35.50% of the stock is currently owned by institutional investors and hedge funds.

Forestar Group Stock Down 4.7 %

The company has a debt-to-equity ratio of 0.44, a current ratio of 1.61 and a quick ratio of 1.61. The business has a 50 day simple moving average of $27.60 and a 200 day simple moving average of $30.05. The company has a market capitalization of $1.29 billion, a price-to-earnings ratio of 6.37 and a beta of 1.74.

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.