Forestar Group (NYSE:FOR) Hits New 52-Week Low After Earnings Miss

Forestar Group Inc. (NYSE:FOR)’s share price reached a new 52-week low during mid-day trading on Wednesday after the company announced weaker than expected quarterly earnings. The stock traded as low as $23.80 and last traded at $24.35, with a volume of 571250 shares changing hands. The stock had previously closed at $26.79.

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

Analysts Set New Price Targets

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

Institutional Trading of Forestar Group

Institutional investors have recently made changes to their positions in the business. Point72 DIFC Ltd bought a new stake in Forestar Group during the third quarter worth $32,000. nVerses Capital LLC grew its stake in shares of Forestar Group by 500.0% in the third quarter. nVerses Capital LLC now owns 1,200 shares of the oil and gas exploration company’s stock valued at $39,000 after acquiring an additional 1,000 shares in the last quarter. R Squared Ltd acquired a new position in shares of Forestar Group in the fourth quarter valued at about $95,000. Heck Capital Advisors LLC acquired a new stake in Forestar Group during the fourth quarter worth about $112,000. Finally, SG Americas Securities LLC grew its stake in Forestar Group by 43.3% during the fourth quarter. SG Americas Securities LLC now owns 5,727 shares of the oil and gas exploration company’s stock worth $148,000 after buying an additional 1,731 shares in the last quarter. Institutional investors own 35.50% of the company’s stock.

Forestar Group Price Performance

The stock has a market capitalization of $1.23 billion, a price-to-earnings ratio of 6.78 and a beta of 1.74. 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 business’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.